Loans

Understand Your Student Loan Options

You may apply for a range of student loans — borrowed funds that must be repaid, with interest —  to help finance your Mary education. The amount you can receive depends on the type of loan, your enrollment status, and your year in school.  You can learn more about the various types of loans on this page.

To apply for federal and some private loans, complete the Free Application for Federal Student Aid (FAFSA) form.

Federal Direct Student Loans

The U.S. Department of Education offers eligible students at participating schools Direct Subsidized Loans and Direct Unsubsidized Loans.

Direct Subsidized Loans

• Direct Subsidized Loans are available to undergraduate students with financial need.
• The University of Mary Financial Aid Office will determine how much you can borrow based on the results of your FAFSA application.
• The U.S. Department of Education pays the interest on a Direct Subsidized Loan
  • while you're in school at least half-time (6 credits);
  • for the first six months after you leave school (referred to as a grace period); and
  • during a period of deferment (a postponement of loan payments).
• Your lender is the U.S. Department of Education.

Direct Unsubsidized Loans

• Direct Unsubsidized Loans are available to undergraduate and graduate students.
• There is no requirement to demonstrate financial need.
• Borrowers are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.
• If you choose not to pay the interest while you are in school and during periods of grace, deferment, or forbearance, your interest will accumulate and be capitalized (interest will be added to the principal amount of your loan).

Federal Direct Loan Resources 

• Federal Student Loan Basics
• Understand the difference between subsidized and unsubsidized loans
• Calculate current direct loan interest rates

Direct PLUS Loans

Direct PLUS Loans are federal loans available to parents of dependent undergraduate students and to graduate or professional students.

Federal PLUS Loan Resources

• Federal PLUS Loan Application
• Graduate PLUS Loan Application

Parent PLUS Loans 

• The parent is the borrower and responsible for the repayment of principal and Interest.
• The parent borrower must not have an adverse credit history. In cases where a Parent PLUS Loan is denied, the student may qualify for additional Direct Unsubsidized Loan Funds.
• Repayment begins 60 days after the final disbursement.
• The dependent student must be enrolled at least half-time (6 credits).
• Financial need is not required.
• Important Parent PLUS Loan Changes: Beginning July 1, 2026, Parent PLUS Loans will be limited to $20,000 per year and $65,000 total per student. Some currently enrolled students may qualify for a temporary exception. Contact the Financial Aid Office for more information.

 Grad PLUS Loans

• Graduate PLUS Loan Changes: Beginning July 1, 2026, Graduate PLUS Loans will no longer be available for most new borrowers. Some currently enrolled students may qualify for a temporary exception. Contact the Financial Aid Office for more information.
• Graduate students may apply for these loans when all other student loan eligibility has been exhausted.
• The student must be enrolled at least half-time. 
• Repayment will begin 60 days after the final disbursement.
• The student must meet all loan requirements.