Borrowing Student Loans
Learn 5 tips on the basics of borrowing student loans in the following video, "A Minute to Learn It - Borrowing Student Loans".
Federal Loans
A federal loan is funded by the U.S. Government. Federal loans must be repaid with interest.
Students must follow the steps below to accept their federal student loans.
- Sign in at login.saintleo.edu
- Click on “Student Self Service” tile
- On the home page, select “Financial Aid”
- Select the correct Award Year
- Click on link “Review and accept your Financial Aid Award Package”
- Click link to accept awards
Federal Direct Student Loans
Eligibility Requirements
Go to financial aid web page Financial Aid Eligibility Requirements for general and program-related requirements.
Aid Awarded
Subsidized: (Only undergraduate students qualify for subsidized loan). If an undergraduate student has financial need and meets all eligibility requirements, a subsidized loan may be awarded.
Unsubsidized: (Both undergraduate and graduate students qualify for unsubsidized loan.)
If a student has an unmet need or an unmet cost (including replacement of the expected family contribution) after subtracting grant assistance, subsidized loan, and other sources of aid, and the student meets all eligibility requirements, an unsubsidized loan may be awarded.
Annual Award Amount for An Academic Year:
A student's academic year loan amount depends on grade level, dependency status, student budget (i.e., cost), and unmet financial need after subtracting grant assistance and other sources of aid.
| Grade Level: Undergraduate |
Dependent | Independent |
|---|---|---|
| 1st Year – Less than 30 completed credits |
$5,500 - Up to $3,500 may qualify as subsidized loans. | $9,500 - Up to $3,500 may qualify as subsidized loans. |
| 2nd Year – 31-59 completed credits |
$6,500 - Up to $4,500 may qualify as subsidized loans. | $10,500 - Up to $4,500 may qualify as subsidized loans. |
| 3rd Year & beyond – 60 or more completed credits |
$7,500 - Up to $5,500 may qualify as subsidized loans. | $10,500 - Up to $5,500 may qualify as subsidized loans. |
| Aggregate Borrowing Limit for undergraduate program(s) | $31,000 - No more than $23,000 of this amount may be in subsidized loans. | $57,500 - No more than $23,000 of this amount may be in subsidized loans. |
| Grade Level: Graduate & Professional | Independent |
|---|---|
| Graduate Program | $20,500 Note: As of July 2012, there is no eligibility for subsidized loans |
| Aggregate Borrowing Limit for graduate & professional program(s) | $138,500 No more than $65,500 of this amount may be in subsidized loans. |
Direct Loans are awarded in equal disbursements over the course of a student’s academic year. A student with semester-based enrollment will receive, if eligible, 2 disbursements. A student with term-based enrollment will receive, if eligible, 4 disbursements.
Interest Rate
Subsidized
- 6.53% rate for loans disbursed on or after July 1, 2024 and before July 1, 2025.
- Interest is subsidized by the federal government during in-school period and subsequent educational or deferment periods.
Unsubsidized
- 6.53% rate for loans disbursed on or after July 1, 2024 and before July 1, 2025.
- Interest begins to accrue after the first disbursement. It may be paid quarterly while in school or capitalized and added to the principal (amount borrowed) at the beginning of the repayment period.
Fees
Direct Subsidized and Direct Unsubsidized loans will incur a 1.057% origination fee for loans disbursed on or after October 1, 2020.
Disbursement
The deadline to accept federal student loans to ensure they are eligible to disburse is 10 days prior to the last day of a student’s academic year (or last day of enrollment). It should be noted that federal loans must be originated to be eligible to disburse and this process may take up to 10 days after the loan has been accepted. Please view the University’s Direct Loan Confirmation Policy here.
Complete Entrance Loan Counseling and Master Promissory Note (MPN) prior to Disbursement
A first-time Saint Leo University borrower must complete Entrance Loan Counseling and a Master Promissory Note (MPN) prior to the disbursement of a loan.
Direct Loans are awarded in equal disbursements over the course of a student’s academic year. A student with semester-based enrollment will receive, if eligible, 2 disbursements. A student with term-based enrollment will receive, if eligible, 4 disbursements.
