Effective July 1, 2010, St. Stephen’s University will participate in the William D. Ford Federal Direct Loan Program, in which borrowers obtain loan funds directly from the U.S. Department of Education. The types of available U.S. Student Loans are Direct Loans (for undergraduate and graduate students) and Direct PLUS Loans for Parents. St. Stephen’s University is considered a foreign school, therefore students will not be considered for any Grants.

If it is necessary for you to pay your education with revenue from government student loans, you should begin the application procedure in June in order to have everything approved and ready for September. If the Financial Aid Office has not originated your loan, you then will be responsible to pay your fees by other means.



The Guide to Federal Student Aid studentaid.ed.gov is a comprehensive resource for U.S. Federal Student Aid. Students (and parents) are encouraged to visit this site. Students who are U.S. citizens or eligible non-citizens and who are enrolled at least half-time in an eligible degree program can apply. For eligibility requirements please refer to the Guide to Federal Student Aid.


FAFSA Application

Complete the Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov. The Federal School Code for SSU is G33393. Once you have completed your application, you should receive a Student Aid Report (SAR) within 10 days. Please review it carefully for errors and notice if any items have been flagged/marked as needing additional information. If there are corrections to be made, please go online and submit the correct information.


Apply for Direct Student Loan/PLUS Loan

To apply for a Direct Loan (student) or PLUS Loan (parent) go to studentloans.gov and sign a Master Promissory Note (MPN) and complete your Entrance Counseling. The Entrance Counseling session is a one-time requirement that is mandatory in order to process your loans for the duration of your studies. To access this site you will require the same PIN that you used when you completed your FAFSA.


Issuing of Funds

Your student loan will be delivered electronically to St. Stephen’s University. Arrangements to have your student loan money released will be made through the Financial Aid Office.


Exit Counseling

The U.S. Department of Education requires all U.S. citizens receiving Direct Loans to participate in Exit Counseling shortly before they graduate, withdraw, or cease to be enrolled at least half-time. This counseling is available on the following website: studentloans.gov/myDirectLoan

Please contact the Financial Aid Office to discuss your financial needs for the upcoming academic year. [email protected] or 1-506-467-9545 / 1-888-225-5778 The Financial Aid Office will complete the application process by originating (certifying) your loan.


A student must maintain a 2.0 GPA in order to be eligible for student loan funding. The time requirement for completion of a diploma/degree program is 150%. (e.g. A four year degree program must be finished within 6 years.)


Direct Loans:

These loans may be in the form of a subsidized and/or unsubsidized loan:

  • Subsidized loan: A student may be eligible for a subsidized loan based on his/her financial need. No interest is accrued while the student remains in-study at least half time (the federal government ‘subsidizes’ the interest during these periods and for the first 6 months after the completion of studies).
  • Unsubsidized loan: These loans are not based on financial need. Interest will be charged from the time the loan is disbursed until it is paid in full. Students can choose to pay the interest while they are in school, or allow interest to accumulate and be added to the principal amount.

St. Stephen’s University is considered a foreign school, therefore students will not be considered for any Grants. Annual Loan and Aggregate Limits (effective for loans disbursed on or after July 1, 2008):

Year of StudySubsidized/Unsubsidized Base AmountAdditional Unsubidized Loan AmountAggregate Loan Limits*
Dependent Undergraduate Students1st year$3,500$2,000$31,000
2nd year$4,500$2,000$31,000
3rd year & up$5,500$2,000$31,000
Independent Undergraduate Students1st year$3,500$6,000$57,500
2nd year$4,500$6,000$57,500
3rd year & up$5,500$7,000$57,500

* Aggregate Loan Limits (undergraduate students): No more than $23,000 of which may be subsidized.

Direct PLUS Loan for Parents:

Direct PLUS Loans enable parents who are credit worthy* to borrow in order to assist with paying for their child’s educational expenses.

The yearly limit on a Direct PLUS Loan is equal to the student’s Cost of Attendance (determined by the University) less any other financial aid (including loans) the student will receive.

Direct PLUS loans proceeds must be used for authorized educational costs incurred by the dependent student. The parent agrees to immediately repay any loan proceeds that cannot be attributed to educational costs for attendance on at least a half-time basis at the school that certified the Direct PLUS Loan.

*If a parent is determined not to be credit worthy, the student then has the option to borrow an additional $4,000 unsubsidized.