Federal Stafford Loans

All students who complete the and are eligible to be considered for financial aid may receive a . This loan may be Subsidized or Unsubsidized (or a combination of both). This loan is borrowed and repaid by the student. A student's eligibility is determined by the total cost of attendance, results of the FAFSA, and other financial aid resources. and are eligible to be considered for financial aid may receive a . This loan may be Subsidized or Unsubsidized (or a combination of both). This loan is borrowed and repaid by the student. A student's eligibility is determined by the total cost of attendance, results of the FAFSA, and other financial aid resources.

Subsidized Loan: The federal government pays the interest on this loan while you are in school at least half time, during your six month grace period after you leave school, and during any deferment periods. You must have financial need to qualify for this type of loan.  

Unsubsidized Loan:  You will be charged interest on this loan from the time the loan is disbursed until it is paid in full. You may allow interest to accumulate until repayment, at which time it will be capitalized. We encourage you to make quarterly interest payments, if possible. Financial need is not required to receive this loan.

2010-11 Interest Rates (for loans made from July 1, 2010-June 30, 2011)

	Subsidized	Unsubsidized
Undergraduate	4.5%	6.8%
Graduate	6.8%	6.8%

Federal PLUS Loans

The Federal Parent Loan for Undergraduate Student (PLUS) is a loan for the parent of a dependent student. (A stepparent may be eligible to borrow if income and assets were reported on the .) The first step in applying is to complete the FAFSA for the appropriate year. A parent can borrow the total estimated cost of attendance less the student's total financial aid (see student's award letter).) The first step in applying is to complete the FAFSA for the appropriate year. A parent can borrow the total estimated cost of attendance less the student's total financial aid (see student's award letter)

Interest Rates

For the 2010-11 school year all PLUS loans will be made through the Federal Direct PLUS Loan program and will have a 7.9% interest rate.

Federal Grad PLUS Loans

The Federal Direct Grad PLUS Loan is for graduate students enrolled in at least half-time hours. In order to apply for a Grad PLUS loan, you must file the Free Application for Federal Student Aid (FAFSA). A graduate student can borrow the total estimated cost of attendance less the financial aid the student receives for the academic year. A graduate student will be required to meet with their financial aid counselor to determine eligibility and complete a Grad PLUS application.

Interest Rates

For the 2010-11 school year all Grad PLUS loans will be made through the Federal Direct Grad PLUS Loan program and will have a 7.9% interest rate.

Please follow these steps to borrow the student loan(s) offered to you:

(1) Log into your MyStthom account and accept the loan(s) you wish to borrow

(2) Proceed to Direct Loan website to sign electronic Master Promissory Note (eMPN). 

1. Open your browser and go to https://studentloans.gov/
   
2. Under "Manage My Direct Loan" sign in, using the same PIN number you used to e-sign your FAFSA form.
   
3. If this is your first time borrowing a student loan, select "Complete Entrance Counseling" and continue throughout that process
   
4. All students need to select "Complete Master Promissory Note" 
   
   
5. Click "Subsidized/Unsubsidized" on the next page and continue throughout eMPN process
   
6. Enter reference information, including the addresses and phone numbers of two references.
   
   
7. Read all terms and conditions
   
8. Review and e-sign your eMPN.
   
9. Log out, you are finished!

If you have been offered a Federal Direct Parent PLUS Loan your parent must apply for this loan. Please click here for a PLUS Loan Pre-Applicaton OR your parent can apply online at www.studentloans.gov using their FAFSA Pin number.

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When choosing a private education loan, you should compare the loan terms offered by several programs in order to choose the best fit for your situation. If you have any questions, your counselor is available to assist you, feel free to contact your counselor at any time for questions.

Things to consider when researching Alternative Loans:

• these loans will require a credit check
• these loans do not have fixed interest rates 
• there could be fees attached to the loan, dependent upon your credit score or your cosigner's credit score
• you maybe required to have a credit worthy cosigner
• repayment terms

Most lenders have direct links to their alternative loan application via their website, to view these please click here. This list is by no means exclusive. If you wish to borrow from a lender not on this list, you may do so. Another resource for finding active private education loan programs is FinAid.org.

Self Certification Form-Regardless of which private loan program you choose, you will need to complete a self-certification form before receiving your first disbursement of loan funds. Your lender will probably provide this form to you during the application process. You may also download the form HERE.

In Section 2 of the self-certification form, you will be asked to provide the following three dollar amounts:

A. Student's cost of attendance for the period of enrollment covered by the loan
B. Estimated financial assistance
C. Difference between amounts A and B

You can find the amounts for items A and B in your mystthom account. For item A, use the figure listed in your mystthom financial aid tab.  This is the dollar amount next to Fed Year COA. For item B, this is the amount listed within the Aid Summary For Aid Year chart, under 'Offered' column, 'Total' row.

If you have trouble locating these figures, please contact the Office of Financial Aid for assistance.