More than 80 percent of undergraduate students at Mount Mary University receive loans and/or work-study.
A student loan allows you to borrow money from the federal government or other funding source to help pay for college. Loans may cover education costs not covered by scholarships, grants, student employment and savings. You must repay your student loans with interest after you leave college or complete your degree.
To qualify for a student loan, you must:
- be enrolled at least half-time to qualify for any loans
- file the Free Application for Federal Student Aid (FAFSA) to determine your eligibility for federal loans
We encourage you to borrow wisely. See the Code of Conduct for Education Loans and information on how to apply for financial aid for more details.
Federal Student Loans
Federal Perkins Loans—Perkins loans are low-interest loans awarded to students with exceptional financial need. You may receive up to $5,500 annually and a maximum of $27,500 for undergraduate study, if you qualify. If you are awarded a Federal Perkins Loan, you must stop in the Mount Mary University Business Office during the first week of classes each semester to sign a promissory note.
Federal Direct Loans—Direct loans are low-interest loans. To be eligible for Federal Direct Loans, you need to be enrolled in at least 6 undergraduate credits or 3 graduate credits per semester. There are two types of Federal Direct Loans:
- Subsidized loans are awarded based on financial need. The federal government pays interest while you are enrolled at least half time.
- Unsubsidized loans are awarded regardless of financial need. Interest accrues on this loan while you are attending school.
Dependent students (as determined by the FAFSA) can borrow up to $31,000 ($23,000 of which is subsidized) for undergraduate, post-baccalaureate and certificate study. Dependent students are eligible to receive the following loan amounts for the academic year:
- $5,500 as a freshman ($3,500 of which is subsidized)
- $6,500 as a sophomore ($4,500 of which is subsidized)
- $7,500 as a junior and senior ($5,500 of which is subsidized)
Independent students (as determined by the FAFSA) can borrow up to $57,500 ($23,000 of which is subsidized) for undergraduate, post-baccalaureate and certificate study. Independent students are eligible to receive the following loan amounts for the academic year:
- $9,500 as a freshman ($3,500 of which is subsidized)
- $10,500 as a sophomore ($4,500 of which is subsidized)
- $12,500 as a junior and senior ($5,500 of which is subsidized)
Graduate students are eligible to receive up to $20,500 in loans for the academic year.
First-time Federal Direct Loan borrowers at Mount Mary are required to complete a Master Promissory Note and complete entrance loan counseling. You can complete these requirements online.
Federal PLUS Loans—These loans are supplemental loans to cover any additional education costs beyond what the Federal Direct Loans may cover. PLUS loans are available for parents to borrow for their dependent students. To request the Parent PLUS loans, parents must apply online. This loan is credit-based. If approved, parents must complete a Master Promissory Note online. Parents are required to log in using their FAFSA PIN number to complete this process.
Graduate PLUS loans are low, fixed interest rate loans guaranteed by the U.S. government. The Graduate PLUS loan is a non-need, credit-based loan. Apply for the Graduate PLUS loan online.
Private Education Loans
Private student loans (also called alternative loans) are an option if you have additional expenses beyond your financial aid award. Private loans are borrowed from banks and other private lending institutions. Private loans are not part of the federal government guaranteed loan programs.
We encourage you to speak to a Mount Mary financial aid counselor before applying for a private loan to determine if all other available aid has been applied.
- National Student Loan Data System—The National Student Loan Data System (NSLDS) is the U.S. Department of Education's central database for student aid. NSLDS receives data from schools, guaranty agencies, the Federal Direct Loan program and other Department of Education programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV aid can access and inquire about their Title IV loans and/or grant data.
- Entrance counseling—Prior to your first Federal Direct Loan disbursement, the university you attend must provide comprehensive information on the terms and conditions of the loan and of the borrower’s responsibilities.
- Exit Counseling—Before you withdraw, graduate or drop below half-time attendance (regardless if transferring to another school), regulations require you to complete exit counseling for Federal Direct Subsidized and Unsubsidized Loans. The counseling session provides information about how to manage student loans after college.
- Loan repayment information—The federal student aid website provides information regarding federal student loan repayment. You can access information about federal student loan repayment plans, loan forgiveness programs and interest rates, as well as access a federal student loan repayment calculator.
- 4 Things You Should Know before making your first Financial Aid loan payment.