To be eligible students must be admitted to a degree program, and must be registered on at least a half-time basis.

The Federal Direct Loan

Beginning July 1, 2012 Graduate Subsidized Direct Loans will no longer be available.  Graduate students may continue to borrow up to the maximum of $20,500 per academic year through the Unsubsidized Direct Loan program. 

The unsubsidized Direct Loan is awarded to students who do not qualify, in whole or in part, for the subsidized Direct Loan. Graduate students can borrow up to $20,500 per year, less any Subsidized Direct Loan received. Interest on an Unsubsidized Loan is not paid by the federal government at any time

Teaching Credential Only

The subsidized Direct Loan is awarded on the basis of financial need up to $5,500 per year for graduate students. Students awarded a Subsidized Loan are not charged interest when enrolled at least half-time.

Independent teaching credential students may borrow up to $12,500 of which no more than $5,500 may be a Subsidized Loan. Interest in an Unsubsidized Loan is not paid by the federal government at any time.

The Graduate PLUS Loan

The Graduate PLUS Loan is available to all graduate students. The Graduate PLUS Loan is available to students who are enrolled at least half-time in a graduate degree program. You must use all of your Federal Direct Loan eligibility before receiving the PLUS Loan and must meet federal credit eligibility requirements. Eligible graduate students can borrow the difference between their educational costs and any financial assistance being received. To apply go to www.studentloans.gov and sign in with your FAFSA PIN to begin the process.

Private/Alternative Loans

Private loans are another option to help bridge the gap between the actual cost of your education and the federal student loans. Private loans are offered by private lenders and eligibility often depends on the borrower's credit score. To view a list of private loans that have been selected by Saint Mary's College students, go to www.elmselect.com. The loan programs displayed on this website are for informational purposes only. Borrowers are free to choose any participating lender.

Calculating Repayment

To assist you in calculating an estimated loan payment go on the National Student Loan Data System (NSLDS) to view your loan history. After retrieving your total outstanding loans go on the Federal Student Aid and calculate your estimated repayment.