Federal Direct Student Loans

These loans are for undergraduate and graduate students, as well as professional degree students. You must be enrolled as at least a half-time student to be eligible for them. There are two types of loans, subsidized and unsubsidized.

• Subsidized Loans
  • You must have financial need to receive a subsidized loan.
  • The U.S. Department of Education will pay the interest on subsidized loans while you are enrolled as a half-time student and during certain other periods.
  • The lender is the U.S. Department of Education.
   
  
• Unsubsidized Loans
  • Financial need is not a requirement to obtain a unsubsidized loan.
  • You will be required to pay interest on these loans from the time of disbursement.
  • The lender is the U.S. Department of Education.

• These loans are awarded to undergraduate and graduate students who demonstrate financial need.
• The lender is the University of Mary.

Federal Nursing Loans

• These loans are awarded to students who have declared nursing as their major and are generally awarded to junior and senior nursing students first.
• These loans are awarded to undergraduate and graduate students who demonstrate financial need.
• The lender is the University of Mary.

• These are loans that parents can obtain to help pay the cost of education for their dependent undergraduate student.
• Students must be enrolled at least half-time for the parents to qualify for this loan.
• The parents must qualify for the loan and will begin repayment immediately upon disbursement.
• The lender is the U.S. Department of Education.

• Graduate or professional degree students may apply for these loans when all other student loan eligibility has been exhausted.
• The student must be enrolled at least as a half-time student and repayment will begin upon disbursement.
• The student must qualify for this type of loan.
• The lender is the U.S. Department of Education

Alternative education loans are private student loans that help supplement federal financing. These alternative borrowing sources should be a last resort for students. These are private loans that students must apply for and qualify for based on the lender's requirements. Since these are private loans, they have different terms, conditions, repayment options and fees than federal loans do. Alternative education loans cannot be consolidated with federal loans. Federal funding sources should be pursued first by completing the FAFSA application.

Click here to compare alternative education loans:

Consider the following when selecting a private alternative loan lender:

Value and Benefits

• What fees does the lender charge?
• Does the lender offer competitive rates and pricing?
• Does the lender offer interest rate reductions and rebates?
• How easy is it for you to earn and keep rate reductions and rebates?

Customer Service

• Does the lender recommend that students maximize their use of free aid and federal loans prior to considering a private loan?
• Can you apply online and do you have 24/7 access?

Repayment Options

• When will you have to start repaying your loan?
• Does the lender offer a variety of repayment options & solutions?
• Does the lender educate borrowers about effective debt management?

Experience and Longevity

• Is the lender a steady and responsible lender with a track record that demonstrates its commitment to students?

Loan Entrance Counseling

Before we can apply for your Federal Direct Student Loan (subsidized or unsubsidized), Federal Perkins Loan or Federal Nursing Loan, regulations require that you complete an entrance counseling session. The counseling session provides information about how to manage your student loans, both during and after college. Even if you have completed loan entrance counseling at another institution, this step is required as a first time borrower at the University of Mary.

You may need to complete more than one session depending on the type of loan you are awarded.

• Subsidized and Unsubsidized Loans: Complete loan counseling at http:/www.studentloans.gov.
• Graduate PLUS Loans: Complete loan counseling at http:/www.studentloans.gov.
• Perkins/Nursing Loans: Complete loan counseling at http:/www.MappingYourFuture.org.

Master Promissory Notes (MPN)

A promissory note is a binding legal document you sign when you get a student loan. It lists the conditions under which you're borrowing and the terms under which you agree to pay back the loan. You will complete your Direct Loan Master Promissory Note at http:/www.studentloans.gov.

If you were awarded a Federal Perkins Loan or a Federal Nursing Loan, the promissory note will be mailed from the University of Mary. Funds cannot be released to your University of Mary student account to pay your tuition and fees until you complete a promissory note.

Learn more about your financial aid options at http://www.finaid.org.

Federal Pell Grant

• Pell grants are generally awarded only to undergraduate students who have not earned a prior bachelor's degree.
• Amounts can vary yearly based on need and whether you're a full-time or part-time student.

• These grants are awarded to undergraduate students who qualify for Pell Grants.
• Eligibility for this grant depends on need and on the amount of other student aid you qualify for.
• Limited FSEOG funds are available to the University of Mary each year, so not everyone who qualifies for an FSEOG might get one. It is important to complete your FAFSA early to be considered for these funds.

• This grant is for undergraduate students enrolled in an eligible program, who receive Federal Pell Grants and are U.S. citizens. Students must be enrolled at least half-time.
• Students must have completed a rigorous secondary school program of study.
• First academic year undergraduate students may be awarded up to $750.
• Second academic year undergraduate students may be awarded up to $1,300. A 3.0 GPA must be maintained in year one to qualify for the grant in year two.

• These grants are awarded to undergraduate students enrolled in the third or fourth academic year of an eligible program. Students must be enrolled at least half-time.
• Students must be Pell eligible to receive this grant.
• Students must maintain a 3.0 cumulative GPA and be pursuing a degree in physical life, computer science, engineering, technology, mathematics or a critical-need foreign language.
• The award is up to $4,000 for each of the third and fourth academic years.

This grant provides up to $4,000 per academic year in grant assistance to undergraduate, post-baccalaureate, and graduate students who agree to serve for at least four years as full-time "highly qualified" teachers in high need fields in public and not for profit private elementary or secondary schools that serve students from low income families. Specific requirements apply. Please contact the Financial Assistance Office for more information on eligibility.

Please contact our office if you have questions on these federal grants. You can learn more about your financial aid at http://www.finaid.org.

