Student Loans

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:

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 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 (up to $23,000 of which could be subsidized based on eligibility) 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 (up to $3,500 of which could be subsidized based on eligibility)
  • $6,500 as a sophomore (up to $4,500 of which could be subsidized based on eligibility)
  • $7,500 as a junior and senior (up to $5,500 of which could be subsidized based on eligibility)

Independent students (as determined by the FAFSA) can borrow up to $57,500 (up to $23,000 of which could be subsidized based on eligibility) 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 (up to $3,500 of which could be subsidized based on eligibility)
  • $10,500 as a sophomore (up to $4,500 of which could be subsidized based on eligibility)
  • $12,500 as a junior and senior (up to $5,500 of which could be subsidized based on eligibility)

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 FSA ID and password from FAFSA 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.  If approved, graduate students must complete a Master Promissory Note 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.

Loan Resources

  • 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.
  • Federal Student Loan Return to Repayment Guidance—The COVID-19 pandemic brought many unprecedented circumstances. With payments and interest accrual on government-owned federal student loans paused since the start of the COVID-19 pandemic in March 2020, student loan borrowers have not been required to make payments for more than three years. This loan repayment pause has ended and repayment resumed in October 2023. Here are some videos to assist borrowers with repayment

Our admissions team is here to help

The best way to get started is to get in touch. We’ll answer your questions, help you explore programs and walk you through the admissions and financial aid process.