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 noncitizen Not in default on any student loan Degree seeking Undergraduate student Repayment: No principal or interest payments due until six months after termination of half-time enrollment Only interest payments may be required during grace period 10 year repayment period (minimum of $50/month) Loan Amount: Actual amount is determined by the Financial Aid office and the needs analysis on the FAFSA Federal Unsubsidized Direct Loan Program Eligibility: Minimum of half-time status US citizen or eligible noncitizen Not in default on any student loan Degree seeking Repayment: Only interest payments may be required throughout enrollment and during the grace period 10 year repayment period (minimum of $50/month) Loan Amount: Graduate students may borrow up to a total of $20,500 per year, to a cumulative maximum of $138,500 of Subsidized and Unsubsidized Direct Loans Actual 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 financial aid programs. Please contact the Financial Aid Office at your campus to verify eligibility for alternative loans.