What does The Scholarship Foundation do?
The Scholarship Foundation provides interest-free student loans to help financially needy students pay for college. Since 1920, The Scholarship Foundation has provided financial assistance to local students.
What are the eligibility requirements?
Students demonstrating progress toward degree completion (a minimum 2.0 cum GPA), strong character and financial need are eligible for consideration of an interest-free loan.
How much money can I receive?
Currently, undergraduate students can borrow up to $5,500 per academic year and graduate students are eligible to receive a maximum of $6,000. The lifetime maximum loan level is $40,000. The average annual loan award is $4,400. Students may attend any accredited college or university, including trade, technical, vocational, two- and four-year programs.
What is interest-free?
Interest-free means that only and exactly what is borrowed has to be repaid. There are no charges, fees or costs associated with borrowing or repaying interest-free dollars from The Scholarship Foundation. Federal and other loan programs require that borrowed dollars are repaid at varying interest rates and likely have fees associated.
When can I apply?
The Interest-Free Student Loan Program is offered twice per year. The first application cycle begins January 1. The deadline is April 15 for the following fall and spring semesters. The second application cycle begins August 1. The deadline is November 15 for the following spring only, but students may apply for renewal of the loan for the following fall and spring semesters.
How do I get an application?
To receive applications please call us at (314) 725-7990. You may also request an application or ask questions via email: info@sfstl.org. We invite you to visit our website for more information at www.sfstl.org.
Do I need a co-signer?
NO. Interest-Free Loans from The Scholarship Foundation are based on the strong character, financial need and academic progress of the student applicant only. Additionally, The Foundation does not hold parents responsible for repayment of the loan, nor may a parent borrow on behalf of the student.
Are there special programs available?
Yes. With one application students are automatically considered for all of the funding programs offered by The Scholarship Foundation. There are special loans and grant programs for which students may receive recognition or even additional money. The Scholarship Foundation will loan approximately $2.74 million to about 600 students. There is about $200,000 available in the form of grants and 175 special loan programs. All awards through The Foundation are need-based.
What is Need-Based Aid?
Any funding source that considers a family's income or ability to pay as criteria for receiving financial aid is considered need-based. The Scholarship Foundation's Interest-Free Student Loan Program and grants are need based.
What is FAFSA?
The Free Application for Federal Student Aid is the general application students must submit to be considered for any federal funding, such as Pell Grant, Federal Supplemental Educational Opportunity Grant, Stafford Loan, etc. The FAFSA must be submitted as soon after January 1 as possible. It may be submitted by mail or online at fafsa.ed.gov. The FAFSA must be submitted each year a student wishes to be considered for federal funding. All financially needy students should submit the FAFSA.
What is a SAR?
The Student Aid Report is the analysis of the information submitted on the FAFSA. The SAR is a critical piece of any financially need student’s application for assistance; the information on the SAR tells financial aid professionals about your/your parent’s financial situation. It is required with the application for an interest-free loan.
What is my EFC?
The Expected Family Contribution is the amount of money that the federal program has determined a family can contribute toward one year of the student's education. The EFC is calculated by applying a formula to the income and asset information provided on the FAFSA. The EFC is found on the SAR, typically on the first page. If the EFC is not provided, the SAR must be updated or corrected so that the EFC can be calculated. The EFC is not the amount to be paid to the school but is critical in determining financial need.
What should I do if I don't receive my SAR back before the deadline?
If a student submits the FAFSA after March 1 using the paper method, it is unlikely that the SAR will be received prior to the April 15 deadline for applying to The Scholarship Foundation for funding. In lieu of the SAR, The Scholarship Foundation recommends accessing the web site, www.finaid.com. This alternative may not substitute the SAR for other programs and it absolutely does not serve as a substitute for filing the FAFSA. In order to receive the SAR in a timely manner, you are encouraged to apply at www.fafsa.ed.gov.
Does The Scholarship Foundation offer deferment while I'm enrolled in school?
Students are eligible for educational deferment if they are enrolled and taking a minimum of six credit hours of course work. The student must submit proof of the enrollment in the form of a paid tuition bill for a current semester, a photocopy of a grade report from a prior semester or a letter from the Registrar's office if grades or a receipt is unavailable.
How does The Scholarship Foundation get money?
The Scholarship Foundation is a non-profit organization supported in part by private contributions. Donated clothing and accessories sold in the ScholarShop also generate a large portion of the funding. Additionally, payments received from students in repayment are recycled to new students. The repayment rate of interest-free loans is 96%. The Foundation does not receive any federal dollars.
What is ScholarShop?
ScholarShop is The Scholarship Foundation's upscale resale retail store. There are two ScholarShop locations: 8211 Clayton Road in Clayton and 7930 Big Bend Blvd. in Webster Groves. Annual sales from ScholarShop are in excess of $2.2 million and are the major source of funding for the interest-free student loan program administered by The Foundation. ScholarShop accepts donations Monday-Thursday, 10:00am - 5:00pm and on Friday & Saturday from 10:00am - 4:00pm. ScholarShop is open for shoppers 10:00am - 7:00pm, Monday-Thursday and until 5:00pm on Friday & Saturday.
Does The Scholarship Foundation offer employment programs for recipients?
The Scholarship Foundation offers two unique opportunities for students to earn an income while repaying their loan through service. The Student Advocate Program is an employment opportunity for interest-free loan program recipients to assist targeted students identified at high-risk high-need high schools within the service area as they complete college and financial aid applications. ScholarShop Assistants work in ScholarShop on the sales floor and in the donor reception areas.
Contact Us:
Phone 314.725.7990
Email info@sfstl.org
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