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The Federal Family Education Loan Program (FFELP) offers loans to students who need help paying for their educational expenses. FFELP Loans include the Federal Stafford Loan (subsidized and unsubsidized), the Federal PLUS Loan for Parents (for parents of dependent undergraduate students), and the Federal PLUS Loan for Graduate/Professional Students. Although many students rely on these low-cost loans to help pay education expenses, you are under no obligation to borrow.
Unlike scholarships and grants, educational loans must be repaid with interest (when applicable). Never borrow before you have exhausted all other sources of financial aid. Borrow only what you need.
For more information regarding each of these loan programs, click on the links below.
Federal Stafford Loan
Federal PLUS Loan for Parents
Federal PLUS Loan for Graduate/Professional Students
Loan Entrance Counseling-as part of the Federal Government’s initiative to reduce defaults on student loans, all borrowers receiving a Federal Stafford Loan must complete a Loan Entrance Counseling Session prior to receiving their Stafford Loan. You may complete your Loan Entrance Counseling on-line here. The Office of Financial Aid cannot process your loan request until this requirement has been satisfied.
Loan Exit Counseling-If you receive a Stafford Loan during your enrollment at St. Thomas University you will be required to complete an Exit Counseling Session prior to graduation or separation from the University. You may complete your Loan Exit Counseling on-line here. Failure to complete the Exit Counseling process will result in your academic transcripts and/or diploma being withheld.
Disbursement Requirements
The U.S. Department of Education has specific disbursement requirements applicable to the Federal Loan Programs. If you are receiving assistance from one of these programs, please read the information below carefully to ensure your eligibility for FFELP Loans.
All loans are disbursed from the lender or disbursing agent to St. Thomas University after the add/drop period of each semester for which you have requested a loan.
- At the time of disbursement, you must be enrolled and attending at least half-time to receive a loan. If your enrollment has dropped to less than half-time after the add/drop period for the semester and before the disbursement of the loan proceeds, the funds will be returned to the lender. Any future disbursement(s) will be canceled. You will still be responsible for all University charges that have not been paid.
- If you drop below half-time after receiving the first disbursement of your loan, your second disbursement will be canceled.
- If you are a first-time borrower, you must complete an Entrance Counseling Session. You must still meet the minimum enrollment criteria at the time the funds are disbursed to you.
- Graduate students must be enrolled with at least three graduate level credits to be eligible for a graduate level loan amount or you must be enrolled in at least six undergraduate level credits to receive the undergraduate maximum of $2750 per semester.
All loan funds are released directly to the school via electronic funds transfer (EFT), or by check made co-payable to you and the school, and are applied to your account. Any funds exceeding your outstanding balance with the University will be issued to you in the form of a refund check. These funds must be used only for educational-related expenses.
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