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 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 interest rates effective July 1, 2015. Loan origination fees effective October 1, 2015.
* Origination fees listed are for loans borrowed on or after 10/1/15. Loans originated prior to 10/1/15 were assessed a 1.073% 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:
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:
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.