Undergraduate Loans


Let us help you find the right loan that best fits your individual needs.


Federal Direct Subsidized & Unsubsidized Loans

These fixed interest rate student loans have a 10 year repayment period, and repayment is deferred until graduation. The subsidized loan is awarded to qualified students who demonstrate financial need based upon the FAFSA and are interest free while enrolled at least half-time. The unsubsidized loan does not require students demonstrate financial need based upon the FAFSA and interest accrues while enrolled at least half-time

Students who are not eligible for the subsidized loan, or have not borrowed up to the annual loan limit on the subsidized loan, may borrow the remaining amount in the unsubsidized loan. Annual loan limits range from $5,500 to $7,500, depending on class level. Independent students may borrow $9,500 to $12,500 depending on class level. 

Class Level Dependent Students (except students whose parents are unable to obtain PLUS Loans) Independent Students (and dependent undergraduate students whose parents are unable to obtain PLUS Loans)
Freshman (0-29 units) $5,500 (No more than $3,500 may be subsidized) $9,500 (No more than $3,500 may be subsidized)
Sophomore (30-59 units) $6,500 (No more than $4,500 may be subsidized) $10,500 (No more than $4,500 may be subsidized)
Junior (60-89 units) /Senior (90-124 units) $7,500 (No more than $5,500 may be subsidized) $12,500 (No more than $5,500 may be subsidized)


Interest rate: 5.50% fixed
Origination fee: 1.057%
Grace Period: 6 months

Entrance Counseling and Master Promissory Note (MPN): Required


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. Parents can apply here, logging in with their own FSA ID and password. For more information please follow this guide.

The Federal Parent PLUS loan has a loan origination fee, which is deducted from the amount borrowed. Please use this calculator to determine the exact loan amount to request on your application. 


Enter your balance owed here
Loan Origination Fee 4.228%
Amount to request


Interest rate: 8.05% fixed
Repayment: 60 days after loan fully disburses

Master Promissory Note (MPN): Required

Please note, excess funds that are refunded as a result of a PLUS loan can be returned through the school within 7 days of the disbursement. After 7 days, funds must be returned directly to your lender. Please contact the office for more information. 

In the event your PLUS loan is declined, you have three options:

  1. Pursue an endorser for the PLUS loan: studentaid.gov/endorser-addendum/
  2. Appeal credit decision: studentaid.gov/appeal-credit/demo
  3. Request additional student direct loan funds, as detailed above


Alternative/Private Loans

To apply go to elmselect.com > type in 'Saint Mary's College of California' > select 'undergraduate'. Compare lenders and review terms to make the best choice for you.


Repayment Information

To view a list of your current Federal loans, go on the studentaid.gov 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 calculator.


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