Loans are available from federal or private sources. Federal loans offer low interest rates and forgiving payment schedules. If your needs aren't fully met by federal programs or scholarships, commercial banks can provide additional assistance although it frequently comes with high interest rates.
The following Federal loan programs are available. Reminder, as with all Federal programs, students must complete the FAFSA (Free Application for Federal Student Aid).
Why is Saint Mary's College making the switch to the Federal Direct Loan Program?
Saint Mary's has historically participated in the Federal Family Education Loan (FFEL) Program in which all loan funds were received from a lender selected by a borrower. Due to recent action in Congress, the FFEL program will likely cease to exist beginning July 1, 2010. To avoid any disruption in providing loan funds to our students and parents, Saint Mary's College will transition to the William D. Ford Direct Loan program beginning with the 2010-2011 academic year. This change means that Saint Mary's students and their parents will borrow federal and parent PLUS loan funds directly through the U.S. Department of Education rather than through private lenders. To learn more about Direct Lending, visit the U.S. Department of Education's Direct Loan Program website at www.direct.ed.gov.
To help you understand the impact this might have on you, we created a list of frequently asked questions and answers regarding the move to Direct Lending.
Alternative or private student loans are funded by lenders such as banks and credit unions. Federal loans are preferred, however, if you have exhausted that option you can turn to the private sector for additional loans. These loans are made to the student, based on credit approval and other factors. Do your homework and get the facts. Information on these types of loans, along with some rates from our preferred lenders is provided:
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