Private educational loans
Private educational loans are available to students who need
additional financial assistance beyond aid that is offered
through the federal student aid program. These loans allow
students to borrow up to their total cost of education less any
financial aid they have been awarded.
We encourage student to exhaust all of the federal direct
student loan options before pursuing private loans because they
tend to offer better loan terms, more repayment options, and, in
some cases, loan forgiveness.
Credit balances on the student's account for those who apply
for loan amounts in excess of the total amount due to Saint
Martin's University will be refunded to the student.
Private educational loans are credit based; their
terms and conditions vary between lenders. Interest
rates are variable and the interest will accrue on the
loan while the student is enrolled in school. Generally,
repayment of the loan can be deferred until the student
leaves school or drops below half-time enrollment.
We recommend that students begin to apply
approximately a month and a half before the start of the
term to ensure the loan funds can be applied to the
student's account by the tuition payment deadline.
Private educational loans can only be certified for
an amount that does not exceed the student's total cost
of attendance (Total cost of: tuition, fees, room &
board, books, travel, and miscellaneous).
We encourage students to contact the Student
Financial Services Center if they are unsure of how much
they are eligible to borrow.
Applying for a private educational loan
To apply for a private loan, your first step is to identify
the lender you would like to apply for a loan through. Saint
Martin's University does not have a preferred lender list, but
we do offer a historical lenders list of frequently used lenders
in the past.
For help identifying a private lender, students can go to:
The FASTChoice site provides students with a resource to
compare interest rates, fees, and other loan incentives between
lenders. Please note: Student Financial Services will certify a
private educational loan from any lender, regardless if their
lender is featured on the FASTChoice site.