Summary of the Federal Stafford Loan Program
Graduate students are eligible to apply for the Federal Stafford Loan subject to approval by the Financial Aid Office of St 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 Stafford Loan Program
Eligibility:- Financial need as determined by the FAFSA
- Minimum of half-time status
- US citizen or eligible permanent resident
- Not in default on any student loan
Interest Rate:
- Fixed interest rate of 6.8% as of July 1, 2006
Repayment:
- No principal or interest payments due until six months after termination of half-time enrollment
- 10 year repayment period (minimum of $50/month)
Amount of Loan:
- Graduate students may borrow up to $8,500 per year, to a cumulative maximum of $65,500
- Actual amount is determined by the Financial Aid office and the needs analysis on the FAFSA
Federal Unsubsidized Stafford Loan Program
Eligibility:
- Financial need as determined by the FAFSA
- Minimum of half-time status
- US citizen or eligible permanent resident
- Not in default on any student loan
Interest Rate:
- Fixed interest rate of 6.8% as of July 1, 2006
- Student responsible for paying the interest on the loan throughout enrollment and during grace period
Repayment:
- Only interest payments may be required throughout enrollment and during the grace period
- 10 year repayment period (minimum of $50/month)
Amount of Loan:
- Graduate students may borrow up to a total of $20,500 per year, to a cumulative maximum of $138,500 of Subsidized and Unsubsidized Stafford 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 the Stafford Loan Program.