Enrollment Reporting & Exit Loan Counseling
A student’s enrollment status is reported to the National Student Loan Data System (NSLDS) throughout her/his attendance at Saint Leo University. When a student graduates, withdraws or drops to less than half-time enrollment, Saint Leo University will notify the student to complete Exit Loan Counseling. The U.S. Department of Education’s loan servicer will contact the borrower during the grace period to make arrangements for loan repayment.
Repayment
Repayment begins six months after graduation or withdrawal from the school. It may be deferred for continued pursuit of education or other approved deferment. There is a choice of repayment plans, including standard, graduated, and income-based options. Standard repayment is up to ten years, but under other options, the term may be extended. Loans may be consolidated.
Additional Information - Borrower's Rights & Responsibilities, Loan Repayment, Postponing Repayment, & Loan Default
Additional information on a Borrower’s Rights and Responsibilities, Loan Repayment, and Loan Consolidation is available in the U.S. Department of Education’s publication Do You Need Money for College? The Guide to Federal Student Aid.
Eligibility Requirements
Go to financial aid web page Financial Aid Eligibility Requirements for general and program-related requirements.
Annual Award Amount for An Academic Year:
A student's academic year loan amount depends on grade level, dependency status, student budget (i.e., cost), and unmet financial need after subtracting grant assistance and other sources of aid.
| Grade Level: Graduate & Professional |
Independent |
|---|---|
| Graduate Program | $20,500 Note: As of July 2012, there is no eligibility for subsidized loan |
| Aggregate Borrowing Limit for graduate & professional program(s) | $138,500 No more than $65.500 of this amount may be in subsidized loans. |
Direct Loans are awarded in two disbursements for each payment period in an academic year.
Interest Rate
Unsubsidized
- 8.08% rate for loans disbursed on or after July 1, 2024 and before July 1, 2025.
- Interest begins to accrue after the first disbursement. It may be paid quarterly while in school or capitalized and added to the principal (amount borrowed) at the beginning of the repayment period.
Fees
Direct Unsubsidized loans will incur a 1.057% origination fee for loans disbursed on or after October 1, 2020.
Disbursement
The deadline to accept federal student loans to ensure they are eligible to disburse is 10 days prior to the last day of a student’s academic year (or last day of enrollment). It should be noted that federal loans must be originated to be eligible to disburse and this process may take up to 10 days after the loan has been accepted.
Please view the University’s Direct Loan Confirmation Policy.
Complete Entrance Loan Counseling and Master Promissory Note (MPN) prior to Disbursement
A first-time Saint Leo University borrower must complete Entrance Loan Counseling and a Master Promissory Note (MPN) prior to the disbursement of a loan.
Direct Loans are awarded in equal disbursements over the course of a student’s academic year. A student with semester-based enrollment will receive, if eligible, 2 disbursements. A student with term-based enrollment will receive, if eligible, 4 disbursements.
Enrollment Reporting & Exit Loan Counseling
A student’s enrollment status is reported to the National Student Loan Data System (NSLDS) throughout her/his attendance at Saint Leo University. When a student graduates, withdraws or drops to less than half-time enrollment, Saint Leo University will notify the student to complete Exit Loan Counseling. The U.S. Department of Education’s loan servicer will contact the borrower during the grace period to make arrangements for loan repayment.
Repayment
Repayment begins six months after graduation or withdrawal from the school. It may be deferred for continued pursuit of education or other approved deferment. There is a choice of repayment plans, including standard, graduated, and income-based options. Standard repayment is up to ten years, but under other options, the term may be extended. Loans may be consolidated.
Additional Information - Borrower's Rights & Responsibilities, Loan Repayment, Postponing Repayment, & Loan Default
Additional information on a Borrower’s Rights and Responsibilities, Loan Repayment, and Loan Consolidation is available in the U.S. Department of Education’s publication Do You Need Money for College? The Guide to Federal Student Aid.
Federal Direct GRAD PLUS Loans
The Federal Direct GRAD PLUS Loan is a federal graduate student loan funded by the U.S. Government. A loan must be repaid with interest.
