Graduate Students

Loans are funds that students and/or parents borrow and must repay. Most loans are repaid after completion of studies, but some loans require repayment to begin shortly after the loan funds have been sent to the College.

Federal Direct Stafford Loans

Federal Direct loans are the most common loans for graduate students. Federal Direct loans must be repaid with interest. Stafford Loans are Federal Loans available to students as a result of completing the FAFSA.

Unsubsidized Loan: The student is responsible for paying all the interest on the loan, during and after college.

• Graduate Loan Amount: $20,500 per year annual limit.
• Total aggregate limit (including any undergraduate borrowing) of $138,500.
• The maximum amount may be limited by the actual cost of attendance.
• Eligibility: Minimum half-time enrollment; not based on financial need.
• Requirements: FAFSA, Master Promissory Note, Entrance Counseling, and Exit Counseling.
• Interest: The interest rate is variable and adjusted each year on July 1, but cannot exceed 8.25%. 
• Repayment: Borrower pays all interest, which begins accruing upon first disbursement, but you can defer interest payments while you are in school. If you do, the accumulated interest will be added to the loan principal when repayment starts.
• The interest rate for 2023-24 is fixed at 7.05%.
• An origination fee is deducted from each disbursement, so the money disbursed is less that the amount borrowed. The borrower is responsible for paying the total amount borrowed. The fee for 2023-24 is 1.057%.
• Repayment starts 6 months after the student graduates, leaves school, or drops below half-time enrollment status.

Federal Direct Graduate PLUS Loan

The Graduate PLUS loan is a Federal loan to help fill the gap between the total cost of attendance and the combined amount of all other scholarships, grants, federal, and institutional aid.

• Borrowers must meet credit requirements for this loan*.
• The maximum amount is limited by the actual cost of attendance minus the combined amount of all other scholarships, grants, federal, and institutional aid.
• There is no aggregate maximum on this loan.
• Interest accrues while the student is in school and during grace periods and eligible deferment periods.
• The interest rate for 2023-24 is 8.05%.
• An origination fee is deducted from each disbursement, so the money disbursed is less that the amount borrowed. The borrower is responsible for paying the total amount borrowed. The fee for 2023-24 is 4.228%
• Repayment starts 6 months after the student graduates, leaves school, or drops below half-time status.

*Credit approval is based on federally mandated criteria, not a credit score. In order to qualify students must not have any of the following items on your credit report:

• Any current delinquency of 90 days or more
• Any of the following within the preceding 5 years of the date of the credit check: default, bankruptcy, discharge, foreclosure, repossession, tax lien, wage garnishment, write-off of a Title IV debt, open collection.
• Students who do not qualify for the loan based on credit may choose to document extenuating circumstances or obtain an endorser. Additional counseling is also required.

For more information on interest rates, please visit the Federal Student Aid website.

Steps to Receive Federal Loans

Step 1: Accept/Decline loans: Once students have received an aid offer, students can accept/decline/reduce their student loans via myMSMU. Students should accept the Unsubsidized Direct Loan before accepting any Graduate PLUS loan, as that loan has more favorable terms.  Students wishing to accept an amount that is lower than the amount offered, should first click “Accept” and then "Reduce" and then enter the amount wanted. All loans will be split evenly over the standard terms in the student’s academic year.

Step 2: Complete Loan Master Promissory Notes: The Master Promissory Note (Loan Agreement) is completed online.  A separate MPN must be completed for each loan a student will be borrowing.  For the Unsubsidized Stafford loan choose Subsidized/Unsubsidized and for the Grad PLUS choose Graduate PLUS.

Step 3: Complete Loan Entrance Counseling: Students who have not yet borrowed any Federal Loans for their graduate program at Mount Saint Mary's University must complete the Graduate Loan Entrance Counseling online. Federal Loan Entrance Counseling is a process set up to educate new students about loans and the Federal Direct Loans program. It consists of a short tutorial on the rights and responsibilities of a borrower followed by a brief multiple choice quiz. The process takes approximately 20-25 minutes.

Alternative loans are private loans to supplement educational financing. 

• Eligibility: Most alternative loans require a credit-worthy applicant and/or co-signer. This includes a good credit history and a satisfactory income-to-debt ratio.
• Requirement: Alternative Loan Application. Please submit applications to the Office of Student Financing.
• Interest: Most loans have variable interest rates. Interest rates may be determined by the applicant and/or co-signers credit history.
• Fees: Most alternative loans have fees that are added to the loan amount requested.
• Repayment: Repayment begins 6 months after the student graduates, withdraws or drops below half-time from school.

Note: The terms of these loans differ from lenders, and the student should compare the information to determine which loan best suits their needs. If an undergraduate borrows loans, a co-signer may be required. If the student applies for an alternative loan, a revised award letter will be sent to the student as notification that the loan application has been sent to the lender. However, this does not implicate the loan has been guaranteed. The lender will notify the student directly.

In addition to federal financial aid, Mount Saint Mary’s offers institutional scholarships designed to help students pay for their education. There is no separate application required. All applicants are automatically considered for institutional scholarships.
 
We invite you to learn more about scholarships available for graduate students.

In addition to institutional scholarships and federal loans, we encourage you to research outside scholarships online. Many community organizations, business and foundations provide scholarships for graduate students based on their program of study, their professional experience, academic and research interest, and/or student-club involvement.
 
You can start your search by browsing some outside scholarship resources we have compiled for you. 

Research Assistants (RAs) assist professors and students with research and research-related activities. These positions not only provide students with a stipend to help finance their education but it also provides them with invaluable experience. RA positions can be awarded to both current students and new students as part of the admission process. New applicants are automatically considered for an RA position based on merit and experience. Contact the Graduate Admission Office for more information.

Teaching Assistants (TAs) perform various leadership, organizational and classroom management tasks to support both professors and current students. TAs enhance the learning experience of MSMU students by complementing the activities of the course instructor. TA positions can be awarded to both current students and new students as part of the admission process. New applicants are automatically considered for a TA position based on merit and experience. Contact the Graduate Admission Office for more information.