Family Loans

Information and Instructions

If you will have education costs not covered by other sources of financial aid (such as scholarships or student loans), you and your family may want to consider a parent or private loan.

These additional loans are not listed in your award package. Based on your individual need, you may choose to apply for them.

Federal Direct Parent Loan (PLUS)

  • The student must file a FAFSA for a parent to borrower a PLUS loan.
  • This loan is issued by the federal government to parents, adoptive parents or a stepparent whose financial information was reported on the FAFSA.
  • Repayment is the parent’s responsibility.
  • *The fixed interest rate for loans borrowed for the 2021-2022 school year is 6.28%. The federal government prior to disbursement subtracts an origination fee of 4.236%.
  • Parents may borrow up to the cost of the student’s education minus the student’s financial aid award.
  • Credit approval or a credit-worthy endorser is required.
  • Be sure to borrow enough to cover both semesters.
  • Funds will be credited directly into the student’s account in two disbursements, fall semester and spring semester.
  • Repayment begins within 60 days after the final loan disbursement (usually spring semester).
  • You may request deferment while the student is enrolled, for up to four years.
  • Additional information about this loan can be found here.
  • To apply for a federal direct parent loan, begin the process at this link.

*Interest rates and origination fees for the 2022-2023 academic year are determined by the federal government in late spring of each year.

Private Loan

  • Private education loans are issued in the student’s name and generally require a creditworthy cosigner.
  • Loan rates, fees, terms and repayment start date vary from lender to lender and students are encouraged to carefully compare loan terms before borrowing.
  • The interest rate may be fixed or variable.
  • Fees will vary by lender.
  • You may request up to the cost of your education minus your financial aid award.
  • Credit approval is required and both student and cosigner are equally responsible for repayment.
  • Be sure to borrow enough to cover both semesters to avoid two loan applications and two credit approvals.
  • You must reapply for your loans each year.
  • If you need assistance determining how much you can borrow, contact Student Financial Services.

Private loan lenders

You are free to borrow private student loans from a lender of your choice. Saint Michael’s does not have a preferred lender list or preferred arrangements with any lender. Below you will find a list of lenders used by Saint Michael’s undergraduate students over the past three years. Lenders are listed alphabetically and not ranked in any way. You are free to borrow from lenders not listed below.