Federal Loans

At Saint Francis, we’re here to help you access the federal loans you need to support your education journey. These government-backed loans, managed by the U.S. Department of Education, offer low interest rates and flexible terms to make your life easier. Let’s break down your options:

Direct Stafford Subsidized Loans

• Based on your financial need, these loans are tailored to your family’s income.
• While you’re in school, the government covers the interest on your loan.

Direct Stafford Unsubsidized Loans

• Not bound by financial need, these loans are available to all students.
• You can choose to pay the interest while you’re in school or add it to the total amount when it’s time to repay.

Parent PLUS Loans

• Designed to assist parents in supporting dependent students.
• Eligibility depends on credit history, not financial need.
• Repayment starts 30-60 days after disbursement, and you can request deferment while your student is in school.

Grad PLUS Loans

• Tailored for graduate students enrolled at least half-time.
• Borrow up to the cost of your education after considering other financial aid.
• Repayment is deferred while you’re enrolled at least half-time, with interest accruing after full disbursement.
• Before applying, complete a FAFSA and apply for the maximum annual loan eligibility through the Federal Unsubsidized Direct Loan Program.

Remember, your eligibility is determined through the Free Application for Federal Student Aid (FAFSA), which you’ll need to submit annually.

Loan	Loans disbursed July 1, 2024 – June 30, 2025	Loans disbursed July 1, 2023 – June 30, 2024
Direct Stafford Subsidized Loan (Undergraduate Students)	6.53%	5.5%
Direct Stafford Unsubsidized Loan (Undergraduate Students)	6.53%	5.5%
Direct Loan – Unsubsidized (Graduate Students/Professional)	8.08%	7.05%
Direct Parent PLUS Loan	9.08%	8.05%
Direct Graduate/Professional PLUS Loan	9.08%	8.05%

Private Loan Options

At Saint Francis, we recommend exploring federal loan options first, as they often offer better terms and protections. However, we understand that sometimes you might need a little extra financial support. Here’s what you need to know about private loans.

Choosing a Private Lender

When it comes to selecting a private loan lender, it’s crucial to carefully review the interest rates and terms associated with the loan. Approval for the loan will depend on your or your co-borrower’s creditworthiness, and the loan amount is determined by subtracting your financial aid from the total cost of education.

Key Points to Keep in Mind

• You can apply for the loan on your own if you have good credit. Otherwise, you’ll need a creditworthy co-signer.
• You can borrow up to the total cost of attendance, minus other aid received.
• Interest rates can be fixed (set for the duration of the loan) or variable (fluctuate with the market), depending on your credit rating.
• Always make sure you understand the interest rate and any associated fees before accepting the loan.
• While you’re enrolled at least half-time, your payments are deferred, but interest does accrue. We strongly encourage you to make interest payments while in school.

Your Rights as a Borrower

According to the Truth in Lending Act, private lenders must provide you with certain information, including:

• Application and Solicitation Disclosure – This includes details about your starting interest rate and the interest rate throughout the life of the loan, provided when you start your application.
• Borrower Self-Certification Form – Your lender will ask you to complete and sign this form before they can disburse funds.
• Loan Approved Disclosure – This document outlines the loan’s terms and is sent after your credit approval. You must accept the loan terms within 30 days for your application to proceed.
• Final Disclosure – This is sent after you’ve accepted the loan terms and Saint Francis has certified the loan amount, typically before disbursement.

Get Started by Comparing Your Options

We want to make your journey as smooth as possible. To help you, we offer tools that allow you to compare loan rates and options easily:

• INvestED Marketplace
• ELM Select

Forgivable Loan Options

The Questa Education Foundation offers a unique, low-interest, forgivable loan program to help you graduate with less debt and become a valuable member of the Northern Indiana workforce.

Questa – Traditional Scholars Program

Are you a recent high school graduate or a college freshman from Northeast Indiana? The Questa Traditional Scholars Program is designed to assist families facing a financial gap between the cost of attending college and their financial responsibilities. You could receive $5,000 per year, up to $20,000 for a four-year degree, or $10,000 for a certificate or associate’s degree. The application period is from December 1 to March 15.

To Qualify, You Need To:

• Be a recent high school graduate from Northeast Indiana (Counties include Adams, Allen, DeKalb, Huntington, LaGrange, Kosciusko, Noble, Steuben, Wabash, Wells, and Whitley Counties*)
• Maintain a minimum GPA of 2.5 for community college or a cumulative GPA of 2.75 for a four-year degree.
• Complete the Free Application for Federal Student Aid (FAFSA).
• Be accepted by and plan to attend the University of Saint Francis in Fort Wayne, Indiana.
• Enroll as a full-time student (12 credit hours or more) per semester. *Funding may vary depending on your county.

Questa – Contemporary Scholars Program

The Questa Contemporary Scholars Program bridges the financial gap between college costs and other available resources, ensuring you can access education and graduate with less debt. This program is open to college students starting at any time, returning students completing their education, and adult learners. You could receive up to $5,000 per year, depending on your educational plan and enrolled credit hours.

To Qualify, You Need To:

• Be a resident of Northeast Indiana (Counties include Adams, Allen, DeKalb, Huntington, LaGrange, Kosciusko, Noble, Steuben, Wabash, Wells, and Whitley Counties).
• Attend the University of Saint Francis in Fort Wayne, Indiana.
• Enroll either part-time (6+ credit hours) or full-time (12+ credit hours).
• Maintain a minimum cumulative GPA of 2.5 or provide a strong recommendation from an employer.