News
Loan Changes for the 2008-2009 Academic Year
Due to the instability in the national credit markets, which raised concerns about access to federal student loan funds, UST has made the decision to join the William D. Ford Federal Direct Loan Program. Beginning with the fall 2008 term all students will be required to borrow their federal loans through the Direct Loan Program. Borrowing through the Direct Loan Program will provide our students with a stable and predictable source of funding as well as a streamlined and efficient application process. The U.S. Department of Education secures the funding for the Direct Loan Program from the U.S. Treasury, so instability in the financial markets does not affect the availability of student loans.
Historically, UST has been a participant in the Federal Family Education Loan Program (FFELP). Students borrowed federal funds through private lenders. Over the past few months many private lenders have exited the federal program. As a result, for the 2008-2009 academic year over 50% of UST federal student loan borrowers need to choose a new lender. Additionally, the lenders remaining in FFELP have restructured their borrower benefits (i.e. increased fees and cancelled rebates) and discontinued offering consolidation to their borrowers.
St. Thomas believes it is our responsibility to help our students obtain financial aid and financing that allows them access to a UST education. Given all the circumstances around the instability of the student loan markets we believe that aligning with the Federal Direct Loan Program will enable our students to continue their education without worrying about the source of their federal student loan funds changing.
Please visit our question and answer page to learn more about the Federal Direct Loan Program.
Fall Refund Dates
Refunds from excess financial aid will be directly deposited into checking accounts (if you have elected direct deposit) or mailed to the student’s billing address beginning on the following dates:
Law Students: September 5
Graduate Students in standard programs: September 19
Graduate Students in cohort programs: varies by cohort
For more information regarding how to set up Direct Deposit, visit the Business Office Web site at www.stthomas.edu/businessoffice/forms.
Check the Status of your Financial Aid on MURPHY Online
All UST students can use MURPHY Online (the University's online student information system) to review their financial aid. A UST ID number and PIN are required to access the system.
