Need-based Aid Grant Programs Grants are awards made based on financial need, and do not need to be repaid. + More Saint Mary’s Need-Based Grants The amount varies based on financial need determined by the FAFSA. Federal Pell Grant Up to $5,645 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 income (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. + More 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 $1,700 in work study allowance. Jobs are posted online and students interview for jobs at the beginning of each semester with individual offices or departments. Starting rates are $7.25 per hour. 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. Federal Stafford Direct Loan Amount varies.+ More The subsidized Federal Stafford Student Loan is interest-free until the repayment period, which begins 6 months after college enrollment ends or when you drop below half-time status. The current interest rate is 3.86% during repayment. A financial need is required to qualify. The unsubsidized Federal Stafford Student Loan has a current interest rate of 3.86% during in-school and repayment, with an option to pay interest while in school or defer interest payments. It does not require a financial need to qualify. Federal Perkins Loan Up to $4,000 per year+ More Available based on financial need as determined by the FAFSA. Loan features: interest-free while enrolled at least half-time; 5% interest rate during repayment; repayment begins nine months after college enrollment ends; loan must be paid within 10 years and is eligible for loan forgiveness. Federal PLUS Loan for Parents The maximum loan amount is the total cost of education at SMU less any other financial aid. + More Submit the FAFSA and apply for the PLUS online at www.studentloans.gov. The fixed interest rate is 6.41% and repayment begins 60 days after final disbursement of the year. Payments may be postponed until six months after graduation; loan must be paid within 10 years. SELF Loan Up to $10,000 per year+ More Amount depends on cost of attendance less other financial aid. Requires quarterly interest payments within 90 days after disbursement. Repayment begins 12 months after college enrollment ends; maximum repayment period varies from 10-20 years, based on loan amount and interest rate. Alternative loan programs Non-need based loan programs+ More Additional financial assistance is also available in the form of non-need-based alternative loan programs. For a list of lenders or more information, contact the financial aid office. Our FASTChoice program will help determine the private loan that is right for you.