Graduates

Making a College Education Accessible and Affordable for All

Students with demonstrated financial need may qualify for one or more types of need-based financial aid:

  • Grants, which do not have to be repaid
  • Work-study, which can provide student employment income right on campus
  • Loans, most offered at low interest rates with repayment deferred until after graduation

Scholarships can be an additional opportunity to help fund your education. You must complete the Free Application for Federal Student Aid (FAFSA) before any need based financial aid can be awarded. If you have questions, please contact the Financial Aid Office.

Financial Aid Office
 

Grant Programs

Grants are awards made based on financial need and do not need to be repaid.

Saint Mary’s Need-based Grants

The amount varies based on financial need determined by the FAFSA.

Federal Pell Grant

Up to $5,815 is available based on financial need determined by the FAFSA.

Federal Supplemental Educational Opportunity Grant (FSEOG)

Up to $3,000 is available based on expected family contribution (EFC) and Pell Grant eligibility.

Federal Work Study

Saint Mary’s offers students an opportunity to offset their education expenses or earn spending money through campus work-study opportunities.

Many students choose to work during college, and for qualifying students a work-study position is both convenient and a great way to meet other students while also getting to know faculty and staff. Positions are available in many university departments. If you qualify, you will be assigned up to $2,000 in work-study allowance. Jobs are posted online and students interview for jobs with individual offices or departments at the beginning of each semester. Starting rates are $9.00 per hour, increasing to $9.50 per hour starting August 1, 2016. Students are paid every two weeks.

Student Loan Options

Student loans can be a good option for paying all or some of the family contribution. Loans must be repaid with interest, but most are offered at low interest rates with repayment deferred until after graduation. Upon completion of your FAFSA, full-time students are automatically considered for the following loans, which are based on financial need. Detailed information about each loan program will be included with your financial aid award letter.

Amount Varies

The subsidized Federal Stafford Student Loan is interest-free until the repayment period, which begins six months after college enrollment ends or when you drop below half-time status. The current interest rate is 3.76 percent during repayment. A financial need is required to qualify.

The unsubsidized Federal Stafford Student Loan has a current interest rate of 3.76 percent, with an option to pay interest while in school or defer interest payments. It does not require a financial need to qualify.

Up to $4,000 Per Year

Available based on financial need as determined by the FAFSA.

The Federal Perkins Loan is interest-free while you are enrolled at least half-time. The interest rate is 5 percent during repayment. Repayment begins nine months after college enrollment ends. The loan must be paid within 10 years and is eligible for loan forgiveness.

This program is ending in September 2017.

The maximum loan amount is the total cost of education at Saint Mary's less any other financial aid.

Submit the FAFSA and apply for the PLUS online. The fixed interest rate is 6.84 percent with an additional loan fee of 4.272 percent and repayment begins 60 days after final disbursement of the year. Payments may be postponed until six months after graduation. The loan must be paid within 10 years.

Up to $20,000 Per Year

The loan amount depends on cost of attendance less other financial aid. Required quarterly interest payments start within 90 days after disbursement. Repayment begins 12 months after college enrollment ends. The maximum repayment period varies from 10 to 20 years, based on the loan amount and interest rate.

Non-need Based Loan Programs

Additional financial assistance is also available in the form of non-need-based alternative loan programs, or private loans. For a list of lenders or more information, contact the Saint Mary’s Financial Aid Office. Our FASTChoice program will help determine the private loan that is right for you. 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. 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

Private Loan Options
Bank of North Dakota—DEAL Student Loan
Discover Student Loans—Discover Student Loan, Health Professions and MBA Loans
LendKey Network—cuScholar Loan
MN OHE—Student Self Loan
Sallie Mae—Smart Option Student Loan
Union Federal—Union Federal Private Student Loan
Wells Fargo—Wells Fargo 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 2015 and reviewed their loan product materials to make sure the criteria was met for the 2016–17 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)

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.