Loan Information Links Student Loan Options Federal Subsidized/Unsubsidized Direct Loan Program Federal Parent PLUS Loan Program Private/Alternative Student Loans Exit Counseling Information Federal Subsidized/Unsubsidized Direct Loan Program Students borrowing in this loan program must be at a half times status and have a valid FAFSA form on file with the Financial Aid Office in order to receive funding for this loan program. Your financial aid award letter will state what loan type and loan amount you are eligible to borrow. For additional interest information and maximum loan limits, please visit studentaid.ed.gov Back to top Federal Parent and Graduate PLUS Loan Program A parent of the dependent student may borrow a loan on behalf of the student in the Federal Direct Parent PLUS Loan Program. Graduate students may borrow a loan in the Federal Direct Graduate PLUS Loan Program. The student must be at a half time status in order to receive the PLUS Loan funds and a FAFSA form must be filed for this loan program. For additional interest information, please visit studentaid.ed.gov a. Repayment of the Parent PLUS Loan will start 60 days after the final disbursement of the loan unless the deferment option is utilized. b. To apply for this loan please visit StudentLoans.gov and complete the Parent PLUS Loan Process. Back to top Private/Alternative Student Loans Private Loans are used to bridge the gap between the cost of education and the amount of financial aid received. Students should exhaust all Federal Loan Programs before applying for Private Loans. There are many different Private Loan Programs offered, please take the time to compare the terms and conditions of all private loans you are considering to borrow in. Saint Mary’s has provided a Private Loan Options List as a service to students, and it is intended to assist in the selection of a lender. The selection of a lender is solely the student’s choice and may use any other lender outside of this list that may better suit his or her needs. Saint Mary’s does not endorse any one lender listed and will certify any private loan you are eligible to receive. Lender Options List Lender Options Private Loan Options Minnesota State Loan Program Sallie Mae Wells Fargo Discover Bank of North Dakota SELF Loan (FAFSA form must be filed) Smart Option Student Loan No Fee Educational Loan Collegiate Loan MedCap Loan (graduate students only) The lender options shown above lists unaffiliated lenders who provide students with loan programs that have longevity in the loan industry, provide good customer service to borrowers, competitive interest rates, and may offer a look back feature for past due balances. These lenders are also compatible with FastChoice and ScholarNet to ensure efficient certification and disbursal of loan funds to Saint Mary’s. Lenders not associated with these loan programs will be processed by paper certification and paper check disbursal. The Private Loan Option List is reviewed on a yearly basis. We have contacted the lenders previously selected on the RFI process of 2008 and reviewed their loan product materials to make sure the criteria was met for the academic year. Apply for the loan programs listed above: Electronic Lender List and Loan Comparison Chart Key changes to the Private Loan Program • Active confirmation is now mandatory on ALL Private Loans. The lender must provide you with three new disclosures and you MUST actively accept each disclosure (which is usually done online) before the loan can be guaranteed. The three new disclosures are: Application Disclosure Approval Disclosure Final Disclosure • If a co-signer is used on a Private Loan, the borrower can no longer enter the co-signer information. The co-signer must enter their own information and also accept the new disclosures sent by the lender. • Students MUST complete a Self-Certification form for every private loan you wish to apply for and submit it to the lender prior to disbursement! You may view a lender’s Application/Solicitation disclosure through FastChoice on Great Lakes’ website. Click on the link above entitled “Electronic List and Loan Comparison Chart” to access this information. A hard copy is also available at the Financial Aid Office. Saint Mary’s Financial Aid Code of Conduct can be viewed online by clicking on the link below or viewing a hard copy in the Financial Aid Office. Code of Conduct (PDF) Back to top Exit Counseling Information The Federal Stafford Loan and Federal Direct Loan Exit Counseling is used when a student has borrowed in a federal loan program and has dropped below half time status (please see definition listed below). It is mandatory that this counseling information be completed by students in order to receive their rights and responsibilities of repaying their student loans. Please click on the Federal Stafford and Federal Direct Loan Exit Counseling link in order to complete the exit counseling. *Please note: It does not matter which loan program (Federal Stafford Loan or Federal Direct Loan) you have borrowed from. The exit counseling is the same for both programs. Federal Stafford and Federal Direct Loan Exit Counseling *Half Time Status is defined as the following: Graduate students must maintain a minimum of 4 credits per term or an equivalent to this OR if you are registered by a learning contract you must maintain one credit per month of your contract. (Example: 7 month contract must have at least 7 credits in order to be half time.) Undergraduate students must maintain a minimum of 6 credits per term Back to top Loan Forgiveness Programs + More Stafford Loan Forgiveness Program for Teachers To encourage individuals to enter and remain in the teaching profession, the Teacher Loan Forgiveness Program grants loan forgiveness up to $17500 for teacher in certain specialties and up to $5000 for other teachers who teach for five years in low-income schools and meet other requirements. National Health Service Corps Loan Forgiveness Program for Health Professionals This program repays a portion of student loans if a student works in under-served areas. Professions that may qualify for this program include primary care nurse practitioners, marriage and family therapists, licensed professional counselors, licensed psychologists and licensed social workers. Loan Forgiveness for Public Service Employees (PDF) Under this program, borrowers may qualify for forgiveness of the remaining balance due on their eligible federal student loans after they have made 120 payments on those loans under certain repayment plans while employed full time by certain public service employers. TEACH Grant Program The Teacher Education Assistance for College and Higher Education (TEACH) Grant Program provides grants of up to $4,000 per year to students who commit to teach in a public or private elementary or secondary school in a high need field that serves students from low-income families. Students pursuing the Master of Arts in Instruction or the Master of Arts in Special Education programs at Saint Mary’s University are eligible to apply for this grant.