Saint Louis University

Undergraduate Federal Loan Options

Loans are borrowed funds that must be repaid. Many undergraduate students take advantage of loans to help finance their education. Some loans provide low- or no-interest options, and some do not need to be repaid until six or nine months after graduation. Federal loan programs offer a secure borrowing option even in today's uncertain economy.

Your financial aid award will detail your Federal Loan eligibility only if you filed the Free Application for Federal Student Aid (FAFSA).

Detailed information regarding the federal loan program for the 2015-2016 academic year is illustrated below. Loan information effective July 1, 2015.

Table for interest rates on Federal Direct Loans

* Also available to dependent students whose parents are unable to borrow the Parent PLUS loan
 

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:

  • If you are taking preparatory coursework required for enrollment in an undergraduate degree or certificate program (course of study not to exceed 12 months), you would be eligible to borrow up to $2,625 as a dependent undergraduate student and up to $8,625 (maximum $2,625 subsidized) as an independent student or dependent student whose parent is not eligible for PLUS.
  • If you are taking preparatory coursework for enrollment in a graduate or professional program, you would be eligible to borrow up to $5,500 as a dependent undergraduate student and up to $12,500 (maximum $5,500 subsidized) for an independent student or dependent student whose parent is not eligible for PLUS.
  • If you already have a baccalaureate degree and are taking coursework necessary for state certification (or professional credential) required for teaching, you would be eligible to borrow up to $5,500 as a dependent undergraduate student and up to $12,500 (maximum $5,500 subsidized) for an independent student or dependent student whose parent is not eligible for PLUS.  

For a student borrowing from the Federal Direct Loan program, the following steps must be completed:

  1. Complete a FAFSA for the academic year.
  2. Accept your Financial Aid Award through mySLU.
    (This award is created after the Office of Student Financial Services evaluates a valid FAFSA record for an admitted or continuing student).
  3. Complete a Federal Direct Master Promissory Note and Entrance Counseling by clicking here*.
    (*Please Note: You will be re-directed to the U.S. Department of Education's Web site to complete your master promissory note and entrance counseling.  The MPN is good for 10 years. If you have previously borrowed from the Federal Direct Loan Program, you will not need to complete a new MPN.)
  4. Returning Direct Loan Borrowers, Click Here

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 University.

 

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