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To be eligible for loans students must be admitted to a degree program, and must be registered on at least a half-time basis.
Federal Subsidized Direct Loan
These fixed interest rate student loans (3.4% for 2012-13) have a 10 year repayment period, and repayment is deferred until graduation. Annual loan limits range from $3,500 to $5,500, depending on student's class level.
Federal Unsubsidized Direct Loan
Students who have not borrowed up to the annual loan limit on the subsidized program may borrow the remaining amount on this federal program. Annual loan limits range from $3,500 to $5,500, depending on student's class level. Independent students may borrow an additional $4,000 to $5,000, depending on class level. Beginning from the 2008-09 school year, all dependent undergraduate students are eligible to receive an additional $2,000 in the Federal Unsubsidized Loan Program.
The Federal Perkins Loan
These need-based, low interest (5%) student loans are offered to Freshman and Sophomores only and have a 10 year repayment period, and repayment is deferred until after graduation. Information about Perkins Loan Rehabilitation.
The Federal Parent PLUS Loan
Credit-worthy parents of undergraduate students may borrow up to the cost of attendance per year less the amount of any other financial aid the student is receiving. To apply please visit studentloans.gov.
To apply go to elmselect.com, select the state of California and Saint Mary's College of California. Compare lenders and ask questions to make the best choice for you.
To view a list of your current Federal loans, go on the National Student Loan Data System (NSLDS) and create an account to view your loan history. To calculate your estimated loan payments go to Federal Student Aid and use the loan repayment claculator.
Saint Mary’s College Financial Aid Office Student Loan Code Of Conduct
1. Ban on Financial Ties: Lenders are prohibited from giving anything of value to any college in exchange for any advantage sought by the lender. This severs any inappropriate financial arrangements between lenders and schools and specifically prohibits “revenue sharing” arrangements.
2. Ban on Payments for Preferred Lender Status: Lenders may not pay or give colleges any financial benefits whatsoever to get on a college's preferred lender list.
3. Gift and Trip Prohibition: Lenders are prohibited from giving college employees anything of more than nominal value. This includes a prohibition on trips for financial aid officers and other colleges officials paid for by lenders.
4. Advisory Board Rules: Lenders are prohibited from paying college employees anything of value for serving on the advisory boards of the lenders.
5. Call-Center and Staffing Prohibition: Lenders must ensure that employees of lenders never identify themselves to students as employees of the colleges. No employee of a lender may ever work in or provide staffing assistance for a college financial aid office.
6. Disclosure of Range of Rates and Defaults: Lenders must disclose to any requesting school the range of rates they charge to students at the school, the number of borrowers at each rate at the school, and the lender's historic default rate at the school. This will ensure that schools will have the information they need to select preferred lenders who are best for students and parents.
7. Loan Resale Disclosure: Lenders shall fully and prominently disclose to students and their parents any agreements they have to sell loans to any lender.