Applying for Financial Assistance

A graduate student may be eligible to borrow funds from the Federal Stafford Loan Program. To be considered, a student must be enrolled at least half-time (3 hours minimum in an 8-week course), must be enrolled in a degree-granting program, and must be a U.S. citizen or eligible non-citizen.  To apply, a student must complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov.  In order for St. Mary's University to receive the information from the federal processor, the student must specify our Federal School Code 003623.

The federal processor randomly selects application for verification.  If selected, additional paperwork will be required.  The Office of Financial Assistance at St. Mary's University will notify the student of the necessary information needed.

IMPORTANT NOTE:  Typically, a graduate student is eligible to borrow the maximum $18,500 annually for the Federal Stafford Loan Program.  For students enrolled in the Distance Learning Program, the maximum allowed will be limited to tution, fees, and books.

The Federal Stafford Loan Program

Stafford Loans are either subsidized or unsubsidized.  You can receive a subsidized loan and an unsubsidized loan for the same enrollment period.  The interest rate is variable and is adjusted every July 1, but will not exceed 8.25%.

A subsidized loan is awarded on the basis of financial need.  A student will not be charged any interest while enrolled in school.  The federal government "subsidizes" the interest during this period.

An unsubsidized loan is not awarded on the basis of need.  A student is charged interest from the time the loan is disbursed until it is paid in full.  If a student allows the interest to accumulate while enrolled in school, it will be capitalized -- that is, the interest will be added to the principal amount of your loan and additioanal interest will be based upon the higher amount.

Payment of the Federal Stafford Loan Program typically begins six months after a student graduates or leaves school.  The student is given up to ten years to complete repayment.  The amount of payment will depend upon the total amount borrowed and the borrower's ability to pay.

All first-time borrowers under the Federal Stafford Loan Program are required to complete a Master Promissory Note (MPN) and are required to comlete online entrance counseling at www.stmarytx.edu/finaid.  The Office of Financial Assistance will  provide more information once the FAFSA information is received from the processor.

Payment Information

Payment is due in full at the time of registration and no later than 7 days prior to the start of classes.  Tuition and fees can be paid by VISA, MasterCard or Discover credit cards.

Active-duty Army, Air Force, Navy, and Marine personnel and/or DOD personnel that qualify for military and/or civilian tuition assistance may submit a completed/approved tuition assistance form and pay only costs not covered by military/DOD tuition assistance.  Submit such military tuition assistance forms by email to kworthington@stmarytx.edu or by faxing to 210-436-3215, ATTN:  Kathleen Worthington.

Students may be eligible for financial assistance.  St. Mary's University must be able to confirm the amount of aid eligibility and that all paperwork is completed by the payment deadline date in order to consider financial aid for all or part of payment due.  Any balances owed as a result of changes in eligibility must be paid immediately to avoid being dropped for non-payment.  If payment is made and student later receives financial aid, the credit card account used for payment will be credited once the financial aid funds are received by St. Mary's University.

For additional information concerning payment deadlines, tuition and fee schedule, employer-tuition reimbursement, and applicable forms, go to the Business Office webpage at www.stmarytx.edu/businessoffice.