There are several options for financing your educational career. Understanding your options is key to affording your education. If you still have questions about your financial assistance options, please feel free to contact the office of financial aid directly, (800)-240-7658, or by email colfinaid@saintleo.edu.
Federal Pell Grant
The Federal Pell Grant is an entitlement program for undergraduate students who have not received a bachelor's degree and are enrolled in an undergraduate degree or certificate program. The federal government determines eligibility. Awards may range from $400 to $4,310 (2007-2008) and from $890 to $4731 (2008-2009)
Federal SEOG (SEOG)
The Federal Supplemental Educational Opportunity Grant (SEOG) is awarded by Saint Leo University to students who demonstrate exceptional financial need, are enrolled as an undergraduate and who have not earned a bachelor's degree. Funds are very limited and awarded to students who are eligible to receive a Pell Grant. You may receive an annual award of $500 per academic year depending on the EFC calculated and fund availability.
Federal Stafford Loan
There are two types of Federal Stafford loans: Subsidized and Unsubsidized. Students who demonstrate financial need may obtain the loan on a subsidized basis. The borrower does not pay interest on the subsidized loan while they are in school. Students who do not demonstrate a financial need may obtain the Stafford loan on an unsubsidized basis. The borrower does pay the interest on the unsubsidized loan while they are in school and during the repayment period.
The Stafford loan interest rate, effective July 1, 2006, is a fixed rate at 6.8%. An origination fee of up to 3% (includes a 2% federal origination fee and a 1% default fee) for undergraduate and graduate students is deducted from the loan proceeds. There are lenders and guarantors that may pay all or a portion of these fees.
Although the University determines the financial need and the amount of subsidized and/or unsubsidized eligibility, the loan is made by banks, credit unions and other lending institutions.
Loan Limits
The loan limits are established by the federal government; the amount of subsidized loan eligibility, however, is contingent on financial need. The annual loan limits as of July 1, 2007, are as follows:
| Dependent Undergraduate Student | Credits | Subsidized |
| Freshman | 0-23 | $3,500 |
| Sophomore | 24-55 | $4,500 |
| Junior | 56-87 | $5,500 |
| Senior | 88+ | $5,500 |
| Independent Undergraduate Student | Credits | Subsidized | Unsubsidized |
| Freshman | 0-23 | $3,500 | $4,000 |
| Sophomore | 24-55 | $4,500 | $4,000 |
| Junior | 56-87 | $5,500 | $5,000 |
| Senior | 88+ | $5,500 | $5,000 |
| Graduate Student | Subsidized | Unsubsidized |
| $8,500 | $12,000 |
The aggregate loan limits are the total amount of Stafford loan a student can borrow during their educational program. The Federal Stafford Aggregate Loan Limits are as follows:
| Dependent Undergraduate | $23,000 |
| Independent Undergraduate | $46,000 |
| Graduate/Professional | $138,500 |
Independent students are eligible for the Annual Base and Extended amounts. Dependent students are eligible for the Annual Base Amount. A dependent student may be eligible for the extended loan amount only when a parent has been denied a PLUS loan.
| Academic Year | Base | Extended | Total Amount |
| Freshman | $3,500 | $4,000 | $7,500 |
| Sophomore | $4,500 | $4,000 | $8,500 |
| Junior/Senior | $5,500 | $5,000 | $10,500 |
| Graduate | $8,500 | $12,000 | $20,500 |
Eligibility
The Federal Stafford loan is available to any student who meets the following eligibility requirements:
- Student is a US citizen or permanent resident.
- Student is enrolled in a Undergraduate or Graduate degree program for a least 6 credits.
- Student has completed a FAFSA.
- Student maintains Satisfactory Academic Progress requirements.
- Student's prior borrowing has not exceeded annual or lifetime aggregate loan limits.
- The Stafford Loan does not require a credit check.
Interest Rates
The following table contains the Stafford loan and PLUS loan interest rates effective July 1, 2006.
| Loan Program | Interest Rate |
| Stafford Loan for Students: in-school, deferment or grace periods | 6.80% |
| Stafford Loans for Students: repayment or forbearance | 6.80% |
| PLUS Loans for Parents | 8.50% |