Loan Programs Summary of the Federal Direct Loan Program Students are eligible to apply for the Federal Direct Loan subject to approval by the Financial Aid Office of Saint Mary's University. A Free Application for Federal Student Aid (FAFSA) must be completed. 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 the University, 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. Federal Subsidized Direct Loan Program Eligibility: Financial need as determined by the FAFSA Minimum of half-time status US citizen or eligible permanent resident Not in default on any student loan Repayment: No principal or interest payments due until six months after termination of half-time enrollment 10 year repayment period (minimum of $50/month) Loan Amount: Amount is determined by the Financial Aid office and the needs analysis on the FAFSA Federal Unsubsidized Direct Loan Program Eligibility: For students who are ineligible or who have limited eligibility in the Subsidized Direct Loan Program Minimum of half-time status US citizen or eligible permanent resident Not in default on any student loan Repayment: Only interest payments may be required throughout enrollment and during the grace period 10 year repayment period (minimum of $50/month) Loan Amount: Amount is determined by the Financial Aid office and the needs analysis on the FAFSA Alternative Loans Alternative loans may be applied for if your financial aid package does not meet your cost of education with the maximum amount allotted in the Direct Loan Program. Please contact the Financial Aid Office to verify eligibility for alternative loans.