Types of Aid
A financial aid award is made up of of several components which may include
grants and/or scholarships, loan, and work. A student may accept or reject each
component of the award. Brief descriptions of the programs available at St.
John's are provided below.
- St. John's Grants: Funds for these
grants are provided by the college from its own resources. They are awarded
on the basis of financial need as determined by the FAFSA (Free Application
for Federal Student Aid). Much of the funding for St. John's grants is
provided by endowment funds and annual gifts to the college. Recipients of
these grants are asked to write a note of appreciation to the appropriate
- Federal Pell Grant: This grant program is funded by
the Federal Government. Awards are based on eligibility as determined by
the FAFSA. The family’s federal expected contribution must fall below a
certain threshold to qualify for a Pell Grant.
- Federal Supplemental Educational Opportunity Grants
(SEOG): The Federal Government allocates a limited amount of SEOG
funds to the college. To be eligible to receive SEOG, a student must be
receiving the Federal Pell Grant.
- New Mexico Student Choice Grants:
These grants were created to provide aid for undergraduate students with
substantial financial need who are attending one of the two private
non-profit postsecondary institutions in New Mexico. The amount of the
award is determined by the institution and part-time students are eligible
for pro-rated awards.
- New Mexico State Incentive
Grants: These grants were created to provide aid for undergraduate
students with substantial financial need. This need-based award varies from
$200 to $2500 per year. Part-time students are eligible for pro-rated
Maryland State Scholarships: Maryland
residents must file the FAFSA or Renewal FAFSA by March 1 to be
considered for various state scholarships (www.mhec.state.md.us).
Other State Scholarships. Residents of other states
should check with their state higher education commission regarding
eligibility and deadlines (www.ed.gov/Programs/bastmp/SHEA.htm).
Merit Aid Scholarships
Merit aid is offered at St. John’s College to those students who, based on
their high school records, application essays, and other information, show
academic promise for this distinctive education. The college awards generous
merit scholarships of varying amounts, up to $24,500. There is no separate
application process for merit aid – a student’s eligibility is determined as
part of the application for admission and students are notified with a
scholarship offer soon after their acceptance. Students will be considered for
such scholarships regardless of their eligibility for need-based financial aid.
Merit scholarships are granted for four years, provided the student makes
satisfactory progress toward graduation.
- Federal Work-Study (FWS): The Federal Work-Study
program is a need-based financial aid program that provides jobs for
students. The work-study award shown on the aid notice represents the
maximum a student may earn under the program. It is based on 10 hours
per week during the academic year. Students receive a paycheck every
two weeks for the number of hours actually worked. This money can be
used for books, personal, and other educational expenses. It is
not applied directly to the tuition bill. Approximately 180
students are employed on each campus through the FWS program. If a
student chooses not to work, or works less than ten hours a week, he or
she must meet expenses from other resources. Work-study funds are
limited and some students may be placed on a work-study wait list.
- New Mexico Work-Study Program was created to
provide funding for employment opportunities. The award varies
depending upon the needs of the student and the availability of
- Off-Campus Employment and the Career Services
Office: Many students work off campus in order to earn funds
for educational expenses. We find that most students are able to work
up to ten hours a week without that schedule interfering with their
academic work. The Career Services Office helps students find
employment in the community. It maintains listings for regular
part-time jobs and for jobs one may take on a more sporadic basis, such
as babysitting, house cleaning, gardening, tutoring, etc.
Federal Subsidized Direct Loan: This program
enables a student to borrow funds from the Department of Education.
The Funding Education Beyond High School: The Guide to Federal
Student Aid describes the Federal Direct Loan program
(www.direct.ed.gov). The basic terms of subsidized
Direct Loans are as follows:
Maximum annual loan amounts are $3500 for freshmen, $4500 for
sophomores and $5500 for juniors and seniors.
1.051% origination fee is deducted from loan proceeds.
net amount of the loan is disbursed in two installments.
interest accrues and no payment is required while the borrower is
enrolled at least half time.
Repayment begins six months after termination of enrollment.
standard repayment period is 10 years, although other options are
- Unsubsidized Federal Direct Loan: Unsubsidized Federal
Direct Loans are not based upon financial need. Consequently, these loans
require borrowers to pay interest on their loans while in school. Dependent
students may borrow up to $2000 per year. Independent students may borrow
up to $6000 per year (for freshmen and sophomores) or $7000 per year (for
juniors and seniors) on an unsubsidized basis in addition to their
subsidized loan eligibility. The same origination fee applies that is
listed for the subsidized loans. Interest is charged from the date of
disbursement on unsubsidized loans. Payments may be deferred during
enrollment but interest will accrue.
- Federal Perkins Loans: This is a federally funded loan
program for students who demonstrate high financial need. While the
borrower is enrolled as at least a half-time student, no interest accrues
and no payment is required. The student must sign a Promissory Note before
funds are disbursed. Funds are disbursed in two installments, half each
semester. Borrowers have a nine-month grace period after they leave school
during which payments are deferred. During the payment period the student
is charged 5% interest on the outstanding principal.
- Scofield Loans (Annapolis Campus Only): This is an
institutional loan program offered only at the Annapolis campus. It offers
no-interest loans to students who have special financial needs which cannot
be met through other sources, or who meet other criteria established by the
college. Funds are disbursed half each semester. Repayment begins three
months after graduation, and can be deferred for graduate study.
- St. John’s College Loans (Santa Fe Campus
Only): The loans are primarily available to International
students. Funds are disbursed half each semester. Repayment begins six
months after graduation and deferrable only while enrolled at St. John’s
- Federal PLUS Loans: Parents may borrow up to the full
cost of education through the Federal PLUS Loan Program. For loans borrowed
after 7/01/13, the interest rate is fixed at 6.41%. Loans are available
through the Department of Education. PLUS requires a credit history review,
but no debt-to-income assessment. This program carries a 4.204% origination
fee. The funds are disbursed in two installments. Interest accrues from the
first date of disbursement, and repayment begins when the full loan has
been disbursed. Deferment options may be available.
- Other Private Loans: Many lenders offer private loans
to supplement the family’s other resources. In general these programs have
higher interest rates than the federal programs. Borrowers must be
credit-worthy. Students may borrow private loans, but will require a
credit-worthy co-signer. Interest begins to accrue on these loans when they
New Mexico Odyssey Grants
New Mexico residents accepted to the Santa Fe campus receive an additional
$7,500 grant award ($30,000 over four years) beyond any need-based grant. This
grant replaces self-help (loans and work study) for students who receive
need-based awards or serves as a tuition discount for those not applying for
financial aid. Since the New Mexico state lottery scholarship is not available
for private colleges, St. John's has made institutional funds available in
order to better and more fairly serve residents of our home state.
- Check outside scholarship opportunities annually. Free scholarship
searches are available on the web through www.fastweb.com or www.finaid.org. Students should
report receipt of outside/private scholarships to the Financial Aid
Office as early as possible. This may cause a change in the
financial aid award.
Questions? Contact the Financial Aid office.