Financial Support

Scholarships

Where does the money come from?
Scholarships are awarded based on academic merit at the time of admission to CSB/SJU and are funded by the institutions.

CSB/SJU also offer a limited number of specialized scholarships, in fine arts for example, that require an additional application.

How do I get the money?
Your application for admission to CSB/SJU is used to determine your merit scholarship eligibility. You do not need to submit an additional application. Scholarships are automatically renewed each year for up to four years. 

Do I have to pay it back?
Scholarships do not need to be paid back.

Tip:

Apply for outside scholarships every year to assist with paying tuition and other fees.

Grants

Where does the money come from?
Grant money is provided both by federal/state funding and institutional funds.

How do I get the money?
Eligibility for need-based grants is based on family income and financial information. You must fill out the Free Application for Federal Student Aid (FAFSA) to be considered grant funding. Students whose FAFSA is selected for verification ust also complete the CSB/SJU Financial Aid Applications and Certification page. These awards may be renewed annually or replaced with other need-based gift aid.

Do I have to pay it back?
Grants do not need to be paid back.

Student Employment/Work Study

Where does the money come from?
Student employment money is funded by the federal and state government as well as the institutions and offered to students based on financial need.

How do I get the money?
The information you provide when you submit the Free Application for Federal Student Aid (FAFSA) and the CSB/SJU Financial Aid Application will determine your work study eligibility and work award amount.

If you qualify, you will be awarded a 5-6 hours/week or 10-12 hours/week award.

You DO NOT automatically receive this money. You are responsible for applying to and securing an on campus job and working your awarded hours for the entire year in order to earn this money. 

Do I have to pay it back?
You do not have to pay back student employment money; however, you are required to earn it. If you choose not to work on campus, you are not eligible to receive this aid. 

Tips:

Apply 100% of your earnings to your student account or you will be responsible for covering the remaining balance that your work study award would have covered.

Apply for and secure a job prior to arriving on campus and begin working in the first week of classes.

Make sure you are meeting your awarded hours each week or you may have a gap on your bill.

Loans

Where does the money come from?
CSB/SJU participate in all the major federal and state loan programs. Some loans are need-based and require the FAFSA and CSB/SJU Financial Aid Application in order to determine eligibility. Others are available to all students and parents regardless of family income, though scome non-federal loans require a qualified cosigner.

How do I get the money?
Some loans are based on financial need; therefore, the Free Application for Federal Student Aid (FAFSA) and CSB/SJU Financial Aid Application are used to determine loan eligibility. However, any student may apply for a private education loan through a bank or lender.These loans do not require a FAFSA, though banks typically require a cosigner with a documented and acceptable credit history.

Do I have to pay it back?
Loans must be repaid. Depending on the type of loan, interest may begin accruing at the time of disbursement, or before or after graduation, so it is important to pay attention to how much interest will accrue as that also has to be repaid.

There are a variety of manageable repayment plans and deferment options which can be found on Federal Student Aid.

Tips:

Don’t avoid borrowing if you need to. No one enjoys taking out loans; however, many students need to in order to afford college. Around 73% of CSB/SJU students take out loans to finance their education.

It is important to remember that you can take out loans and manage repaying them, but you also need to pay attention to how much you are borrowing. The average CSB/SJU student borrows $40,449 in loans over their four years.

Special Circumstances

The FAFSA uses income and family information from two years ago; therefore, the information provided to us may not align with your current financial situation. If there has been a change in your family’s income or situation, fill out the Special Circumstances form so we can offer you the appropriate amount of aid.

Selected for Verification

Don’t worry! Approximately 30% of applicants are selected. This does cause more work for those who are selected, but we are here to help. If you have questions about verification, contact your admission representative or the Financial Aid Office.

Calculating Your Bill Amount

Use this formula to calculate the amount you will be billed for each semester this year. It is important to note that simply subtracting your total awarded aid from the cost of attendance does not always accurately represent the amount you will be billed depending on the type of aid you’ve been offered.

Downloadable Worksheet

Difference (A) – (B)= (C)

Divide (C) by 2= (D)

*(D) represents an estimate of the amount you will owe each semester this year.

You will likely have other expenses including books, school supplies, and personal expenses (dining out, cosmetics, tickets to fine arts events, etc.) We recommend you budget $2,500+ for these additional expenses. CSB/SJU offer two payment plans for students.

Note: If your aid package includes a work study award:

• You do NOT automatically receive this money.
• You must earn this money throughout the year by working an on campus job.
• You must work 5-6 or 10-12 hours a week beginning the first week of the academic year and continuing until the last week. (Hours depend on award amount)
• Work study payments are dispersed every 2 weeks throughout the school year, so this amount can be earned gradually.
• You must indicate that you want your earnings to go to your Student Account if you want this money to reduce your bill amount.
• It is recommended that students apply 100% of their work study earnings to their account to avoid a gap between aid and bill.