Eligibility Requirements
- Must be enrolled at least half-time in graduate or professional program.
- Must meet the federal aid general eligibility requirements.
- Must have a satisfactory credit history (income to debt ratio is not considered), or secure an endorser that will co-sign the Master Promissory Note.
- Must complete the annual student loan acknowledgment, Entrance Loan Counseling and Master Promissory Note.
PLUS Counseling
Direct PLUS Loan applicants (parents of dependent undergraduate students as well as graduate/professional students) who are determined to have an adverse credit history, but qualify for a Direct PLUS Loan by obtaining an endorser or by documenting extenuating circumstances, must complete PLUS Counseling. The PLUS Counseling is intended to help Direct PLUS Loan applicants understand the costs and obligations that come with borrowing a PLUS loan, as well as make careful decisions about taking on student loan debt. PLUS Counseling is available on the StudentAid.gov website. It should be noted that PLUS Counseling is mandatory and that if an applicant is directed to complete the counseling, loan funds will not disburse until counseling is complete. Depending on a graduate/professional student’s circumstances, he/she may have to complete both the PLUS Counseling module and the standard Entrance Counseling module.
Aid Awarded
Up to the Cost of Attendance after subtracting all other sources of assistance.
Annual Award Amount for an Academic Year:
Up to the Cost of Attendance after subtracting all other sources of assistance.
Interest Rate
9.08% rate for loans disbursed on or after July 1, 2024 and before July 1, 2025.
Fees
Direct GRAD PLUS loans will incur a 4.228% origination fee for loans disbursed on or after October 1, 2020.
Disbursement
The deadline to accept federal student loans to ensure they are eligible to disburse is 10 days prior to the last day of a student’s academic year (or last day of enrollment). It should be noted that federal loans must be originated to be eligible to disburse and this process may take up to 10 days after the loan has been accepted. Please view the University’s Direct Loan Confirmation Policy.
Repayment
Repayment begins six months after graduation or withdrawal from the school. It may be deferred for continued pursuit of education or other approved deferment. There is a choice of repayment plans, including standard, graduated, and income-based options. Standard repayment is up to ten years, but under other options, the term may be extended. Loans may be consolidated.
Federal Direct Parent PLUS Loan
A Federal Direct PLUS Loan is federal parent loan funded by the U.S. Government. A loan must be repaid with interest. This loan is for parents of dependent undergraduate students.
Eligibility Requirements
- The student must be a dependent and undergraduate student that meets the general eligibility requirements and is enrolled at least half-time.
- The parent borrower must be a U.S. citizen or permanent resident.
- The parent must have a satisfactory credit history (income to debt ratio is not considered).
- If the parent applies and is denied a PLUS loan, the dependent student may apply for additional unsubsidized Direct Loan.
Complete PLUS Counseling
Direct PLUS Loan applicants (parents of dependent undergraduate students as well as graduate/professional students) who are determined to have an adverse credit history, but qualify for a Direct PLUS Loan by obtaining an endorser or by documenting extenuating circumstances, must complete PLUS Counseling. The PLUS Counseling is intended to help Direct PLUS Loan applicants understand the costs and obligations that come with borrowing a PLUS loan, as well as make careful decisions about taking on student loan debt. PLUS Counseling is available on the studentloans.gov website. It should be noted that PLUS Counseling is mandatory and that if an applicant is directed to complete the counseling, loan funds will not disburse until counseling is complete. Depending on a graduate/professional student’s circumstances, he/she may have to complete both the PLUS Counseling module and the standard Entrance Counseling module.
Aid Awarded
Dependent student’s parent must request a loan. PLUS Loan will be added to the student aid package when approval is received.
Annual Award Amount for an Academic Year
Up to the Cost of Attendance after subtracting all other sources of assistance.
Interest Rate
9.08% rate for loans disbursed on or after July 1, 2024 and before July 1, 2025.
Fees
Direct PLUS loans will incur a 4.228% origination fee for loans disbursed on or after October 1, 2020.
