Frequently Asked Questions About Financial Aid

Applying for Aid | Paying Tuition | Credit Questions
Paperwork | Loan Funds

Applying for Aid

When should I apply for financial aid?
When you apply for admission to the School of Law, you are applying for internal scholarships such as the 1843 Scholars and Dean Scholars scholarships.

It is best to file the FAFSA or a renewal FAFSA after January 1 for maximum funding consideration. You must renew your FAFSA every year to be considered for federal financial aid. For the academic year 2006-2007, you will use your 2005 Federal tax return(s) to file the 2006-2007 FAFSA. You can file the 2006-2007 FAFSA starting January 1, 2006. You will use your 2006 Federal tax return(s) to file the 2007-2008 FAFSA starting January 1, 2007.

Do I have to complete a separate FAFSA for each school?
No. Each school has its own federal code. When you complete the FAFSA, simply list each school in Step Six.

What is Saint Louis University School of Law's federal code?
The University's code is 002506.

Are law students eligible for federal grants?
No

Are law students eligible for federal work-study (FWS)?
Law students in general are eligible for FWS, but must file the FAFSA and demonstrate financial need. First year full-time students are not encouraged to work during their first year. Full-time students must obtain approval from the Assistant Dean of Students to work during the first year.

What is the difference between SLU School of Law Scholarships and external scholarships?
Saint Louis University scholarships are managed and awarded internally in the School of Law. All completed admission applications are considered for School of Law scholarships at the time of acceptance if they meet the preferred deadline date of February 12th.

External funds are locally, nationally and sometimes internationally competitive. They are not awarded or managed by the School. For listings of external scholarships, visit the External Aid link on the Financial Assistance web page.

When should I apply for external scholarship funds?
You should begin the search for scholarships as soon as you decide to attend law school, even if you are not sure which school you will be attending. Different scholarships have different deadlines and requirements. It may take some time to prepare application materials, therefore, the more time you have, the better your chances for receiving aid.

PAYING TUITION
I want to pay tuition over the semester, can I do this and how?
Yes, Student Accounts has 3 different payment plans available. A more detailed explanation of these payment plans can be found on the Billing/Refund web site. .

Where do I pay tuition?
You can pay tuition in the Cashier's Office in DuBourg Hall, room 4.

What happens if I do not pay my tuition by the due date on my bill?
If you are waiting on student loans to cover your tuition, your registration status is unaffected as long as your loans will completely cover your tuition. If you are waiting on loans to cover a part of your tuition, you must pay the difference between what the loans will cover and the rest of your tuition. If this is not done by the due date on your bill, your registration will be canceled. You will then have to re-register and will be charged a $50 late registration fee.

If you are not using student loans to pay your tuition, you must either pay the semesters tuition in full by the due date or make arrangements with Student Accounts to pay monthly. If you have neither paid nor made financial arrangements by the due date on your bill, your registration will be canceled. You will have to reregister and will be charged a $50 late registration fee.

CREDIT QUESTIONS
I have had credit problems in the past. Will this affect my ability to get student loans?
Because Stafford Loans are guaranteed by the Federal government, previous credit problems will not affect your ability to qualify - unless you have defaulted on a student loan. Credit problems may affect your eligibility for the Graduate PLUS loan and private/alternative loans. The Graduate PLUS loan and the private/alternative loans are approved based on the credit of the borrower or that of a credit-worthy co-borrower. 

If you know or suspect you have a tainted credit history, speak with the Financial Aid Coordinator in the School of Law. The phone number is 314-977-3369 and the office is located in Morrissey Hall, room 125.

I think I have good credit. Should I be concerned about being able to get alternative loans?
Even though you may think your credit is good, you should check your own credit report. It is possible that there are credit reporting mistakes or issues that need to be addressed before you apply for alternative loans. Credit concerns often take a long time to address. If you wait until you actually need the loan funds, you may find yourself in a financial jam. You can receive a free copy of your credit report from each of the three credit bureaus once every 12 months via the AnnualCreditReport.com web site.

Also, having no credit is not the same thing as having good credit. Some student borrowers are turned down for alternative loans because their credit history is too short or they have not built up enough history. The only way to know for sure if you will be approved for a Graduate PLUS loan or a private/alternative loan is to apply for one. It is better to begin the process well before you will need the money (i.e. the semester before you begin school), so that if you are not accepted, you can pursue other options. 

I have defaulted on a student loan. How can I clear up the situation and qualify for further student loans?
You are ineligible for any federal aid as long as the default is active. You must contact your lender or loan servicer immediately in order to work out a repayment plan. If your lender or servicer is unable to work with you, you can request that your loans be consolidated. The consolidation can halt the default, but you must still prove good faith by making timely payments. In most cases, you will be required to make at least six consecutive, on-time payments before you can apply for further federal loans.

If you are unsure of who owns your student loans, you can request that information by using the National Student Loan Clearinghouse web site.

PAPERWORK
I have received a letter from the Financial Aid Office requesting more information. Will my file be processed if I do not send the information in?
No. Your file is at a complete stop until you submit the requested information.

How long does it take to process loan papers?
Depending on when you are submitting your paperwork, loan processing, from submittal of paperwork through receipt of funds, can take from four to eight weeks.

I am having trouble getting mail from SLU now that school has started. What is the problem?
Have you changed your address on Banner Self-Service?  When you applied to Saint Louis University, the Admissions office entered your data into the university system. Before you started school, the University sent everything to your permanent address. When you started school, your local address became your Saint Louis University mailing address. If you have not changed your address on Banner Self-Service to reflect your new billing and local address, your mail, including financial aid forms and loan refunds, are being sent to your previous local address.

LOAN FUNDS
I have applied for student loans. What happens with the amount of the loans over the cost of tuition?
Any student loan funds you receive over the amount you owe to the School for tuition (medical insurance, parking, etc.), are refunded to you. After the amount you owe the School is deducted from the amount you receive on your loans, the remainder is sent to you at the billing address you have listed in Banner Self-Service.

How do loan funds reach Saint Louis University and how does this affect how soon I can get my refund?
Most lenders transmit the loan disbursements electronically through EFT. These funds are wired to SLU and then deposited into the individual student account. If you are borrowing from a non-EFT lender, your lender will send a paper check to the School. If you owe any money to the School, you will receive a postcard in the mail asking you to come by the Financial Aid office and sign the check. After the amount you owe the School is deducted, you will receive your refund in the mail. Paper checks will take more time to process and therefore your refund will be slower than if it were sent EFT to SLU.

I applied for loans before the semester began. When do I get my loan funds?
The Bursar's Office usually begins mailing loan refunds to students the week before school officially begins. If you completed your application well in advance of the new semester or school year, you should receive your loan funds within the first two weeks of school. If you completed your financial aid application less than two months before the start of the new semester or school year, you should expect the process to take four to six weeks before you get a refund or a postcard in the mail.