Financial Aid

MANAGING FINANCES AND BUDGETS

The University extends a variety of payment and financial aid options in an effort to ensure that every qualified applicant has access to the high-caliber Christian education offered here. The University of Saint Katherine pledges to maximize your investment in your education and guide you through the entire financial process whether you are able to pay your tuition in full, or utilize scholarships, student or parent private loans, or a combination of options.

The pursuit of a university degree is an investment in your future.

To prepare for this investment, it is important to make sure that you are financially ready to take on the costs associated with attendance.

Learning to manage your money is a critical life skill. Your college years should be a time when you are mastering the art of budgeting and preparing for years to come when you can save and invest for your future. By being proactive and making good decisions now, you can ensure manageable loan debt upon graduation.

There are ways to limit the amount of education debt you accumulate as a student. The easiest way to reduce your overall debt is to reduce your discretionary expenses. Living frugally now will benefit you after graduation. It is much easier to live like a student when you are a student than to live like a student after you have earned your degree.

Your educational costs may be different from the budget we use for financial aid purposes. Many students meet their educational costs by borrowing through various student loan programs. Student loan debt represents a serious financial commitment with long-range repercussions. Please remember that you cannot use education loans (even private education loans) to cover costs above our published budget. You may have to plan carefully to ensure that you can meet all your expenses during the year. Prudent borrowing strategies can help you have more disposable income in the future, and allow you the freedom after graduation to achieve your personal financial goals (buying a home, new car, etc.)

To make sure that you are ready for school, we suggest that you do the following:

Financial Readiness:

  1. Make adjustments to your lifestyle.
  2. Start to save from each paycheck. Open a new school expense savings account and have money directly deposited from your paycheck.
  3. Begin to reduce your discretionary expenses. Dine out fewer times during the week, bring your lunch to work, limit impulse purchases, email friends and family instead of phoning.
  4. Develop a personal budget. You may find it helpful to use software such as Quicken or MS Money.
  5. Begin to search for outside scholarships. Use the Internet, local libraries, check with your employer or any civic or fraternal organizations you participate in to see if they offer scholarship assistance.
  6. Find one or more roommates to share expenses.
  7. Request and review your credit report. Approval for Federal and Private loans are based on a review of your credit history. It is important to have a good credit record. Start by ordering a Free Annual Credit Report. You can also contact one of the three major credit reporting agencies: Equifax; 800 997 2493 or web: http://www.equifax.com/ Experian; 888 397 3742 or web: http://www.experian.com/ Trans Union; 800 888 4213 or web: http://www.transunion.com/
  8. Some lending institutions will base their interest rates on a borrowers credit score. You can check your credit score from Fair Isaac. Web: http://www.myfico.com
  9. Eliminate any credit card balances you currently carry and only use your credit cards for emergencies only.
  10. Do not buy or lease a new car.
  11. Don’t use up all your savings to take a dream vacation before returning to school.
  12. Don’t hesitate to ask family members for support. You don’t want them to foot the bill for your entire education, but on gift giving occasions, they can get you a backpack, a pre-paid long distance calling card or perhaps even buy you a new computer as a “going back to school gift.”
  13. Avoid impulse purchases and beware of buying for convenience.

The following expenses cannot be covered by federal or private educational loans:

  • Credit card debt
  • Security deposits
  • Cell phones/internet service
  • Sport and Fitness Club fees, and Club dues
  • Car payments
  • Travel expenses
  • Interview expenses
  • Personal gifts
  • Furniture
  • Summer living expenses
  • Moving expenses (above the travel allowance)
  • Expenses related to your job search
  • Fall, Winter and Spring break travel or trips
  • Lifestyle choices

Calculators:

Many websites offer calculators to assist you in making college affordable. Although there are several websites (including those set up by lenders) that provide useful calculators, we suggest you start with those listed below:

  • Federal Student Loan Repayment Estimator on the Federal Student Aid website
  • FinAid, the SmartStudent Guide to Financial Aid website

FINANCIAL AID OPTIONS AT THE UNIVERSITY OF SAINT KATHERINE

SCHOLARSHIPS

Institutional Scholarships are awarded by the University of Saint Katherine as well as by outside agencies and foundations.  USK awards Athletic Scholarships as well as Academic Merit and Need Based Grants.  There are also scholarships available specifically to Orthodox Christian students.  Students applying for non-athletic grants are required to first fill out a Free Application for Federal Student Aid (FAFSA) at the following link: https://fafsa.ed.gov/. To calculate your estimated FAFSA awards, fill out an online interview here: https://skcca.vfao.com. You will need your Expected Family Contribution (EFC) from your FAFSA in order to receive an accurate estimate.

CHURCH MATCHING GRANT

The University of Saint Katherine will match any church award given to a student up to $2500 per academic year.  Students interested in applying for this scholarship must submit documentation from their church or church-affiliated organization stating the award. The deadline to be nominated for this award for the following year is June 1st.

OUTSIDE SCHOLARSHIPS 

Outside scholarships may also be available from civic and private organizations and foundations based on your ethnicity, church affiliation, academic interests, outstanding academic record, or parent’s employment. Check with your high school counseling office about the availability of such options in addition to our list.

 

For details on how scholarship search platforms work, and list of the top rated scholarship sites from Reviews.com, please visit https://www.reviews.com/best-scholarship-search-platforms/

 

Additional outside scholarship information may be found by exploring the following sites:

The University of Saint Katherine lists the internet links to outside scholarship information and financial aid sources as a resource for students. The University of Saint Katherine is not responsible for nor endorses the services provided by others. Please understand that by using the provided links, you are doing so at your own risk.

RESOURCES

Guide to Financial Aid: http://www.accreditedschoolsonline.org/financial-aid/
Financial Aid & Scholarships for Minority Students: http://www.accreditedschoolsonline.org/resources/college-scholarships-for-minority-students/

Financial Aid

Institutional Aid

Prorated per day (assuming the student has completed everything required, and his or her admission file and financial aid file are complete prior to the last date of attendance).

Fall 2018 University of Saint Katherine Freshman – Firebird Academic Merit  Awards

State Aid

USK is currently seeking approval for Cal Grant Programs. The application deadline for the 2018-19 Academic Year is March 1, 2018. Once approved, USK will be able to accept the following:

Cal Grant Award: Prorated per day (assuming the student has completed everything required, and his or her admission file and financial aid file are complete prior to the last date of attendance). Will not be used to reimburse the federal government. If applicable, will be returned to CSAC prior to all other awards, other than Return to Title IV funds. Student understands that receipt of prorated amount will use an entire semester’s worth of Cal Grant eligibility.

Cal Grant B Access Award: If the student withdraws after the add/drop period, the student will receive the full award amount for the semester.

Withdrawing On or After the 60 Percent Point in the Semester

Charges: The student will be charged in full.

Veteran’s Benefits

USK is currently seeking approval for Veteran’s programs administered by the Department of Vet Cal Grant Programs. For more information on Veteran’s Benefits, visit https://www.calvet.ca.gov/veteran-services-benefits/education.

Financial Aid

The student will receive full financial aid (assuming the student has completed everything required, and his or her admission file and financial aid file are complete prior to the last date of attendance).