Disbursement
The deadline to accept federal student loans to ensure they are eligible to disburse is 10 days prior to the last day of a student’s academic year (or last day of enrollment). It should be noted that federal loans must be originated to be eligible to disburse and this process may take up to 10 days after the loan has been accepted.
Repayment
The repayment period for a PLUS loan begins on the date the loan is fully disbursed. Payment can be deferred while the student is enrolled at least half-time, and for an additional six months after the student ceases to be enrolled half-time. Interest accrues and will be capitalized if not paid by the parent during deferment. Standard 10-year repayment for loans totaling under $30,000. Extends up to 25 years over $30,000.
Private Loans
Students who are eligible for federal student aid should complete the FAFSA and exhaust all federal, state and university aid options, including federal loans, before applying for a private loan. It should be noted that prospective borrowers may qualify for loans or other assistance under Title IV, HEA programs. Federal student loans generally have more favorable terms and conditions than private loans. We recommend that you utilize all federal loan eligibility before turning to a private loan.
What is a Private Loan?
Private loans are offered by private lenders. These loans help bridge the gap between the cost of your education and the amount of aid available through the government, state, and other sources.
Find Private Loans with FASTChoice
Please visit Saint Leo University’s FASTChoice web tool to view a list of preferred lenders. FASTChoice is not a lender; it is an independent, online loan comparison program. This interactive program provides loan counseling and basic information about borrowing for students interested in private lender options. Students can apply online for loans directly from this site. Students are free to select any lender they choose, including those not presented through FASTChoice.
Visit FASTChoice to Begin Your Private Loan Selection Process
Private Loan Self-Certification Form
To receive private education loan funds, the borrower must submit a self-certification form to the lender. Do not submit the form to Saint Leo University.
Be sure to contact the lender to inquire about any additional requirements that may be needed before your loan funds can be disbursed.
If you haven't already applied for federal and state financial aid, you're encouraged to do so by completing the FAFSA.
Educational Loan Code of Conduct
Saint Leo University (SLU) is committed to providing students and their families with the best information and processing alternatives available regarding student borrowing. In support of this and in an effort to rule out any perceived or actual conflict of interest between SLU officers, employees or agents and education loan lenders, the following code of conduct has been adopted.
- SLU does not participate in any revenue-sharing arrangements with any lender.
- SLU does not permit any officer, employee or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept any gifts of greater than a nominal value from any lender or guarantor or servicer.
- SLU does not permit any officer, employee or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept any fee, payment or other financial benefit (including a stock purchase option) from a lender or affiliate of a lender as compensation for any type of consulting arrangement or contract to provide services to a lender or on behalf of a lender relating to education loans.
- SLU does not permit any officer, employee or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept anything of value from a lender, guarantor, or group of lenders and/or guarantors in exchange for service on an advisory board, commission or other group established by such a lender, guarantor group of lenders and/or guarantors. SLU does allow for the reasonable reimbursement of expenses associated with participation in such boards, commissions or groups by lenders, guarantors, or groups of lenders and/or guarantors.
- SLU does not assign a lender to any first-time borrower through financial aid packaging or any other means except in the case of awarding Federal Direct Loan.
- SLU recognizes that a borrower has the right to choose any lender to borrow private loans to finance his/her education. SLU will not refuse to certify or otherwise deny or delay certification of a loan based on the borrower’s selection of a lender and / or guarantor.
- SLU will not request or accept any offer of funds to be used for private education loans to students from any lender in exchange for providing the lender with a specified number or volume of loans, or a preferred lender arrangement for loans.
- SLU will not request or accept any assistance with call center or financial aid office staffing from lenders or guarantor agencies.
Contact Student Financial Services
If you have questions about financial aid or your student account, please call Student Financial Services toll-free at (800) 240-7658 to speak with a Student Financial Advisor. Student Financial Advisors are available by phone Monday - Friday 8:00 am to 5:00 pm ET.
Student Financial Advisors can assist you with many things, including:
- FAFSA questions
- Determining financial aid eligibility
- Completing required forms
- Student account payments
- Balance inquires
Student Financial Services
Fax: (866) 708-7770
(800) 240-7658
Students may also email questions to Student Financial Support at sfs@saintleo.edu.