Financial Aid

Federal Unsubsidized Stafford Loan

Eligibility Requirements:

• Submit a FAFSA
• Enroll as degree-seeking students
• U.S. Citizen or permanent resident
• Entrance Interview

Students do not need to demonstrate financial need.

Enrollment Requirements: You must enroll for at least 6 credits for each semester that you want to receive the loan.

Processing Fees: The Lender and/or Guarantor may charge the borrower a origination and guarantee fee. The fee will  will be deducted from each semester disbursement.

Interest Rate: Interest accrues while the student is enrolled in school and during the repayment period. The variable interest rate for each 12 month period will adjust on July 1st each year.

Repayment Terms: Loan repayment begins 6 months after student ceases to be enrolled at least half-time. The Standard Repayment Period is 10 years.

Entrance Interview: Entrance loan-counseling sessions may be completed via the Web at www.mappingyourfuture.org. Locate "student loan borrowers" then click on "Complete Online Student Loan Counseling" on left side of page, choose the state of Maryland, and select St. Mary's College of Maryland.

Forms:
New Student Authorization Form
Returning Student Authorization Form
Master Promissory Note

Borrowing Limits:

Annual Borrowing Limits for Dependent Undergraduate Students:

Grade Level	Combined Subsidized & Unsubsidized Maximum
Freshman	$5,500
Sophomore	$6,500
Junior	$7,500
Senior	$7,500

Annual Borrowing Limits for Independent Students:

Grade Level	Subsidized Maximum	Combined Subsidized & Unsubsidized Maximum
Freshman	$3,500	$9,500
Sophomore	$4,500	$10,500
Junior	$5,500	$12,500
Senior	$5,500	$12,500
Graduate	$8,500	$20,500

Aggregate (Lifetime) Borrowing Limits:

Student Type	Subsidized Maximum	Combined Subsidized & Unsubsidized Maximu
Dependent Undergraduates	$23,000	$31,000
Independent Undergraduates	$23,000	$57,500
Graduate Students*	$65,500	$138,500

*Aggregate limits for graduate students include loans borrowed as an undergraduate student.