US Federal Student Loans
St. George's University participates in the William D. Ford Federal Direct Loan Program. These loans are available to students in the School of Medicine who are or have been enrolled in the Basic Science portion of their program in Grenada. (As of July 1, 2011, students in the Keith B. Taylor Global Studies Program are not eligible for the Federal Direct Loan Program or federal loan deferments.)
The William D. Ford Federal Direct Loan Program consists of the Federal Direct Unsubsidized Stafford Loan and Federal Direct Graduate PLUS Loan. The maximum loan amount for which a student is eligible may not exceed the cost of attendance (as defined by St. George's University) minus any other assistance received for the academic period in which the student is enrolled. Eligible students can borrow up to $20,500 per academic year from the Federal Direct Unsubsidized Stafford loan not to exceed an overall aggregate amount borrowed of $138,500. The Federal Direct Graduate PLUS loan program is used to bridge the gap between the Unsubsidized Loans and the remaining cost of attendance. Students must have a satisfactory credit history in order to qualify for a Federal Direct Graduate PLUS loan. The Direct PLUS loan does not have an aggregate limit.
The interest is currently set at an annual fixed rate of 5.84% for Direct Unsubsidized loans and 6.84% for Direct Graduate PLUS loans. Students may choose to pay the interest while attending school; if allowed to accrue it will be capitalized (added to the principle balance) at the beginning of the repayment period. The student will be required to pay a 1.073% % origination fee on Unsubsidized loans and a 4.292% origination fee on Direct PLUS loans. Loans with a first disbursement after October 1, 2015 will have a loan origination fee of 1.068% for Unsubsidized loans and 4.272% for Grad PLUS loans. These fees will be subtracted from the amount borrowed, and will be reflected in the disbursements issued to the student’s account.
Loans are typically processed for an academic year and are disbursed in two installments. Disbursements typically occur 10 days before the start of an academic term. For example, a student requests an $20,500 Federal Direct Unsubsidized Stafford Loan, the Department of Education will release half the requested amount, minus any applicable fees for the first term of the academic year and release the second half of the approved amount (minus fees) 10 days before the start of the second term. Loans funds are disbursed to the student's account and if a credit balance is created, the credit will be refunded to the student by check or direct deposit typically within 5 business days.
Under the Direct Unsubsidized and Graduate PLUS loan programs, the student is responsible for all accruing interest and may choose to repay the interest while in school or defer it until repayment begins. Upon graduation, a grace period is applied automatically to your Federal Direct Stafford loans. The grace period is a 6-month period of time during which no payments are required, although interest will continue to accrue on these loans. If a student ceases to be enrolled at least half time (withdraws or takes a leave of absence), the 6 month grace period would apply in most circumstances. Students who withdraw, drop below five (5) credits or graduate, must complete an exit counseling session if they have received a Federal Stafford Federal graduate PLUS loan. The exit counseling session(s) will provide you with your federal loan history, and will inform you of your repayment options.
Repayment on these loans begins 6 months after the student ceases to be enrolled at least half time. The amount of your monthly repayment is calculated based upon the total amount that you have borrowed, as well as the repayment plan that you choose. Visit the Repayment Plans and Calculators page at studentloans.gov to learn about repayment plans.
Students can apply for US federal loans by completing the Free Application for Federal Student Assistance (FAFSA) at www.fafsa.ed.gov. When completing the FAFSA be sure to the appropriate school code. The SGU School of Medicine federal school code is G22333. Students will also need to complete an entrance counseling and Master Promissory Notes in order to complete the application process.
To receive Direct Loans, recipients must be either permanent residents or citizens of the United States, be enrolled in the School of Medicine at least half-time, maintain satisfactory academic progress, and not be in default on any prior U.S. government guaranteed loan. These guidelines are subject to statutory and/or regulatory changes in the U.S. Higher Education Act and the Title IV Program Regulations. For details on how to apply, click here.
Students borrowing federal loans can complete the Title IV Authorization form online through their SGU Student Self Service account. This will allow the Student Finances office to apply your federal loan proceeds towards non tuition charges such as books and health insurance in order to satisfy your student account.
