The University of St. Thomas Financial Aid Office staff is available to assist you in understanding the educational financing options available to you. To that end, we have historically offered guidance to students and their parents concerning student loan options. The Financial Aid staff adheres to the University of St. Thomas Code of Conduct.
Student loans are low cost ways to finance your educational expenses. They generally have lower-than-market rates of interest and fees and often have the option to defer payment until after you have completed your program.
If you are unable to pay for all of your costs of education out of your resources or a combination of your resources and the scholarships or other grants you are offered, you may want to consider borrowing a student loan.
There are two main types of loan programs from which students can borrow:
Attention Parent Borrowers: If you have recently frozen your credit report at Equifax, Transunion or Experian you may need to unfreeze your information before applying for a Direct PLUS Loan for Parents. A credit check is a required part of the Direct PLUS Loan Request or the Endorser Addendum process. As such, a borrower or endorser must remove any active credit freeze before starting the PLUS application or Endorser Addendum. Unfortunately, Federal Student Aid and the University of St. Thomas cannot unfreeze a credit report for the applicant.
Please note that Federal Student Aid uses credit reports from two of the three main credit bureaus (currently Equifax and TransUnion). If your credit report is frozen at only one credit bureau, it is possible a credit determination could be made using the secondary credit bureau.