Low-Interest Student Loans

A variety of loan programs are available to students and parents. Most student loans are offered at low-interest rates with repayment deferred until after graduation. You will receive detailed information about each loan program and any required paperwork with your financial aid award letter.

Award

Amount

Application Process

Repayment Terms
Subsidized Federal Stafford Loan Up to $3,500 for the freshman year. Loan application information sent with award letter from St. Catherine University. Repayment begins 6 months after graduation at a fixed interest rate of 6.8% for loans made on or after July 1, 2012. Loan must be repaid within 10 years.
Unsubsidized Federal Stafford Loan Up to $5,500 for the first year between the subsidized and unsubsidized loan. Loan application information sent with award letter from St. Catherine University. Borrower must pay interest monthly or defer interest payments while in school with repayment of principal beginning 6 months after graduation. Fixed interest rate of 6.8% for loans made on or after July 1, 2011. Loan must be repaid within 10 years.
Federal Perkins Loan $500 - $1,500 per year. Students will be asked to sign a promissory note at the beginning of the school year. Repayment begins 9 months after graduation at 5% interest. Loan must be paid within 10 years. Eligible for loan forgiveness.
Federal Nursing Loan $500-$1,500 per year. Must declare nursing major and sign a promissory note at the beginning of the school year. Repayment begins 9 months after graduation at 5% interest. Loan must be paid within 10 years. Eligible for loan forgiveness.
Federal Direct Parent Loan (PLUS) Up to the cost of attendance minus other aid. Loan application information sent with award letter from St. Catherine University. Subject to creditworthiness of parent borrower. Normal monthly repayment begins 60 days after the final disbursement of the year at a fixed interest rate of 7.9%. Payments may be postponed until six months after graduation. Loan must be repaid within 10 years.
Parent Partnership Grant Varies. Equal to the amount of origination and default (formerly guaranty) fees for the Federal PLUS loan. Parent completes application for Federal PLUS loan. Grant is calculated based on amount borrowed. Available only to those utilizing the Federal Parent PLUS loan.
Alternative Education Loans Student's cost of attendance less other aid received. Must apply independently with lender. Approval subject to credit check. Subject to individual lender terms and conditions.