The University does not offer loans directly, but we participate in the William D. Ford Federal Direct Loan program, in which borrowers obtain loan funds directly from the U.S. Department of Education. We work to help families understand the options available and to find alternative resources if needed.
Federal Direct Student loans are fixed-rate guaranteed student loans for undergraduate and graduate students attending college at least half-time. All borrowers will be charged an origination fee on the loan amount, which is deducted from each loan disbursement. All students must complete a FAFSA, and all first-time borrowers must complete three necessary steps to apply for your Direct Loan. For more information on federal direct student loans, click here.
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 an origination fee on the loan amount, which is deducted from each loan disbursement. All students must complete a FAFSA and 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. For more information of Direct Plus Loans, click here.
Please note, if you encounter any technical problems you may call 1-800-557-7394.
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 creditworthy 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.
For the Alternative Loan to appear on your July 17 billing statement, the above steps should be completed by July 6.
Visit the website for ELM Select and to take the time to review all of the lenders and options.
Follow the instructions provided.
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 Student Loan Code of Conduct.