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Loan Information

Loan & exit counseling information

Student Loan Options

1. Federal Subsidized/Unsubsidized Direct Loan Program
Students borrowing in this loan program must be at a half times status and have a valid 2013-14 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.

a. Federal Subsidized Direct Loan Program’s interest rate is at a fixed rate of 6.8% as of July 1, 2013.
b. Federal Unsubsidized Direct Loan Program’s interest rate will remain fixed at 6.8%.
c. The Department of Education charges a loan fee of 1% which will be deducted from the loan before it is disbursed to Saint Mary's.
d. To apply for this loan please visit and follow the Direct Loan Instructions given to you in your financial aid packet.
e. Maximum loan limits per grade level are as follows:

i. Freshmen - $5,500
ii. Sophomores - $6,500
iii. Juniors & Seniors - $7,500

2. Federal Parent 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. The student must be at a half time status in order to receive the PLUS Loan funds and a FAFSA form does not need to be filed for this loan program. 

a. Federal Direct Parent PLUS Loan interest rate is at a fixed rate of 7.9%.   
b. The Department of Education charges a loan fee of 4.0% which will be deducted from the loan before it is disbursed to Saint Mary’s. 
c. Repayment of the Parent PLUS Loan will start 60 days after the final disbursement of the loan unless the deferment option is utilized.
d. To apply for this loan please visit and complete the Parent PLUS Loan Process.

3. 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

Bank of North Dakota
Minnesota State Loan Program
Sallie Mae
Union Federal
Wells Fargo

Discover Student Loan
SELF Loan (FAFSA form must be filed)
Smart Option Student Loan
Union Federal Private Student 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 2012 and reviewed their loan product materials to make sure the criteria was met for the 2013-14 academic year.

Please click on the link listed below to view and apply for the loan programs listed above:
Electronic Lender List & 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:

  1. Application Disclosure
  2. Approval Disclosure
  3. 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)

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 & Federal Direct Loan Exit Counseling

*Half Time Status is defined as the following:

  1. Graduate students must maintain the following: -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)
  2. Undergraduate students must maintain the following: -a minimum of 6 credits per term