Saint Paul College Loans

Loans are financial aid that must be paid back. The student must complete on-line Entry Loan Counseling and be registered for 6 credits. Need based and non-need based Saint Paul College loans are available.

Federal Direct Loan

Whether or not students qualify for a grant, they can get help to meet their educational expenses by borrowing money from the Direct Student Loan Program or one of several other available Saint Paul College loan programs. Depending on their eligibility, first year students may borrow up to $5,500 per academic year. Upon completion of 30 credits toward program requirements students reach sophomore status and eligibility increases to $6500 per academic year. Students will find out what their loan eligibility is from the Award Letter.

Subsidized Loans are need-based loans. The government pays the interest during the school enrollment and the grace period.

Unsubsidized Loans are not need-based loans. The student is responsible for the interest during enrollment although the payments are not required until after the grace period.

PLUS Loans (Federal Parent Loans for Undergraduate Students)

Parents of dependent students who want to assist in paying for college may apply for a PLUS Loan through the federal government. Parents may borrow up to the student’s cost of attendance minus other aid provided the student is enrolled in at least 6 credits. PLUS loans require a credit check. Repayment begins within 60 days of loan disbursement.

Begin the Parent PLUS Loan Pre-Approval process and Loan Processing

Entrance Loan Counseling Requirement

Students who are applying for loans must complete Entrance Loan Counseling prior to receiving their first loan. Saint Paul College requires this even if you have completed it through another institution. It is a guide to help students understand federal student loans, including repayment obligations, interest, enrollment requirements, accessing records, and who to contact with questions.

Begin your Entrance Loan Counseling

Exit Loan Counseling Requirement

Students applying for graduation, withdrawing, or who cease enrollment at Saint Paul College and have received a Federal Student Loan during their enrollment are required to complete Exit Loan Counseling. It is an online guide to help students understand what is expected during the grace period and repayment period of federal loans. This is a requirement only for students who are ending enrollment at Saint Paul College.

Begin your Exit Loan Counseling

Federal Loan Reporting Information

If you receive a Federal Direct loan, the information is sent to your loan servicer and the National Student Loan Data System (NSLDS) . If you have questions about your loans when you enter repayment, we encourage you to contact your servicer or find information about your servicer on the NSLDS website, http://studentaid.gov/. You are responsible for repaying student loans that you receive at Saint Paul College. Other state agencies, federal agencies, colleges, and credit companies will have access to information about the loans you agree to repay. It is in your best interest to have regular communication with your loan servicer as failure to repay can have consequences.

Pay As You Earn Repayment Plan
If your student loan debt is high relative to your income, you may qualify for the Pay As You Earn Repayment Plan. Most Direct Loans—except for Direct PLUS Loans for parents and Direct Consolidation Loans that repaid PLUS loans for parents—are eligible for Pay As You Earn. To qualify for Pay As You Earn, you must have a partial financial hardship. Go to the Federal Student Aid website for more information on Pay As You Earn Repayment Plan.

Veterans Benefits and Cost of Attendance

Saint Paul College does not include veterans, ROTC, and other military benefits as resources when determining need for the student’s cost of attendance. This is most common when determining a student’s eligibility for student loans or work study.

Code of Conduct Policy for Saint Paul College Staff

The following Code of Conduct is in response to the Higher Education Opportunity Act signed into law on August 14, 2008. It is applicable to all Saint Paul College staff with responsibilities related to Federal Title IV student loans and prohibits a conflict of interest. Where applicable, this code is superseded by Minnesota State Colleges and Universities Employee Code of Conduct, if more restrictive.

Code of Conduct (PDF)

Private Loans

You are strongly encouraged to pursue the availability of free or lower-cost financial aid with the College’s financial aid office. Free or lower-cost Title IV federal, state, or school student financial aid may be available in place of, or in addition to, a private education loan. To apply for Title IV federal grants, loans and work-study, submit a Free Application for Federal Student Aid (FAFSA) available at http://studentaid.gov/h/apply-for-aid/fafsa, or by calling 1.800.4.FED.AID, or in the Financial Aid Office.

• A private education loan may reduce eligibility for free or lower-cost federal, state, or school student financial aid.
• You are required to complete the Private Loan Form and provide it to your lender if you choose to apply for a private loan.
• The financial information required to complete this form can be obtained from the school’s financial aid office. If the lender has provided this information, you should contact your school’s financial aid office to verify this information and to discuss your financing options.
  
• The FastChoice tool is available to compare private loan lenders that Saint Paul College students have used in previous semesters.
  

Go to Private Loan Form (PDF)