Federal Financial Aid Programs

Federal Pell Grant
A need-based grant for undergraduate students seeking their first bachelor degree. Pell Grants may vary from $602-$5,550 per year. The actual amount will be pro-rated based on the student’s actual enrollment status each semester.

Federal Supplemental Educational Opportunity Grant (FSEOG)
A need-based grant funded by the Federal Government and available on a limited basis to eligible undergraduate students. Priority is given to students with the greatest financial need. You must enroll at least half-time to receive this grant.

Federal Work Study Program
A need-based program funded by the Federal Government to provide part-time employment opportunities to eligible undergraduate students to assist with educational expenses while gaining valuable work experience. Federal Work Study students can work up to 20 hours per week in a variety of jobs on campus. You must enroll at least half time to participate in the Federal Work Study program.

Federal Perkins Loan
A long-term low interest loan made to eligible undergraduate students demonstrating exceptional financial need. Awards are contingent upon the availability of funds and the amount of other financial assistance received. The interest rate is 5% and repayment begins 9 months after graduation, separation from the University, or enrollment status drops below half-time enrollment. You must be enrolled at least half-time to receive this loan.

Direct Subsidized Stafford Loan
A long-term need-based loan for undergraduate students administered by the U.S. Department of Education. Eligibility is determined by the information provided on the Free Application for Federal Student Aid (FAFSA) and the schools total cost of attendance minus all other aid received. The interest rate for loan disbursed on or after July 1 2012 will be fixed at 3.4%.The interest accrual and repayment begins six months after the student graduates, separates from the institution or drops below half-time enrollment status. Loan limits for the Direct Subsidized Stafford loans are as follows: Freshmen - $3,500, Sophomores - $4,500, Juniors & Seniors - $5,500.

Direct Unsubsidized Stafford Loan
A long-term non-need based loan administered by the U.S. Department of Education. Eligibility is determined by the information provided on the Free Application for Federal Student Aid (FAFSA) and the schools total cost of attendance minus all other aid received. The interest rate is fixed at 6.8% and interest accrual begins at the time the loan is disbursed. The borrower is responsible for the interest that accrues while in school and during grace and deferment periods. Students may opt to pay the interest while in school or have the interest added to the outstanding principle. Repayment begins six months after the student graduates, separates from the institution, or drops below half-time enrollment status. The Direct Unsubsidized Stafford Loans are available to dependent students who do not qualify for the full amount of a Direct Subsidized Stafford Loan. Independent students are eligible to borrow the Direct Unsubsidized Stafford Loans in addition to their Direct Subsidized Stafford Loan according to their grade level and cost of attendance. Loan limits for the Direct Unsubsidized Stafford Loans are as follows: Freshmen - $4,000, Sophomores - $4,000, Juniors & Seniors - $5,000 and Graduate Students - $20,500.

Direct PLUS Loans
The PLUS Loan is a long-term loan for parents of dependent undergraduate students or Graduate/Professional students. This is a non-need based loan for those who do not have an adverse credit history. The interest rate is fixed at 7.9% and starts accruing immediately after the first disbursement, and repayment begins within 60 days after the loan is fully disbursed. Borrowers may borrow up to the total cost of attendance minus other financial aid received. Dependent student’s whose parents do not qualify for a PLUS may borrow the Direct Unsubsidized Federal Stafford Loan up to the student’s loan limit based on grade level.

Important Notice for Federal Student Loan Borrowers
Prior to obtaining a federal student loan, all first time borrowers at St. Thomas University must complete an LOAN ENTRANCE COUNSELING in accordance with federal regulations. The purpose is to provide debt management counseling, and to inform the student of his or her rights and responsibilities as a borrower of a federal student loan. The University will not process your loan request until you have satisfied this requirement. In addition, and in accordance with federal regulations, all students who obtained a federal student loan must participate in an LOAN EXIT COUNSELING prior to separation from the university. Loan Exit Counseling provides information about deferment, forbearance, and consolidation provisions related to loan repayment. Since this is mandatory, academic transcripts may be withheld until the federal exit counseling requirement has been fulfilled.
Click here to access Financial Aid Resource Publications from the U.S. Department of Education