Survey ranks CSB, SJU among top three private schools for merit aid

Here's some good news for students applying for admission to the College of Saint Benedict and Saint John's University.

A recent survey conducted by Money Magazine found that CSB and SJU are ranked in the top three private colleges nationally for merit aid. SJU was ranked first in the poll, and CSB was ranked No. 3.

About 95 percent of students at CSB and SJU receive a merit-based scholarship, which is a financial award that a student receives based on high school success in academics, fine arts, community service, leadership and extracurricular activities. Merit aid is given without regard to a family's financial situation.

Most such merit-based scholarships are funded by the institution the student attends, and directly credited toward a student's tuition charges.

"Having a competitive merit scholarship program signals to families that we want to honor the outstanding accomplishments of their students - particularly in the area of academics, leadership and service," said Cal Ryan-Mosley, vice president of admission and financial aid at CSB and SJU.

"It also demonstrates to families that we want to be partners with them in affording a high quality, liberal arts education, and it allows us to attract a student body which brings many compelling dimensions to our community," Ryan-Mosley added.

The median family income for first-year to senior CSB/SJU students in fall 2015 was $108,496. With tuition, fees and room and board at CSB and SJU near $50,000 per year, families are conscious of price, affordability and loan indebtedness now more than ever before. Merit aid is a tool that is essential to helping families cover the cost of an education, said Karen Backes '87, dean of admission at CSB and SJU.

"From our perspective, merit aid absolutely plays a critical role in the recruitment process," Backes said. "Talking about merit aid and need based aid is a critical part of any meeting with a student and family, and is highlighted in our presentations," Backes said.

"While awarded on the basis of academic performance, merit-based aid also helps meet the financial need of a majority of scholarship recipients," said Stuart Perry, executive director of financial aid at CSB and SJU. "For instance, 75 percent of students in the first-year class demonstrate financial need as documented via the federal financial aid application. For these students, their merit award meets some portion of their need, in combination with institutional, federal and state grants as well as student employment and federal loans."