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WHAT DOES THE SCHOLARSHIP FOUNDATION DO?
 Click here for our "Giving Guide"
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. Students are selected on the basis of need, satisfactory academic progress, and character. We are supported by loan repayments, receipts from our two ScholarShop resale stores, and financial contributions. 1 in 6 donors is a former recipient.
NEW or RENEWAL APPLICANT?
- A "new" student is one who has never received funding from The Foundation, or received funding more than 5 years ago. Therefore they would submit a new application and supporting documents.
- A "renewal" student is one who is currently receiving funding, or has received funding with the last 5 years, from The Foundation. These applicants should submit a renewal application and supporting documents.
Please call 314-725-7990 if in doubt.
CAN I SUBMIT AN APPLICATION AT ANY TIME?
The Interest-Free Student Loan Program is offered *twice per year.
Application cycles:
- January 1 through deadline of April 15: funds for upcoming fall and spring academic semesters.
- August 1 through deadline of November 15: funds for upcoming spring semester only..
*Exception: Students enrolled in an eligible nursing program may apply at any time. Indicate "Deedee Becker Nursing Interest-free Program" on front of the application and where indicated on the application.
Application AND supporting documents must either be in the Foundation office before close of business on the deadline date, or postmarked by that date.
HOW MUCH MONEY CAN I RECEIVE?
Currently, eligible students can borrow up to $7,000 per academic year. The lifetime maximum loan level is $40,000. The average annual loan award is $4,400.
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.
HOW IS FINANCIAL NEED EVALUATED?
The single most important criterion for receiving financial assistance from The Scholarship Foundation is financial need.
- First we look at the total cost of education, including tuition, fees, room and board, and miscellaneous personal expenses such as transportation and clothing.
- Next we subtract any grant or scholarship dollars the student is receiving.
- Lastly, we subtract the Expected Family Contribution (EFC). This figure is calculated by a formula established by Congress using income and asset information you entered on the Free Application for Federal Student Aid (FAFSA). The EFC is reported on the Student Aid Report (SAR).
Special circumstances may exist, but the majority of individuals who qualify for funding from The Scholarship Foundation have an EFC of less than $4,000. Occasionally a candidate with an EFC of as much as $12,000 has qualified for an interest-free loan. We wish we could assist all students with need; unfortunately, our limited resources result in choosing those with the greatest degree of financial need. If you have questions about the process of determining financial need or to discuss a special circumstance that might affect eligibility, please call us at 314-725-7990.
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.
WHAT DOES "INTEREST-FREE" MEAN?
Interest-free means that only what is borrowed has to be repaid. There are no interest 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.
ARE THERE ADDITIONAL 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 $2.8 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 "EXPECTED FAMILY
CONTRIBUTION" (EFC)?
The Expected Family Contribution (EFC) 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 IS FAFSA?
The Free Application for Federal Student Aid (FAFSA) 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 www.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 SAR?
The Student Aid Report (SAR) is the analysis of the information submitted on the Free Application for Federal Student Aid (FAFSA). The SAR is a critical piece of any financially needy 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.
ALTERNATIVE TO SAR:
WHAT IF I WILL NOT HAVE THE SAR BEFORE THE APPLICATION 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 consideration. The Scholarship Foundation will accept the needs analysis document available online at
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Click on "Calculators"
- Scroll to second paragraph and select "Expected Family Contribution and Financial Aid Calculator"
- Read the recommended caveats.
- Before entering your information be sure that the following options are selected:
Show: Detailed Output
Need Analysis
Methodology: Federal
Methodology
Use Tables for Award
Year: select the academic year for which funds are being requested
(on 4/15/10, these tables had not been updated so choose 2008-2009)
- Scroll down to the "Student Status" section and enter your data as required. It is not necessary to complete the section entitled "Estimated School Costs."
- Click on "CALCULATE" and print report which should reflect the EFC. (Print all pages; Add your name and social security number of first page, and submit them to the Foundation office or postmark by the deadline date).
If you have questions regarding this information, please contact the Foundation office at (314) 725-7990.
If you do not have Internet access at home or at your school, call or visit any St. Louis County or City Library to ask if they offer Internet service.
Important Note: The estimated EFC
produced on the FinAid page cannot be
used to receive federal financial
aid. Consequently, the Free
Application for Federal Student Aid
(FASFA) must be filed to obtain a valid
SAR for submission to your financial aid
office.
WHEN WILL I LEARN IF I
AM APPROVED OR NOT?
Decision letters are mailed to the applicant's permanent home address in:
June (for April 15th deadline) or
December (for November 15 deadline).
IF APPROVED, HOW DO I RECEIVE THE FUNDS?
- Newly funded students must attend a new student orientation session at which they will be awarded their first check.
- Renewal students will receive their check in the mail.
DO I REPAY MY STUDENT LOAN WHILE ATTENDING 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 enrollment at the end of each semester in the form of either:
- a paid tuition receipt for current semester; or,
- a letter from the Registrar's office detailing number of hours enrolled; or, an official or unoffical academic transcript.
HOW IS THE LOAN PAYMENT AMOUNT DETERMINED?
We take the total amount that the student has borrowed from The Foundation over the course of their education and divide it equally over a 5-year repayment period.
If a student successfully graduated, they receive a one-year grace period before beginning repayment.
If a student quits school, there is no grace period. Repayment begins immediately.
CAN LOAN REPAYMENTS BE AUTOMATICALLY DEDUCTED FROM MY CHECKING ACCOUNT?
Yes. You may complete the "Authorization Form for Direct Payments (ACH/Debit)" so that payments may be made automatically each month. Your payment will be deducted from your account on the 15th of each month. (In the event that the 15th falls on a weekend, the deduction will occur on the following business day.) Mail your completed form with a voided check to The Scholarship Foundation, 8215 Clayton Rd., St. Louis, MO 63117.
CAN LOAN REPAYMENTS BE TEMPORARILY REDUCED OR DEFERRED SHOULD AN UNFORESEEN FINANCIAL CIRCUMSTANCE ARISE?
A complete "Repayment Assessment Form" must be submitted for consideration of reduced or deferred payments. A reduced payment option is offered to help you maintain a good pay history while you work through a temporary financial difficulty. Deferments are granted in cases of extreme financial hardship and are approved at the discretion of The Scholarship Foundation. Mail your completed form to The Scholarship Foundation, 8215 Clayton Rd., St. Louis, MO 63117.
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?
www.scholarshopstl.org
ScholarShop is The Scholarship Foundation's upscale resale retail store. 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.
There are two ScholarShop locations:
8211 Clayton Road in Clayton
314-725-3456
7930 Big Bend Blvd. in Webster Groves
314-961-2525
ScholarShop accepts donations:
Monday-Saturday 10:00am-5:00pm
ScholarShop is open for shoppers:
Monday-Thursday 10:00am-7:00pm;
Friday and Saturday 10:00am-5:00pm
Contact Us:
Phone 314.725.7990
Email info@sfstl.org
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