Office of Financial Aid

School of Veterinary Medicine

Loan Programs

For United States Citizens or Permanent Residents
For Canadian Citizens

FOR UNITED STATES CITIZENS OR PERMANENT RESIDENTS

US Federal Student Loans

St. George's University participates in the William D. Ford Federal Direct Loan Program. The William D. Ford Federal Direct Loan Programconsists 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 5.31% for Direct Unsubsidized loans and 6.31% 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 principal balance) at the beginning of the repayment period. The student will be required to pay a 1.069% origination fee on Unsubsidized loans and a 4.276% origination fee on Direct 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 six (6) credits or graduate, must complete an exit counseling sessionif they have received a Federal Stafford, Federal Graduate PLUS loan The exit counseling will provide you with your 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 Veterinary Medicine federal school code is G39743. 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 Veterinary Medicine at least half-time, maintain satisfactory academic progress, and not be in default on any prior U.S. government guaranteed loan. In order to receive Direct Loans during the student's clinical terms, the federal guidelines mandate that the clinical training must be performed in our affiliated US schools. 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 University students alternate loans. US Students can apply for these loans to meet all or part of their cost of attendance. Some lenders may also offer private loan programs for parents, guardians, sponsors, or other individuals who wish to borrow on behalf of the student to help fund their education. These private loan programs are all credit based and are offered only to borrowers who have a satisfactory credit history as determined by the lender. The loans may have a fixed or variable interest rate that is 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, if applicable.  These loans have repayment terms begin following graduation or withdrawal from school and may be able to be extended up to 25 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 Code of Conduct

FOR CANADIAN CITIZENS

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 between $80,000 and $140,000 depending on the bank the student chooses to apply with. Please note that most banks will require a credit worthy 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.

Beth Cohen
Canadian Loan Specialist 
Phone: (800) 899-6337 ext. 1237 
Fax: (631) 969-5937
bcohen@sgu.edu

Canadian Funding Amounts

Alberta Student Financial Assistance
Students are eligible for both the federal and provincial funding in Alberta. The combined maximum a student can receive is $42,000 Canadian per year. If the term starts/ends mid- month, the award is prorated and the award is made for the whole month or nothing for that month. Students are awarded funding by the month. Students are also eligible for low or middle-income grants.

British Columbia Student Financial Aid
Students are eligible for both the federal and provincial funding up to $320 Canadian ($210 federal and $110 provincial) per week of instructional time. 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 two or four weeks of funding depending on the exact date. Students are also eligible for low- or middle-income grants.(Up to $4,500 Canadian per year)

Manitoba Student Aid
Students are eligible for both the federal and provincial funding up to $350 Canadian ($210 federal and $140 provincial) per week of instructional time. Students are also eligible for low or middle-income grants. (Up to $4,500 Canadian per year)

Newfoundland Student Financial Assistance
Students are eligible for both the federal and provincial funding $350 Canadian ($210 federal and $140 provincial) per week of instructional time. Students are also eligible for low- or middle-income grants. (Up to $4,500 Canadian per year)

Nova Scotia Student Assistance
Students are eligible for both the federal and provincial loans $390 Canadian ($210 federal and $180 provincial) per week of instructional time. Student may be awarded up to 40% of the provincial loan amount in a scholarship. Students are also eligible for low- or middle-income grants. (Up to $ 4,500 Canadian per year)

NWT Student Financial Assistance
Students are eligible to receive scholarships and bursaries up to $14,400 Canadian combined loans and grants per year.

Ontario Student Assistance Program
Students are eligible for federal funding only (not    provincial). Maximum federal funding is $210 Canadian per week of instructional time. Students are also eligible for   low- or middle income-grants. (Up to $4,500 Canadian per year)

Quebec Student Financial Assistance Programs
School of Veterinary Medicine students are eligible to apply for funding. Students must contact Quebec Student Financial Assistance for more information.

Saskatchewan Student Loans Program
Students are eligible for both the federal and provincial funding up to $662 Canadian ($210 federal and $452 provincial) per week. Award is based on actual number of weeks of instructional time. Students are also eligible for low- or middle-income grants. (Up to $4,500 Canadian per year)