First university in Minnesota to offer loan repayment support for all new students
Saint Mary’s University of Minnesota is proud to be the first university in Minnesota to offer an undergraduate Loan Repayment Assistance Program (LRAP) — the Cardinal Pledge — to all incoming first-year and transfer students starting in the 2026-2027 academic year.
The Cardinal Pledge is a loan repayment assistance program that helps participating graduates repay their federal student, parent PLUS, and private alternative loans if their income after graduation is below $60,000 annually.
“We strongly believe in the long-term value of a Saint Mary’s education, yet we also understand that student loan debt is a significant concern for many families,” said Michael McMahon, vice president for enrollment management. “This program removes a critical barrier, especially for those students who feel a vocation to careers in service, education, non-profits, or other fields where compensation may not be high. The Cardinal Pledge offers a critical safety net so that our students can confidently pursue purpose-driven work.”
The Cardinal Pledge is offered to incoming first-year and transfer students at no cost to them, with loan repayment assistance continuing until the graduate’s income exceeds $60,000 or their eligible student loans are fully repaid.
“We are committed to providing an education that prepares graduates to work, lead, and serve with character and purpose,” McMahon added. “The Cardinal Pledge ensures that financial concerns do not prevent students from following their calling.”
Interested students have already begun to respond enthusiastically to this new program. “When most other colleges don’t offer something like this it’s definitely a strong selling point for attending Saint Mary’s,” one student shared. “This program demonstrates how Saint Mary’s really cares for their students’ post-education lives and their college experience.”
Students and families interested in learning more about the Saint Mary’s Cardinal Pledge can visit smumn.edu/admissions/undergraduate/financial-aid/.
