Student Loans

Information and Instructions

Your financial aid package will most likely include Federal Direct Student Loans. These loans are taken out in the student's name, and do not require repayment while you are enrolled at least half time in a degree or program. Once you begin repaying the loans, the standard repayment term is 10 years. Student and parent loan funds will not be credited to your account until all necessary applications and promissory notes have been completed by you and/or your family.

Federal Perkins Loan

  • Saint Michael's College is the lender.
  • You must file a FAFSA to qualify.
  • The loan has a fixed 5% interest rate.
  • No interest will accrue while you are enrolled.
  • There are no additional fees.
  • You may repay all or part of the loan without penalty.
  • The minimum monthly payment for the loan is $40, and your payment may be higher.
  • You have a maximum of 10 years to repay the loan and accrued interest.
  • Repayment will begin following a nine-month grace period.
  • The Federal Perkins Loan program is ending and new loans will not be available after September 30, 2017.

Subsidized Federal Direct Student Loan

  • This loan is issued to the student by the federal government.
  • You must file a FAFSA  and demonstrate financial need to qualify.
  • The government will pay the interest while you're enrolled, and during your post-graduation grace period.
  • The fixed interest rate for loans borrowed for the 2017-2018 school year is 4.45%.
  • The fixed interest rate for loans borrowed for the 2016-2017 school year is 3.76%
  • The loan has a 1.069% origination fee (for loans issued between October 1, 2016 and September 30, 2017). 
  • Repayment is deferred until after graduation unless you drop below half-time enrollment.
  • Repayment will begin after a six-month grace period.

Unsubsidized Federal Direct Student Loan

  • This loan is issued to the student by the federal government.
  • You must file a FAFSA to qualify.
  • You will pay all the interest, although you can have the payments deferred until after graduation.
  • The fixed interest rate for loans borrowed by undergraduate students for the 2017-2018 school year is 4.45%.
  • The fixed interest rate for loans borrowed by undergraduate students for the 2016-2017 school year is 3.76%
  • The loan has a 1.069% origination fee (for loans issued between October 1, 2016 and September 30, 2017).
  • Repayment is deferred until after graduation unless you drop below half-time enrollment.
  • Repayment will begin after a six-month grace period.

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