Financial Aid Available at Saint Leo University

Saint Leo University offers financial aid to students in order for them to meet their educational needs. College is one of the most important investments you will make in your entire life; it is a direct investment into yourself. Saint Leo University recognizes this and works with all students to make sure they secure every option available for this investment in their future.

Federal Financial Aid

Financial aid is most commonly acquired through federal grants and loans provided by the government. Students fill out a FAFSA application to qualify for grants—which never have to be paid back—and loans, which are available at no interest, or low interest, and may or may not be billed until the student graduates. Students that apply can receive assistance in filling out their FAFSA and Master Promissory Note from one of Saint Leo University’s financial advisors.

As of the 2009-2010 academic year, Saint Leo University will participate in the Direct Loan Program for the federal financial aid of their students, "cutting out the middle man." Loans are done directly from the government to Saint Leo University, unlike the Federal Family Educational Loan Program (FFELP), which often includes third parties that handle the loans from the government and could potentially sell the student loan and jeopardize the student’s benefits.

The Stafford Loan

Available to qualifying undergraduate students, the Stafford loan is unsubsidized, meaning it accrues no interest while the student is in school. This is the ideal loan for a four-year program and is used by the majority of college students. A new student may borrow up to $3,500 per year this way. This increases to $4,500 after one year of study and $5,500 after two or more years of study.

A dependent student may increase the amount they can borrow per year by up to $2,000, and an independent student may increase the amount by $6,000; however, this is subsidized and does not receive the same benefits as the initial amount of the Stafford Loan.

The Stafford loan does not have to be paid back until the student completes their education. After graduating, the loan enters a grace period of six months. The grace period may be extended depending on if the student goes back to college or takes longer than six months to find employment.

The PLUS Loan

The PLUS loan is available to graduate students and parents of undergraduates. These subsidized or low- interest loans are ideal for continuing higher education.

Unlike the Stafford Loan, the PLUS Loan will first be billed two months after being dispersed. The graduate student or parent may elect to delay the loan given the correct circumstances, however.

Grants

Several grants are available to students, offered nationally and by state. These grants require the student to meet specific qualifications. The most common grants are assigned to students based on their previous academic performance and encourage students to maintain above a 3.0 GPA.

Private Financial Aid

Financial aid is also available through several private lenders. These extended loans cover the additional expenditure of higher education and are offered at a low interest rate. They also do not require to be paid until after graduation. A Saint Leo University financial advisor can assist students in finding a private loan that best works for them. Contact us to learn more.

Corporate Tuition Assistance

Students that are currently employed may ask their employer if they offer financial packages to cover tuition. Over half of employers offer some kind of compensation for their staff to go to college, provided the degree pertains to training that can be used on the job. It is required to talk to your employer to pursue this, although Saint Leo University is more than willing to work with any employer that offers this service. Many employers do not openly advertise this option—you have to ask if it is available!

Work Study Program

Students that show exceptional financial need and are local to one of Saint Leo University’s campuses can qualify for the Work Study Program, which allows students to earn money while attending school. Work study students will apply for a campus position and be paid for the hours in which they are employed. Students may apply for more than one of the work study programs available, but will only be accepted to one position. The hourly pay varies by position.