Sister Thomas Welder Leadership Scholarship: This academic scholarship is based on prior academic standing. It is awarded to full-time undergraduate students only. Students can receive the scholarship for a maximum of four years.

Emerging Leader's Academy Scholarships: Students must be enrolled in the academy to qualify for this scholarship. It is awarded to full-time undergraduate students only. Students can receive the scholarship for a maximum of four years.

Pacesetter Grant: This grant does not require any participation in a sport or activity. It is based on financial need. It recognizes a student's potential for success as a contributing member of the University of Mary. It is awarded to full-time undergraduate students only. Students can receive the scholarship for a maximum of four years.

Activity Scholarships: Scholarships are available for participation in activities on the University of Mary campus.

For more information about institutional scholarships, please contact Financial Assistance at (701)255-7500.

Outside Scholarships

You can search for outside scholarships at federalstudentaid.ed.gov. Keep in mind if you receive an outside scholarship, it can affect your eligibility for federal and institutional financial aid at the University of Mary.

FastWeb: Another popular scholarship search provider. In service for 15 years featuring a database of 1.3 million scholarships worth over $3 billion. http://www.fastweb.com.

FinAid: A comprehensive source of student financial aid information, advice and tools. http://www.finaid.org.

GoCollege: A powerful online reference to finding money and getting the most out of college education. Click the "Financial Aid" link in the navigation bar for scholarship sources. http://www.gocollege.com.

Scholarships.com: Create a scholarships profile and get personalized information on college scholarships and grants that match your profile. http://www.scholarships.com.

The Scholarship Page: A useful clearinghouse of links and information on scholarship opportunities. http://www.scholarship-page.com.

Financial Aid Facts: A good resource for information on college financial aid, scholarship resources and more. The content is written and managed by a former assistant director of financial aid at a college who is currently working with a student loan company. http://www.finaidfacts.org.

TIP: Be careful when searching for information on student financial aid. Make sure that the information and offers you receive are legitimate.

Some scholarship scam warning signs are:
• Scholarships that guarantee your money back
• Scholarships that state information not available elsewhere
• Scholarships that ask for bank or credit card information
• Being selected to receive a scholarship or winning a scholarship competition you never applied for or entered

North Dakota Indian Scholarship: This scholarship assists American Indian students in obtaining a college education. You can learn more about the scholarship at http://www.ndus.edu/students/default.asp?ID=252.

North Dakota Scholars Program: North Dakota's best and brightest high school graduates receive a financial incentive to remain in North Dakota for college. To learn more about this opportunity, log onto http://www.ndus.edu/students/financial-aid/details.asp?id=110.

Tribal Sources: Contact your tribal Higher Education Office.

Vocational Rehabilitation: Contact your vocational rehabilitation counselor.

North Dakota National Guard: Check with your state tuition assistance program manager at the ND State Guard Office.

Learn more about your financial aid options at http://www.finaid.org.

1. Complete the FAFSA at www.fafsa.ed.gov. Indicate that you are interested in work-study on the FAFSA application.
2. After you receive your award notice and see that you have been awarded Federal Work-Study, you must apply for a position.
3. Apply at www.myinterfase.com/umary/student/.

If you are interested in work programs but have not been awarded Federal Work-Study on your award notice, please contact the Financial Assistance Office at (701) 355-8218 to inquire.

You can download a University of Mary work-study application form here.

You must have a 2009 - 2010 FAFSA completed as well as the 2010 - 2011 FAFSA. Exception: The 2010 - 2011 FAFSA is not required if Summer 2010 is your final semester of enrollment. The minimum enrollment status required for federal loan eligibility is six credits as an undergraduate student or five credits as a graduate student.

Due to federal regulations regarding maximum annual loan limits, any loan you receive in your summer semester may decrease your eligibility for loans in the following academic year. You cannot receive federal financial assistance after the summer semester is completed, so please apply early.

If you do not have remaining loan eligibility due to graduation or aggregate loan issues, you may need to apply for funding through an alternative loan program. Please contact our office at (701) 355-8079 with any questions.

Remember to check your student account loan balance at my.umary.edu.

2. How is eligibility determined?
Financial aid eligibility can only be determined by completing the FAFSA application, which will calculate your "financial need." Financial need is determined by a federal formula which analyzes each family's financial situation. The "need" of a student is the difference between the cost of attendance at the institution you are attending and the family's ability to pay as determined by the financial need analysis.

3. What is the disbursement date?
The disbursement date is the date the loan and grant funds arrive at the university. It will take up to three days to complete the processes required to transfer the funds to your student account. Refunds are mailed within 14 days of the credit appearing on your account. Refunds will only be issued once tuition and fees are paid in full.

4. How is financial aid disbursed?
Once you complete all of the steps required to receive federal aid, your Stafford loan will be disbursed to our office on your pre-determined disbursement date. It will take our office approximately 3 days to complete the required processes necessary prior to applying the funds to your student account. All other financial aid will also be applied directly to your student account on or around your disbursement date. Depending on your program of study, your financial aid will be disbursed either once per semester or over the course of the semester.

5. When will I receive my excess funding?
You will not receive a refund on your account until all tuition and fees at the University of Mary are paid in full.

6. Can my awards ever change?
Yes. Your disbursed awards will be reduced or cancelled, or you may be required to repay funds that you have already received if you:

• Change your enrollment status. You must be enrolled at least on a one-half time basis to qualify for most types of financial aid, including institutional scholarships.
• If you are overawarded and you exceed your financial aid eligibility, other resources are received, such as scholarships, grants or other educational benefits, including employer reimbursement and military benefits.