Undergraduate Financial Aid

Outside scholarships are also used to meet unmet need or to replace self-help. If your outside scholarship is greater than your unmet need and/or the amount of awarded self-help, the gift aid must be reduced in order to comply with federal and state regulations. If you receive notification of an outside scholarship, please let us know as soon as possible. This will allow us to make adjustments and notify you of those changes.

The Federal Pell Grant is available to undergraduate students with the highest level of need (based on FAFSA data). The amount a student receives is also determined by the expected family contribution and the student’s enrollment status. Effective July 1, 2012, the maximum number of equivalent full-time semesters a student is eligible to receive a Pell Grant will drop from 18 to 12 semesters for all students, including those close to completion.

The Federal Supplemental Educational Opportunity Grant is available to students who qualify for the maximum Pell Grant. Funds are limited and are awarded on a first-come, first-served basis.

To be considered for the Tuition Equalization Grant, students must be Texas residents, demonstrate financial need and be enrolled full time. These funds are awarded on a first-come, first-served basis.

Sponsored by St. Mary’s University, the Financial Aid Grant is available to undergraduate students. These limited funds are awarded on a first-come, first-served basis.

The U.S. Department of Education offers low-interest loans to eligible students to help cover the cost of college. You may be eligible to receive subsidized and unsubsidized loans based on your financial need.

Direct Federal Stafford Loans may be subsidized, which means the government pays the interest while you are in school, or unsubsidized, which means the interest accrues while you are in school. The eligibility of the Direct Federal Stafford Loan is determined by the completion of the Free Application of Federal Student Aid (FAFSA). The interest is a fixed rate of 2.75 percent for loans disbursed on or after July 1, 2020. Students must submit a FAFSA, meet federal eligibility requirements, and enroll at least half-time in a degree-seeking program.

Students who demonstrate financial need are awarded the Direct Subsidized Stafford Loan, while those with less financial need may be eligible for only part of the Subsidized Stafford Loan and may borrow Unsubsidized Stafford Loans up to the academic year limit.

The Federal Parent Loan for Undergraduate Students (PLUS Loan) is available to creditworthy parents who want to borrow a portion or all of the annual cost of education minus other financial assistance offered. Repayment is generally set at small payments on a 10-year plan and begins 60 days after the loan has been fully disbursed to the institution.

This federal loan is offered at a fixed interest rate of 5.30 percent with an interest rate cap 10.50 percent effective for loans first disbursed on or after July 1, 2020. The maximum PLUS loan amount you can borrow is the cost of attendance (determined by the school) minus any other financial assistance received.

College Access Loans (CAL) are available to Texas resident students (or out-of-state students receiving competitive academic scholarships) with creditworthy cosigners. The loan has a $500 annual minimum, but may not be greater than the cost of education less other aid received. Effective April 25, 2017, the interest rate is fixed at 6.6 percent and requires a minimum Experian VantageScore of 350 for credit approval. An origination fee will no longer be accessed for approved bowers. Pre-approvals and promissory notes may be processed online through the Texas Higher Education Coordinating Board.

Alternative loans are private loans available through lending institutions, which offer competitive interest rates, flexible repayment schedules and differing cosigner requirements. Students should pursue all possibilities for scholarships, grants, work-study and federal loan programs before borrowing from an alternative loan program. Most financial institutions have alternative loan programs.

Find loans with ELMSelect.

The following charts show the annual and aggregate limits for subsidized and unsubsidized loans.

Annual loan limits

*Dependent students whose parents are unable to obtain a PLUS loan fall into the independent loan limits.

Aggregate loan limits

The graduate aggregate limit includes all federal loans received for undergraduate study.

If you are a first-time borrower on or after July 1, 2013, there is a limit on the maximum period of time (measured in academic years) that you can receive Direct Subsidized Loans. This time limit does not apply to Direct Unsubsidized Loans or Direct PLUS Loans. If this limit applies to you, you may not receive Direct Subsidized Loans for more than 150 percent of the published length of your program. This is called your “maximum eligibility period.” Your maximum eligibility period is based on the published length of your current program. You can usually find the published length of any program of study in the school’s catalog.

For example, if you are enrolled in a four-year bachelor’s degree program, the maximum period for which you can receive Direct Subsidized Loans is six years (150 percent of 4 years = 6 years). If you are enrolled in a two-year associate degree program, the maximum period for which you can receive Direct Subsidized Loans is three years (150 percent of 2 years = 3 years).

Because your maximum eligibility period is based on the length of your current program of study, your maximum eligibility period can change if you change to a program that has a different length. Also, if you receive Direct Subsidized Loans for one program and then change to another program, the Direct Subsidized Loans you received for the earlier program will generally count toward your new maximum eligibility period.

Certain types of enrollment may cause you to become responsible for the interest that accrues on your Direct Subsidized Loans when the U.S. Department of Education usually would have paid it. These enrollment patterns are described below.

If entering the Armed Forces, Peace Corps, VISTA or other volunteer public service work, your loan servicer may grant you a forbearance. With forbearance, you may be able to stop making payments or reduce your monthly payment for up to 12 months. Interest will continue to accrue on your subsidized and unsubsidized loans (including all PLUS loans).

The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s (ED’s) central database for student aid. NSLDS receives data from schools, guaranty agencies, the Direct Loan program, and other Department of ED programs. NSLDS Student Access provides a centralized, integrated view of Title IV loans and grants so that recipients of Title IV Aid can access and inquire about their Title IV loans and/or grant data. All loan information will be submitted to NSLDS and accessible by authorized agencies, lenders, and institutions.

Getting started with work study is easy! Below are the steps you must take:

Accept your Work-Study on Gateway.
Financial Assistance Office will email the ApplicantPro work-study job vacancy listing to eligible students.
Submit the I-9, W-4 and Policy Acknowledgement forms to St. Mary’s Office of Human Resources.