Skip Navigation
 
 

Student Loans


The University participates in the William D. Ford Federal Direct Loan program, in which borrowers obtain loan funds directly from the U.S. Department of Education.

Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. Students will have online access to their Direct Loan account information via their loan servicer's website and can choose from several repayment plans designed to meet their needs.

Loan Types & Applying

For instructions on how to begin a loan application process, select the appropriate link below.

Direct Student Loans
Parent (PLUS) Loan
Perkins Loan
Alternative Student Loans
Student Loan Code of Conduct


Direct Student Loans

Federal Direct Student loans are fixed-rate guaranteed student loans for undergraduate and graduate students attending college at least half-time (six credits). All borrowers will be charged a combination origination/guarantee fee of 1.073% of the loan amount, which is deducted from each loan disbursement.

First time borrowers must complete 3 necessary steps to apply for your Direct Loan. Students will need their FSA ID to sign the MPN.

Application Instructions

1. Complete the e-MPN at www.studentloans.gov.

  • Sign in using your FSA ID.

  • Click on the link for Complete Master Promissory Note

  • Follow instructions, filling in each section.

  • If you encounter any technical problems, call 1-800-557-7394

2. Complete entrance counseling at www.studentloans.gov

  • Click on the link for Entrance Counseling.

  • Follow instructions. Approximate time to complete is 30 minutes.

3. Submit the MSMU Direct Loan Certification Form to the Mount’s Financial Aid Office.

  • Obtain a copy of the Certification Form from the MSMU Financial Aid Office or download the Certification Form on the financial aid website

  • Refer to your financial aid award letter to determine the maximum amount you are eligible to request (both subsidized and unsubsidized).

  • Complete the form. Fill in the total amount (subsidized and unsubsidized, if appropriate) you wish to borrow in the box in middle of the page.

  • Mail or fax (301) 447-5915 the Form to the MSMU Financial Aid Office.

Back to the Top


Federal Direct PLUS Loans

Federal Direct PLUS loans are federal education loans available for the parents of dependent students or graduate students. To be eligible, both the student and the parent applicant must meet specific federal eligibility requirements outlined on the U.S. Department of Education Federal Student Aid website.

PLUS Loan interest rates are fixed and borrowers will be charged a combination origination/guarantee fee of 4.292% of the loan amount, which is deducted from each loan disbursement. First time PLUS loan borrowers must complete a Master Promissory Note for the loan. This promissory note will be used for the life of the loan, but may have some cancellation provisions.

Recommended Deadline
For the PLUS Loan to appear on your July 1 billing statement, the above steps should be completed by July 6.

Application Instructions

1. Go to www.studentloans.gov

  • Sign in using your FSA ID.

  • Click on the link for "Request a Direct PLUS Loan" then select Parent PLUS (for parents of undergraduate students) or Graduate PLUS Loan

  • Enter personal information, including the student information and the loan amount requested

  • Consent to credit check

2. If approved, complete the electronic Master Promissory Note (e-MPN) if you are a first time PLUS Loan borrower.
3. If credit is not approved, follow instructions provided.
4. If you encounter any technical problems, call 1-800-557-7394

Back to the Top


Perkins Loan

The Federal Perkins Loan Program provides low interest loans to help needy students finance the costs of post-secondary education. Students who receive a Perkins Loan as part of their financial aid package will be called into the financial aid office in September to sign the necessary paperwork. No additional forms are required.

Back to the Top


Alternative Student Loans

Alternative loans, also known as private student loans, are used by Mount students to supplement family resources available for educational expenses. These loans are typically funded by banks or other institutions and are not federally funded. Although they are loans meant for students, a credit worthy cosigner or co-borrower is usually necessary for dependent undergraduate students.

** Note: We strongly encourage students to research and understand their financial obligations before borrowing any loans. Interest rates, loan fees, and repayment provisions vary from lender to lender. Some lenders require students to begin paying the interest on the loan while in school and others offer interest rate reductions for on-time payments and having automatic payments made from your bank account.

Recommended Deadline
For the Alternative Loan to appear on your July billing statement, the above steps should be completed by July 6.

Application Instructions

  1. Go to www.elmselect.com and type Mount St. Mary's University to take the time to choose a product that might fit your needs.

  2. If you do not have Internet access please contact the Financial Aid Office for assistance.

Back to the Top


Student Loan Code of Conduct

Mount St. Mary’s University is committed to providing students and their families with the best information and processing alternatives available regarding student borrowing. In support of this and in an effort to rule out any perceived or actual conflict of interest between Mount St. Mary’s University officers, employers or agents and education loan lenders, Mount St. Mary’s University has adopted the following code of conduct:

  • Mount St. Mary’s University does not participate in any revenue-sharing arrangements with any lender.

  • Mount St. Mary’s University does not permit any officer, employee or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept any gifts of greater than a nominal value from any lender, guarantor, or servicer.

  • Mount St. Mary’s University does not permit any officer, employee or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept any fee, payment, or other financial benefit (including a stock purchase option) from a lender or affiliate of a lender as compensation for any type of consulting arrangement or contract to provide services to a lender or on behalf of a lender relating education loans.

  • Mount St. Mary’s University does not permit any officer, employee or agent of the school who is employed in the financial aid office or is otherwise involved in the administration of education loans to accept anything of value from a lender, guarantor, or group of lenders and/or guarantors in exchange for service on an advisory board, commission or other group established by such a lender, guarantor group of lenders and/or guarantors. Mount St. Mary’s University does allow for the reasonable reimbursement of expenses associated with participation in such boards, commissions or groups by lenders, guarantors, or groups of lenders and/or guarantors.

  • Mount St. Mary’s University does not assign a lender to any first-time borrower through financial aid packaging or any other means.

  • Mount St. Mary’s University recognizes that a borrower has the right to choose any lender from which to borrow to finance his/her education. Mount St. Mary’s University will not refuse to certify or otherwise deny or delay certification of a loan based on the borrower's selection of a lender and/or guarantor.

  • Mount St. Mary’s University will not request or accept any offer of funds to be used for private education loans to students from any lender in exchange for providing the lender with a specified number or volume of Title IV loans, or a preferred lender arrangement for Title IV loans.

  • Mount St. Mary’s University will not request or accept any assistance with call center or financial aid office staffing.

Back to the Top

 
16300 Old Emmitsburg Road | Emmitsburg, MD 21727
Map & Directions | admissions@msmary.edu | 301-447-6122
Frederick Campus | 5350 Spectrum Drive | Frederick, MD 21703
Map & Directions | inquiry@msmary.edu | 301-682-8315