Finance Charges

CSB/SJU apply a 1% finance charge to any undpaid balance on your student account on the 10th of each month. For example, if your bill has an unpaid balance of $1,000 on September 10th, the amount due will increase by 1% to $1,010. If no payment is made by October 10th, the bill will increase to $1,020.10 and so on. 

Tip: It is important for students to pay as much as possible as early as they can to avoid finance charges.

Note: Any unpaid balance on a Student Account will result in a hold. A hold prohibits students from registering for classes for the next semester or housing for the next year.

Scholarship Search Sites

Use these sites to research and apply for various outside scholarships:

• FastWeb
• Unigo
• CollegeBoard
• Niche
• Cappex
• Student Scholarship Search
• Chegg

Although CSB/SJU try to offer an affordable education with various types of aid, there can be gaps for students. We highly recommend that students seek out additional outside scholarships every year to help pay for educational expenses throughout their college experience.

Please note this is not an exhaustive list. These are some suggestions for scholarships, but there are many, many more available to students.

Tip:

Do not only apply for scholarships offering large amounts of money. The smaller amounts can be less competitive and therefore more achievable. Several smaller scholarships can add up to large amounts.

General Scholarships

Underrepresented/Minority Scholarships

Specific Field of Study/Careers

International Students

Creating a Budget

1. Determine what template/tool works best for you.
2. Create a one-month estimated budget.
   Fill in your budget template with your estimated income and expenses.
3. Track a month of actual income and expenses.
   Some of your costs will be fixed, recurring each month like phone bill, tuition payments, etc. Others will be variable, costs you have more control over like entertainment expenses and dining out.
4. Compare your estimated budget with your actual income and expenses.
   Where are you spending more/less than you thought? Where can you make changes to your spending so that you can start saving?
5. Create a sustainable and realistic budget.
   We suggest using a monthly template to maintain regular interaction with your finances.
6. Each month, track and adjust (as needed) your budget.

A budget is a tool to help manage, track, and set goals for your finances. It helps prepare you for financial expenses and savings opportunities. Essentially, a budget determines how much money you are bringing in, how much you are spending, where you are spending, and how much money is left over. This allows you to strategically adjust your spending and savings habits to get the most out of your income. Most budgets are kept on a monthly basis; however, they can be used for shorter or longer periods.

Why is budgeting important?

Budgeting is always a good habit to keep, but it can be especially important in college. Between the limited income and assorted educational expenses, it is essential to track and balance your finances. Maintaining a balanced budget can relieve financial stressors and help you prepare for yearly and semester expenses. It is also an important skill to begin building early on. Budgeting in college can set you up for greater financial success later on.

Budgeting Tips

• Overestimate your expenses.
  It is better to overestimate your expenses and then underspend and end up with a surplus.
• Underestimate your income.
  It is better to end up with an unexpected cash surplus rather than a budget shortfall.
• Include an “Unusual” category in your budget.
  There will be some expenses every month that won’t fall neatly into one category or that you couldn’t have planned for. This category will help you budget those occasional expenses. 
• Review your spending for little items that add up to big monthly expenditures.
  Daily coffee or soda, eating out for lunch, and other expenses like this can add up to big expenses. Consider ways you can reduce these “little” spending habits.
• Differentiate between needs and wants. Minimize spending on wants.
  Prioritize your wants so you can work on saving up for them over time rather than spending a lot on all your wants at once. 
• Comparison shop.
  Compare products to get the best prices and value. 
• Prepare for the unexpected by setting saving goals to build your emergency fund.
  Budgeting will help you cover unusual expenses and plan for changes that may happen while you are in school.
• Use credit cards wisely.
  Credit cards are a great tool for building credit, but you need to be careful about expenses. Limit the number of cards you get (you really only need one at this point). Don’t spend more on your credit card than you can afford to pay in full on a monthly basis. Make small purchases that you know you can pay off to build credit and avoid large purchases that will put you in credit card debt. 
• Create a routine.
  Manage your money on a regular basis. Record your expenses weekly to keep track of the information and your budgeting goals.

Budgeting Tools/Templates:

• Excel
• Pocket Guard
• Mint
• Money Strands

Resources:

• https://studentaid.ed.gov/sa/prepare-for-college/budgeting/budgeting-tips
• https://www.bestcolleges.com/resources/budgeting-in-college/
• https://www.mint.com/budgeting-3/college-budget-template-keep-track-of-your-school-expenses
• https://www.umass.edu/studentsuccess/life/expenses/college-budget-worksheet