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I live in St. Paul and know a couple of people that go to Saint Thomas, so I'll try to answer some of your questions. From what I can tell there is a decent social life on campus, but since it is in a fairly sprawling city there are going to be a fair number of people coming in from off campus. Having said that, Saint Paul is a fairly easy city to navigate, and as I'm sure you know Macalester is right down the street (where the students tend to stay closer to campus), so if you're looking for a social life it should be there. I have no clue about the ministry, but most of the people that I know that take their beliefs seriously are pretty happy there, if that's any indication.
The academics are a mixed bag. I think it really depends on your abilities and your interests. I know a couple people who have transferred out (and up in rankings) because they didn't feel like it was rigorous enough. On the other hand, it seems like a good fit for some others. A lot of it probably depends on your specific major.
Merit aid might be hard to come by, but if you contact the admissions staff (and I think the staff, from the professors down to the secretaries, might be one of the best things about Saint Thomas, my experiences with them have only been positive) I'm sure they'd be more than willing to go over your specific situation.
Sorry that I couldn't be of more help, but hopefully there's something useful in there.
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