Loans

Student loans are a form of financial aid that must be repaid. Most are offered at low interest rates with repayment deferred until after graduation.

Participants in any loan program must be enrolled at half-time status or more. It is important to note that if a student drops below half-time status during the semester, all or a portion of their loan funds received for that semester may be returned to the lender. This may result in the student owing money to Saint Mary’s, if the university has to refund the money. The student will owe money to the lending institution, if the student has received a refund check.

Students in graduate-level programs are eligible to apply for the Federal Direct Loan (also known as the Federal Stafford Loan) subject to approval by the Financial Aid Office of Saint Mary's. A Free Application for Federal Student Aid (FAFSA) must be completed.

Types of Loans

Direct Subsidized Loans are available to undergraduate students with financial need. Saint Mary's determines the amount you can borrow, and the amount may not exceed your financial need.

Eligibility
  • Financial need as determined by the FAFSA
  • Minimum of half-time status
  • U.S. citizen or eligible noncitizen
  • Not in default on any student loan
  • Degree seeking
  • Undergraduate student
     
Repayment

The U.S. Department of Education pays the interest on a Direct Subsidized Loan:

  • while you're in school at least half time,
  • for the first six months after you leave school (referred to as a grace period), and
  • during a period of deferment (a postponement of loan payments).
     
Loan Amount
  • Click here to see the allowed amounts of Direct Subsidized Loans you are eligible to borrow.
  • Actual amount is based on cost of attendance.

Direct Unsubsidized Loans are available to undergraduate students; there is no requirement to demonstrate financial need.

Eligibility
  • Minimum of half-time status
  • U.S. citizen or eligible noncitizen
  • Not in default on any student loan
  • Degree seeking
     
Repayment
  • You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.
  • If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).
     
Loan Amount
  • Click here to see the allowed amounts of Direct Unsubsidized Loans you are eligible to borrow.
  • Actual amount is based on cost of attendance.

Grants

Grants are a form of financial aid that does not need to be repaid.

Types of Grants

The Federal Pell Grant is available for undergraduate students who have not yet earned a bachelor's degree. Eligibility is determined based upon the FAFSA, cost of attendance, and enrollment level. Students attending less than full time will receive prorated amounts. The available amount changes yearly.

The Minnesota State Grant is available for undergraduate Minnesota residents. Eligibility is determined by the Financial Aid Office based upon the State Grant award formula. The available amount changes yearly.

The Minnesota GI Bill is available for undergraduate and graduate students. Eligible students include Minnesota veterans and service members as well as eligible spouses and children of deceased or permanently disabled eligible Minnesota veterans. Eligibility is determined by the Financial Aid Office based upon the Minnesota GI Bill award formula.