Borrow Smart
Loans can help bridge the gap in paying for college, often with low interest rates and repayment that begins after graduation. Once you complete the FAFSA, full-time students at Saint Mary's University of Minnesota are automatically considered for need-based loans — with details outlined in your financial aid offer.
When you receive your offer, connect with your admission counselor right away to review all your options together — including loans, grants, and scholarships.
Understanding Your Loan Options
Navigating financial aid can be confusing for both students and parents. From applying for federal loans to accepting them through Saint Mary’s, this tutorial helps make the process clearer and easier to understand.
Student loans at a glance
When you apply for financial aid, you might be offered loans as part of your Saint Mary’s financial aid offer. A loan is money you borrow and must pay back with interest. Student loans can come from the federal government, from private sources such as a bank or financial institution, or from other organizations.
| Loan | Details |
|---|---|
| Federal Direct Loan | Subsidized
Unsubsidized
|
| Federal PLUS Loan for Parents | Covers remaining costs after other aid. Repayment starts 60 days after the final disbursement, with an option to defer until six months after graduation. Must be repaid within 10 years.
Direct PLUS loans can help pay for education expenses not covered by other financial aid. The U.S. Department of Education makes Direct PLUS Loans to eligible parents through schools participating in the Direct Loan Program. Eligible parent borrowers may elect to borrow up to $20,000 per year with a lifetime maximum of $65,000. More information on interest rates, fees, repayment options, or to apply, go to Studentaid.gov. |
| Private Loan Options | Private loans are another option to help cover costs not covered by other financial aid. These loans are non-need-based loans and available through private lenders to qualified borrowers. Visit your bank or credit union, or our Private Lending for Higher Education website at smumn.edu/loans to compare options or contact Cardinal Central for help. |
For more details and information, visit Studentaid.gov
Know your student loan rights and responsibilities.
Before you borrow or begin repayment, you must complete the required steps, including loan disclosures, entrance counseling, and exit counseling, to fully understand your obligations. Below is important information and links to guide you through each process.
Required for first-time borrowers. Helps you understand loan terms, repayment, and your obligations.
Before receiving a student loan, borrowers must complete an online entrance counseling session. This interactive session, which takes about 15–30 minutes, will help you understand:
- How the loan process works
- Managing your education expenses
- Other financial resources to consider
- Your rights and responsibilities as a borrower
To get started:
- Go to www.studentaid.gov
- Log in with your FSA ID username and password
- Select “Complete Counseling”
- Choose “Start Entrance Counseling”
- Select “Minnesota” and “Saint Mary’s University of Minnesota” from the drop-down menus
- Click “Notify This School”
- Choose your student type and continue
- Answer all counseling questions and click “Submit”
- Print your Entrance Counseling confirmation for your records
Terms and conditions of Title IV, HEA loans, and Federal Student Loans are listed on the Master Promissory Note signed by a borrower accepting the loan. Required for all borrowers using federal student loans.
The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s).
Use the MPN for Direct Subsidized Loans and Direct Unsubsidized Loans available to eligible undergraduate students. Go to Studentaid.gov for more details or to complete.
To complete:
- Go to www. gov
- Log in to “I’m an Undergraduate Student” with your FSA ID username and password
- Complete all the sections
- Select “Saint Mary’s University of Minnesota” as your School You Selected to Notify.
- Add two “References” per the instructions.
- Complete the “Agreements”, “Review” and then “Submit”.
- Print your full Master Promissory Note for your records
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. For undergraduates, half-time means enrolling in at least six credits per term.
It’s mandatory that students complete counseling to receive their rights and responsibilities for repaying student loans. Visit Federal Stafford and Federal Direct Loan Exit Counseling to complete your exit counseling.
Please note: Exit counseling is the same for both Federal Stafford Loans and Federal Direct Loans, regardless of which program you borrowed from.
Review important information about your rights and responsibilities as a borrower before accepting a loan.
Institutions that enter into an agreement with a potential student or parent of a student regarding a Title IV loan are required to inform the student or parent that the loan will be submitted to the National Student Loan Data System (NSLDS) and will be accessible by servicers, guaranty agencies, lenders, and institutions determined to be authorized users of the data system.
In compliance with federal regulations under HEOA Sec. 489 amended Sec. 485B (d) (4) (20 U.S.C. 1092b) the College is required to notify you that approved loans will be submitted to the National Student Loan Data System (NSLDS) by the U. S. Department of Education and will be accessible by servicers, guaranty agencies, lenders, and institutions determined to be authorized users of the data system as determined by the U. S. Department of Education.
FAQ
Student loans are borrowed funds that help cover the cost of college. You’ll need to repay them over time, often after graduation.
Full-time students who complete the FAFSA are automatically considered for need-based loans. Eligibility depends on your financial situation.
No. Most federal loans don’t require repayment until after you graduate, leave school, or drop below half-time enrollment.
Yes! Once you receive your financial aid letter, reach out to your admission counselor to review your options — including loans, grants, and scholarships.
Most students at Saint Mary’s are offered federal loans, such as: - Subsidized Loans (need-based; no interest while in school) - Unsubsidized Loans (not need-based; interest accrues right away)
Your financial aid award letter will list all loan amounts, types, and terms. You’ll get this after submitting the FAFSA.
Contact the Office of Admission directly. We’re here to help!