How to Apply for Loans
Complete the FAFSA application at www.fafsa.ed.gov.

Federal Stafford Loans (FFEL)
This loan is for undergraduate and graduate students, as well as
professional degree students. You must be enrolled as at least a half-time student to be eligible for Stafford Loans. There are two types of Stafford loans, subsidized and unsubsidized. 

Subsidized Stafford Loans
    • You must have financial need to receive a subsidized loan.
    • The U.S. Department of Education will pay the interest on
       subsidized loans while you are enrolled as a half-time
       student and during certain other periods.
    • The loan is repaid to the lender you applied with.

Unsubsidized Stafford Loans
    • Financial need is not a requirement to obtain a unsubsidized loan. 
    • You will be required to pay interest on these loans from the time
      of disbursement. 
    • The loan is repaid to the lender you applied with.

Federal Perkins Loans
    • These loans are awarded to undergraduate and graduate
        students who demonstrate financial need. 
 
Federal Nursing Loans
    • These loans are awarded to students who have declared nursing
      as their major and are generally awarded to junior and senior
      nursing students first. 
    • These loans are awarded to undergraduate and graduate
       students who demonstrate financial need. 
 
Parent PLUS Loans
    • These are loans that parents can obtain to help pay the cost of
      education for their dependent undergraduate student. 
    • Students must be enrolled at least half-time for the parents to
      qualify for this loan. 
    • The parents must qualify for the loan and will begin repayment
       immediately upon disbursement. 
    • The parents repay the loan to the lender they applied with.

Graduate PLUS Loans
    • Graduate or professional degree students may apply for these
      loans when all Stafford loan eligibility has been exhausted. 
    • The student must be enrolled at least as a half-time student and
      repayment will begin upon disbursement. 
    • The student must qualify for this type of loan. 
    • The student will repay the loan to the lender they applied with.

Alternative Education Loans
Alternative education loans are private student loans that help supplement federal financing. These alternative borrowing sources should be a last resort for students. These are private loans that students must apply for and qualify for based on the lender’s requirements. Since these are private loans, they have different terms, conditions, repayment options and fees than federal loans do. Alternative education loans cannot be consolidated with federal loans. Federal funding sources should be pursued first by completing the FAFSA application. Please contact the Financial Assistance Office at (701)255-7500 for more information.

Choosing a Lender
You will need to select a lender so that we can process your student loan. If you already have a Stafford loan outstanding, we suggest that you stay with the same lender. However, we are willing to certify your loans with any participating lender. We can assist you in gathering information to make an informed choice. Remember, the choice of lender is always up to you. Our staff is willing to assist you with the process of making this decision. Please contact us with any question.

Consider the following when selecting a lender:
Value and Benefits
    • Does the lender offer to pay fees on your behalf?
    • Does the lender offer competitive rates and pricing?
    • Does the lender offer interest rate reductions and rebates?
    • How easy is it for you to earn and keep rate reductions and
      rebates?

Customer Service
    • Does the lender recommend that students maximize their use of
      free aid and federal loans prior to considering a private loan?
    • Can you apply online and do you have 24/7 access?
    • Does the lender offer life-of-loan servicing?

Repayment Options
    • Does the lender provide combined billing for both federal and
      private loans?
    • Does the lender provide counseling on deferment and
      forbearance options?
    • Does the lender provide a variety of federal and private loan
      repayment solutions?
    • Does the lender offer consolidation options?
    • Does the lender educate borrowers about effective debt
      management?

Experience and Longevity
Is the lender a steady and responsible lender with a track record
that demonstrates its commitment to students?  

Select one of the following links to learn more about selecting a particular lender.

Stafford Loans:
https://www.eac-easci.org/aesi/show_fees.cfm?s_id=00299200

Parent PLUS Loans:
https://www.eac-easci.org/plus/show_fees.cfm?s_id=00299200

Grad PLUS Loans:
https://www.eac-easci.org/grad/show_fees.cfm?s_id=00299200

Alternative Loans:
https://www.eac-easci.org/alt/show_fees.cfm?s_id=00299200

TIP: Keeping all of your loans with one lender will make loan repayment easier for you. Also, if you choose to switch lenders, you will have to sign a new master promissory note.

Loan Entrance Counseling
Before we can apply for your Federal Stafford Loan (subsidized or unsubsidized), Federal Perkins Loan or Federal Nursing Loan, regulations require that you complete an entrance counseling session. The counseling session provides information about how to manage your student loans, both during and after college.

Even if you have completed loan entrance counseling at another institution, this step is required as a first time borrower at the University of Mary.

You can access your loan entrance counseling session at MappingYourFuture.org. You may need to complete more than one session depending on the type of loan you are awarded.

Master Promissory Notes (MPN)
A promissory note is a binding legal document you sign when you get a student loan. It lists the conditions under which you’re borrowing and the terms under which you agree to pay back the loan. Once you have completed loan entrance counseling, your loan will be certified by our office with your lender of choice, and then the lender will contact you if a master promissory note is required. If you were awarded a Federal Perkins Loan or a Federal Nursing Loan, the promissory note will be mailed from the University of Mary. Funds cannot be released to your University of Mary student account to pay your tuition and fees until you complete a promissory note.