Loans are borrowed funds that must be repaid. Many graduate and professional students take advantage of loans to help finance their education as well as their living expenses. Some loans provide low- or no-interest options, and some do not need to be repaid until six months after graduation.
Your financial aid award details your Federal Direct Loan eligibility only if you filed the Free Application for Federal Student Aid (FAFSA). If you need to borrow funds beyond those available through the Federal Stafford Loan program, your next best option is to borrow using the Federal Direct Graduate PLUS Loan program.
Federal loan programs offer a secure borrowing option even in today's uncertain economy. The Federal Direct Unsubsized Loan should be the first borrowing option considered by graduate/professional students, followed by the the Federal Graduate PLUS Loan.
For each academic year, you may borrow up to - but not more than - a school's cost of attendance, minus the amount of other financial assistance that the student receives. It is important not to borrow more than you can afford to repay, even if you can afford to borrow more. Selecting "Max Amount" will not default to the total balance owed, but to the difference between offered aid and cost of attendance. Saint Louis University is only able to process PLUS loans in dollar amounts, if cents are listed on the application, the loan will be rounded down to the nearest dollar. Please contact your admission or financial aid counselor for assistance in determining the right amount for your situation.
When asked for your "Requested Loan Period Start Date" make sure and indicate the month and year that you begin your studies (e.g. August 2015). Your "Requested Loan Period End Date" will be the month you complete your studies for the term or choose to end your PLUS term (e.g. May 2016).
Detailed information regarding the federal and private loan options for the 2015-16 academic year is illustrated below. Loan interest rate effective July 1, 2015. Loan origination fees effective 10/1/15.
|Federal Direct Unsubsidized Loan||Graduate PLUS Loan||Private/Alternative Loan|
|How much can I borrow?||
|Up to the cost of attendance, minus all other financial aid.||Up to the cost of attendance, minus all other financial aid.|
|Is it based on financial need?||No||No||No|
|Is it based on credit?||No||Yes||Yes|
|Are there fees?||Yes (1.068% of the amount borrowed)||Yes (4.272% of the amount borrowed)||Varies depending on the lender.|
|What is the interest rate?||Fixed 5.84%||Fixed 6.84%||Variable. Tied into the prime rate or LIBOR index.|
|When do I begin repayment?||Six months after graduation or enrollment below half-time status.||60 days after the final disbursement of the loan. You may defer repayment until six months after graduation or enrollment below half-time status.||Varies depending on the lender. Typical repayment is six months after graduation or enrollment below half-time status.|
*Origination fees listed are for loans borrowed on or after 10/1/15. Direct Unsubsidized Loans originated prior to 10/1/15 were assessed a 1.073% fee. Direct Graduate PLUS Loans were assessed a 4.292% fee.
Preparatory Coursework or Teacher Certification
Students who fall into certain categories may qualify for loan amounts different from the limits listed above.
If you are taking coursework that is not part of an eligible program such as preparatory coursework or pursuing a teacher certification after you have a degree, you have different loan limits:
For a student borrowing from the Federal Loan program, the following steps must be completed:
The policies, regulations, procedures, and fees are subject to change without prior notice, if necessary, to keep Saint Louis University policies in compliance with State and Federal laws and/or with rules and regulations of Saint Louis