FAQs About Applying
“Interest-free” means that recipients pay no additional charges on amounts they borrow from The Scholarship Foundation for higher education. There are no fees of any kind added to the amount of the loan.
Need-based aid is any kind of financial assistance that takes an individual’s or family’s financial circumstances into account when determining awards. The Scholarship Foundation’s grants and interest-free loans are need-based financial aid.
Yes. The Foundation administers many different financial aid programs.
The Scholarship Foundation of St. Louis offers multiple scholarship opportunities with different eligibility criteria. Students will need to submit a separate application for each opportunity for which they want to be considered.
Two main sources of revenue support the educational mission of The Scholarship Foundation of St. Louis:
- Private contributions from individuals, corporations, and other philanthropic organizations.
- Repayments of student loans by previous borrowers, which are recycled into new loans to new students who qualify for need-based financial aid.
There is one application cycle each year, January 1 through April 15, for funding for the following fall and spring semesters. Note: If April 15 falls on a Saturday or Sunday, the application deadline is the first business day after the 15th.
The Scholarship Foundation’s goal is to close the financial gap that remains after institutional, state, and federal aid are applied. This may be done through a combination of aid types, which will vary in amount. The amount of an individual’s award depends on their particular financial need. To find out more about Foundation loan and grant awards, please visit our Key Performance Indicator (KPI) dashboard.
First, the Foundation looks at the total cost of education at the institutions listed on a student’s application. This includes tuition, fees, room and board, and personal expenses such as transportation and clothing.
Then the Foundation subtracts any grants or scholarships the applicant will receive from other sources.
Finally, the Foundation subtracts the Student Aid Index figure calculated for the student by the U.S. Department of Education (see SAI below).
The remainder represents the amount the student needs in order to attend the schools cited on his or her Scholarship Foundation application.
In the majority of cases, the applicants who receive financial aid awards from The Scholarship Foundation will have an SAI of $3,000 or less, which indicates profound financial need. Students with SAIs over $17,500 must have significant and extenuating circumstances to be considered.
No, Scholarship Foundation funding cannot be used at for-profit schools.
Some applicants for Scholarship Foundation funding may receive a conditional denial for too much financial need. This occurs when there is concern about significant debt accrual. When reviewing applications and making awards, The Scholarship Foundation seeks to support responsible borrowing and requires that this debt will be covered entirely by The Scholarship Foundation’s interest-free loan. Applicants can appeal this decision if they are able to secure additional grant or scholarship aid, have other resources available to help reduce their costs, or are willing to consider a college or university that is more affordable to minimize debt burden.
The Foundation notifies applicants of its decision via emails and letters mailed to the permanent address listed on a student’s application. Applicants may also check the status of their application through their My Scholarship Central account for notifications.
No. The Scholarship Foundation awards its loans directly to students.
Typically, no. Although The Scholarship Foundation reserves the right to request students' and/or parents’ tax records to verify information provided in the FAFSA Submission Summary
Learn about it here.
