The Financial Aid Office recommends that students seeking a degree first apply for financial aid by filing the Free Application for Federal Student Aid (FAFSA). Filing the FAFSA will automatically allow students to be considered for federal student loans. We suggest that students utilize all of their federal loan options before pursuing a private educational loan. **NOTE: Students seeking a certificate at St. Thomas are not eligible for federal student loans and therefore the FAFSA is not required.
Private Educational Loans are commercial loans made by banks or other lenders to students. These loans are designed for students and offer rates and fees similar to secured loans such as a car loan or home mortgage, but are generally variable interest rate loans. Private Educational Loans are based on a student's overall credit profile. Your history of repayment on prior credit obligations and your current use of credit determine your eligibility and the terms offered to you under these programs. A co-signer may be required.
Federal Regulations require that lenders provide multiple loan disclosures to borrowers, a self certification form as well as additional time for borrowers to decline the loan once it has been approved. These regulations add significant time to loan processing and fund disbursement so it will be necessary to allow plenty of time when considering private loan options.
The links above provide information for lenders that we have determined provide competitive interest rates, loan programs specifically designed for graduate and law students as well as loan programs available to U.S. Citizens and international students. The lenders noted therein are not specifically endorsed by UST. Furthermore, UST does not and cannot guarantee the lenders noted will provide the best borrower benefits to you. Remember, UST will process a private loan from any lender you choose. It is your responsibility to research the options available to you.
The UST Graduate Financial Aid Office is available to assist you in understanding the educational financing options available to you. The UST Graduate Financial Aid Office adheres to a University of St. Thomas code of conduct.