Graduate Loans
Graduate Student Loans
Graduate students at Saint Mary’s College may use federal and private student loans to help cover educational expenses, including tuition, fees, and living costs.
Loans must be repaid with interest, so we encourage students to borrow responsibly and review all terms carefully.
Before You Borrow: Start Here
Step 1: Complete the FAFSA
All federal student loans require the Free Application for Federal Student Aid (FAFSA).
- Saint Mary’s FAFSA School Code: 001302
- Complete FAFSA before your program begins
Federal Loan Options for Graduate Students
1. Federal Direct Unsubsidized Graduate Loan
This is the primary federal loan available to graduate students.
Key Features:
- Borrow up to $20,500 per academic year
- Interest accrues while enrolled
- No credit check required
- Enrollment required at least half-time
How to Receive This Loan:
- Complete FAFSA
- Accept the loan in your student portal
- Complete:
2. Federal Direct Graduate PLUS Loan
This loan may be used if additional funding is needed beyond the Federal Direct Graduate Loan.
Key Features:
- Credit-based approval
- Borrow up to the Cost of Attendance, minus other financial aid
- Enrollment required at least half-time
Required Steps:
- Complete FAFSA
- Submit Graduate PLUS Loan Application
- Complete PLUS Loan MPN
Important Notice About Graduate PLUS Loans: The Federal Graduate PLUS Loan Program is scheduled to end on July 1, 2026.
Students enrolling after this date will not be eligible for this loan. Federal guidance regarding replacement options is pending.
Students are encouraged to consult with the Financial Aid Office when planning long-term borrowing.
Special Loan Information for Teaching Credential-Only Students
Students pursuing a teaching credential only are considered undergraduate students for federal aid purposes.
Eligible loan types may include:
- Federal Direct Subsidized Loan (up to $5,500 per year)
- Federal Direct Unsubsidized Loan (up to $7,500 per year)
Loan limits are based on federal undergraduate borrowing caps.
Private (Alternative) Education Loans
Private education loans are offered through banks and private lenders.
Key Details:
- Credit-based approval
- FAFSA not required
- May be available for less than half-time enrollment
- Not eligible for federal loan protections (such as income-driven repayment or Public Service Loan Forgiveness)
Students may compare lenders at:
We recommend reviewing interest rates, repayment terms, and borrower benefits carefully before choosing a private loan.
Enrollment Requirements for Federal Loans
To receive federal graduate loans, students must:
- Be admitted to a degree-seeking program
- Be enrolled at least half-time
- Meet Satisfactory Academic Progress (SAP) standards
Dropping below half-time enrollment may impact loan eligibility and repayment status.
View Satisfactory Academic Progress (SAP) Policy
Borrowing Responsibly
Before accepting any loan, consider:
- How much you truly need to borrow
- Your total projected debt at graduation
- Expected repayment options
- Your future employment plans
Students can review federal loan history and repayment estimates at studentaid.gov
Graduate Loan Comparison
Feature | Federal Direct Unsubsidized Loan | Federal Graduate PLUS Loan | Private Education Loan |
|---|---|---|---|
FAFSA Required? | Yes | Yes | No |
Credit Check? | No | Yes | Yes |
Who Is Eligible? | Degree-seeking graduate students enrolled at least half-time | Degree-seeking graduate students enrolled at least half-time | Varies by lender |
Annual Borrowing Limit | Up to $20,500 per academic year | Up to Cost of Attendance minus other aid | Determined by lender (often up to Cost of Attendance) |
Interest Accrues While Enrolled? | Yes | Yes | Yes (varies by lender) |
Federal Repayment Protections? | Yes | Yes | No |
Income-Driven Repayment Options? | Yes | Yes | No |
Public Service Loan Forgiveness (PSLF)? | Yes (if eligible) | Yes (if eligible) | No |
Best Used For | Primary federal loan option | Additional funding beyond Direct Loan | When federal loans are unavailable or insufficient |
Program Availability | Ongoing | Ends July 1, 2026 | Ongoing |
Questions?
Financial aid policies can be complex, especially if your enrollment status changes.
Contact the Financial Aid Office
Schedule an appointment for personalized assistance
We are here to help you make informed borrowing decisions.c