Private Educational Loans
Private educational lenders in the United States offer St. George's students alternate loans. Students can obtain these loans to meet all or part of their cost of attendance. These private loan programs are all credit based and are offered only to students who have a satisfactory credit history as determined by the lender. The loans typically have a variable interest rate, with the interest rate tied to an index, such as LIBOR or PRIME, plus a margin. The interest rates and fees you pay on a private student loan are based on your credit score and the credit score of your cosigner, These loans have repayment terms that begin following graduation or withdrawal from school and may be extended up to 20 years.
The Financial Aid Office at SGU provides extensive financial aid counseling services to students in order to help them understand the eligibility requirements, terms and conditions.
St. George's University does not prefer, recommend, promote, endorse, or suggest any lenders. You are not required to borrow from any of the lenders appearing on these lists and there is no penalty for selecting a different lender, if available.
Financial Aid Loan Code of Conduct
St. George's University is approved by the Canadian Ministry of Education, entitling most students to the ability to receive Canadian Federal loans, Provincial loans and Federal grants.
The Canada Student Loans Program (CSLP) offers financial assistance to full-time and part-time students pursuing post-secondary education in the form of loans, grants and repayment assistance. The CSLP delivers student financial assistance in partnership with most provinces and territories. Quebec and the Northwest Territories operate their own programs.
These loans are interest-subsidized by the Canadian government while the student is enrolled in school and maintaining satisfactory academic progress as determined by the individual province. Below you will find a comprehensive list of available funding by Province. To supplement the financing of their education, students usually apply for a professional line of credit available through the banks in Canada. Credit lines can be approved for up to $250,000 however the bank will require a co-signer.
St. George's University is committed to ensuring that students are aware of all their financial aid options and we have designated a counselor to work directly with you to address your questions and needs.
Canadian Loan Specialist
Phone: (800) 899-6337 ext. 1237
Fax: (631) 969-5937
Canadian Funding Amounts
Ontario Student Assistance Program
Students are eligible for Federal loans only, Provincial loans are not available for study outside of Canada. Maximum Federal funding is $210 (Canadian) per week of instructional time. Students are also eligible for low income or middle income grants.
British Columbia Student Financial Aid
Students are eligible for both the Federal and Provincial loans up to $320 ($210 and $110 Provincial) per week. Students are awarded funding by the month. If the term starts/ends mid month the award is prorated and the award is made for either 2 weeks or 4 weeks of funding depending on the exact date. Students are also eligible for low income or middle income grants.
Saskatchewan Student Loans Program
Students are eligible for both the Federal and Provincial loans up to $350 ($210 and $140 Provincial) per week. Award is based on actual number of weeks of instructional time. Saskatchewan will award funding for the holiday break in December. Students are also eligible for low income or middle income grants.
Alberta Student Financial Assistance
Students are eligible for both the Federal and Provincial loans in Alberta. The combined maximum a student can receive is $33,250 (Canadian) depending on individual circumstances. Students are awarded funding by the month. Students are also eligible for low income or middle income grants.
Manitoba Student Aid
Students are eligible for both the Federal and Provincial loans up to $350 ($210 and $140 Canadian) per week of instructional time. Students are also eligible for low income or middle income grants.
Newfoundland Student Financial Assistance
Students are eligible for both the Federal and Provincial loans ($210 Federal and $140 Provincial) per week of instructional time. Students are also eligible for low income or middle income grants.
Nova Scotia Student Assistance
Students are eligible for both Federal loans and Provincial loans ($210 Federal and $160 Provincial) per week of instruction time. Student may be awarded up to 20% of the provincial loan amount in a scholarship. Students are also eligible for low income or middle income grants.
Quebec Student Financial Assistance Programs
Quebec does not offer funding to students studying medicine outside the Province of Quebec however students in the School of Veterinary Medicine and other programs (MPH) are eligible to apply for funding.
NWT Student Financial Assistance
Students also are eligible to receive scholarships and bursaries. Bursary is up to 10K per year. Students are eligible for low income or middle income grants.