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| FINANCIAL AID & SCHOLARSHIPS |
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Federal Loans
Federal Perkins Loans and Federal Stafford Loans: Both types of loans have low interest and do not require repayment until a student has either graduated, withdrawn, or dropped below half-time enrollment. Depending upon the amount borrowed, a student may have up to ten years to repay the loan.
Parent Loan for Undergraduate Students (PLUS loan): This low-interest loan is part of the Federal Family Education Loan Program and is offered to parents to help meet the cost of their student's educational and living expenses. Repayment of this loan begins 60 days after disbursement of the loan proceeds. However, some lenders will grant forbearance on the loan so payments may not be required for up to 4 years. In order to apply for this loan, the parent needs to complete a Plus Loan application via the Loans by Web website. Filing of a FAFSA is required to be considered for the PLUS loan. Please note that a standard credit check is performed on the parent applicant.
Graduate PLUS Loan: This low-interest loan is also part of the Federal Family Education Loan Program and is offered to graduate and professional students enrolled in at least half-time. Students must first apply for the maximum loan amounts under the Stafford loan program. Repayment of this loan begins 30 to 60 days after disbursement of the loan proceeds. However, some lenders will grant forbearance on the loan so payments may not be required for up to 4 years. In order to apply for this loan, the graduate student needs to complete a Graduate Plus Loan application via the Loans by Web website. Filing of a FAFSA is required to be considered for the Grad PLUS Loan. Please note that a standard credit check is performed on the graduate applicant. Student may borrow up to their cost of attendance if loan is approved. |
Important Information Regarding Loans
The University of St. Thomas does not endorse any one lender. UST will be utilizing an exciting new web-based service for you to use in applying for a loan. This web-based system will simplify the process for you and for us.
To assist you in applying for your FFELP Stafford loan(s) once UST has made your financial aid award, you must first accept your FFELP Stafford loan offers via your myStThom account.
You will then need to wait 3 to 4 business days and then guarantee your loan through our TG Loans by Web system. Please follow the instructions below:
- Log on to TG Loans By Web at https://lbw.tgslc.org using your Social Security number and date of birth.
- Click the radio button, I am an undergraduate student borrower.
- Select Complete a Loan Award
- Your loan(s) will be listed, click Begin
- Choose Entrance Counseling and complete the section
- Check the Return to LBW box to finish your loan application
- Enter reference information, including the addresses and phone numbers of two references.
- You may select any lender of your choice. UST will process your loan using your lender of choice in a timely fashion. You may choose a lender from our sample lender list. All of UST's sample lenders accept electronic signatures for the promissory note. Simply choose the E-Sign button at the bottom of the final page.
- Review and submit your loan award information. (Use the Back button at the bottom of the screen to make any changes.)
- Log out of Loans By Web and you are finished!
If you need help or do not have access to a computer, contact TG by phone at (800) 845-6267 or by e-mail cust.assist@tgslc.org.
If you have been offered a Federal Parent PLUS Loan your parent must apply for this loan. Please click here for instructions on how to apply for the PLUS loan via Loans by Web.
If you have been offered a Graduate PLUS Loan, you must apply for this loan. Please click here for instructions on how to apply for the PLUS loan via Loans by Web.
If you are having trouble with the 'Loans by Web' process, please click here for a website walk-through.
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Alternative Loans
The University of St. Thomas works with several lenders to provide alternative loan programs as a last resort option for financial assistance. It is important to consider that Alternative Loans do not have fixed interest rates and will require your credit to be reviewed. Make sure that you research all of your options before you make a decision. Applications for these loans are available by inquiring directly through any lender you may choose.
Most lenders on our Sample Lender List* have direct links to online alternative loan applications via their website, to view these please click here.
*This list is by no means exclusive. If you wish to borrow from a lender not on this list, you may do so.
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The Certification Process
Once approved for an alternative loan, your lender will send our office a certification request. Once your loan amount has been approved and certified electronically by our office, your funds will be disbursed and will post to your student account.
Before considering alternative loan programs, we encourage all students to first visit the Office of Scholarships and Financial Aid.
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