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Federal Loans

Toggle to view types of Financial Aid Loans below.

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 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 Loan is awarded in two disbursements for each payment period in an academic year.

Interest Rate: 

Subsidized

  • 4.53% rate for loans disbursed between July 1, 2019 and July 1, 2020.
  • 5.05% rate for loans disbursed between July 1, 2018 and July 1, 2019.
  • Interest is subsidized by the federal government during in-school period and subsequent educational or deferment periods.

Unsubsidized

  • 4.53% rate for loans disbursed between July 1, 2019 and July 1, 2020.
  • 5.05% rate for loans disbursed between July 1, 2018 and July 1, 2019.
  • 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 1.059% origination fee for loans disbursed on or after October 1, 2019.

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 & a 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. The first disbursement will be delayed for 30 days from the start of the semester.

Direct Loan is awarded in two equal disbursements in an academic year, i.e., each semester.

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.

A federal graduate student loan funded by the U.S. Government. A loan must be repaid with interest.

Eligibility Requirements:

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: 
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: 
6.08% fixed rate

Fees: 
Direct GRAD PLUS loans will incur a 4.236% origination fee for loans disbursed on or after October 1, 2019.

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.

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.

A 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.


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: 
7.8% fixed rate

Fees:
Direct PLUS loans will incur a 4.236% origination fee for loans disbursed on or after October 1, 2019.

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.

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