US FEDERAL STUDENT LOANS
St. George’s University participates in the William D. Ford Federal Direct Loan Program. These loans are available to students in the School of Veterinary Medicine.
The William D. Ford Federal Direct Loan Program consists of the Federal Direct Unsubsidized Loan and Federal Direct Graduate PLUS Loan. The maximum loan amount for which a student is eligible may not exceed the cost of attendance (as defined by St. George’s University) minus any other assistance received for the academic period in which the student is enrolled. Eligible students can borrow up to $20,500 per academic year from the Federal Direct Unsubsidized Loan not to exceed an overall aggregate amount borrowed of $138,500. The Federal Direct Graduate PLUS Loan program is used to bridge the gap between the unsubsidized loans and the remaining cost of attendance. Students must have a satisfactory credit history in order to qualify for a Federal Direct Graduate PLUS loan. The Direct PLUS Loan does not have an aggregate limit.
Loans are typically processed for an academic year and are disbursed in two installments. Disbursements typically occur 10 days before the start of an academic term. For example, a student requests an $20,500 Federal Direct Unsubsidized Loan, the Department of Education will release half the requested amount, minus any applicable fees for the first term of the academic year and release the second half of the approved amount (minus fees) 10 days before the start of the second term.
The interest is currently set at an annual fixed rate of 5.28% for Direct Unsubsidized loans and 6.28% for Direct Graduate PLUS loans. Students may choose to pay the interest while attending school; if allowed to accrue it will be capitalized (added to the principal balance) at the beginning of the repayment period.. Loans disbursed after October 1, 2020, will have a loan origination fee of 1.057% for Unsubsidized loans and 4.228% for Grad PLUS loans. These fees will be subtracted from the amount borrowed, and will be reflected in the disbursements issued to the student’s account.
Under the Direct Unsubsidized and Graduate PLUS loan programs, the student is responsible for all accruing interest and may choose to repay the interest while in school or defer it until repayment begins. Upon graduation, a grace period is applied automatically to your Federal Direct Loans. The grace period is a six-month period of time during which no payments are required, although interest will continue to accrue on these loans. If a student ceases to be enrolled at least half time (withdraws or takes a leave of absence), the six- month grace period would apply in most circumstances.
Students can apply for US federal loans by completing the Free Application for Federal Student Assistance (FAFSA) at studentaid.gov/h/apply-for-aid/fafsa. When completing the FAFSA, be sure to use the appropriate school code. The SGU School of Veterinary Medicine federal school code is G39743. Students will also need to complete online Entrance Counseling and Master Promissory Notes in order to complete the application process.
To receive Direct Loans, recipients must be either permanent residents or citizens of the United States, be enrolled in the School of Veterinary Medicine at least halftime, maintain satisfactory academic progress, and not be in default on any prior US government guaranteed loan. These guidelines are subject to statutory and/or regulatory changes in the U.S. Higher Education Act and the Title IV Program Regulations.
For details on how to apply, visit https://www.sgu.edu/academic-programs/school-of-veterinary-medicine/scholarships-financial-aid/#loans.
PRIVATE EDUCATIONAL LOANS
Private educational lenders in the United States offer St. George’s students alternate loans. Students can obtain these loans to meet all or part of their cost of attendance. These private loan programs are all credit based and are offered only to students who have a satisfactory credit history as determined by the lender. The loans typically have a variable interest rate, with the interest rate tied to an index, such as LIBOR or PRIME, plus a margin. The interest rates and fees you pay on a private student loan are based on your credit score and the credit score of your cosigner, if applicable. These loans have repayment terms that begin following graduation or withdrawal from school and may be extended up to 25 years.
The Office of Financial Aid at SGU provides extensive financial aid counseling services to students in order to help them understand the eligibility requirements, terms and conditions.