St Lawrence University believes that students and parents should bear the primary responsibility for meeting college costs to the extent possible, and that financial aid should supplement a family's own resources. The University expects that parents will contribute from their income and assets to the extent that they are able according to federal and institutional guidelines, and that the student will share in the cost of education through working, borrowing, and saving. If a family's resources are not sufficient to cover the student's total budget, the student may receive a financial-aid award to cover the difference.
The Free Application for Federal Student Aid (FAFSA) results in what we call the expected family contribution (EFC). The EFC is then subtracted from the cost of attendance for the academic year. The resulting figure is called financial need.
COST - EFC = Need
The next step is to use this result to determine a student's eligibility for various financial aid resources. Once the specific types of financial aid are determined, a financial aid award notification is prepared and sent to the student from the SLU Financial Aid Office. Notifications are sent at different times of the year depending on class level. For example, Early Decision candidates might receive their award notifications as early as December. Regular decision candidates are usually notified in mid-March and continuing students in May and June.