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Saint Xavier University Chicago Campus Residence Halls

Federal Financial Aid

Federal Direct Unsubsidized Loan: Federal loan available to all graduate students who have filed for financial aid using the FAFSA, regardless of financial need; interest begins to accrue immediately after disbursement. Students may borrow up to $20,500 per academic year. This loan has a variable, fixed interest rate, which readjusts annually on July 1 for loans borrowed in the upcoming academic year. Principal and interest are deferred from payment until six months after the student is no longer enrolled at least part-time. Students have the option to pay interest while in school or defer interest until the loan goes into repayment.

Federal Work-Study: Federally funded work program. Students work part-time and wages are paid jointly by federal funds and the University. Students have the option of using their checks to make payments on their balance or to keep as personal spending money.

Federal GRAD PLUS Loan: Federal credit-based loan, with a variable, fixed interest rate that readjusts annually on July 1 for loans borrowed in the upcoming academic year. May borrow up to the cost of education less other financial aid. Apply online.

Nurse Faculty Loan Program: Federal loan for full-time graduate nursing students intending to become faculty members. Up to 85 percent of loan may be forgiven while serving as full-time nursing faculty after graduation. Contact the College of Nursing, Health Sciences and Business for further information.

Federal TEACH Grant (Teacher Education Assistance for College and Higher Education): A federal grant program that provides grants of up to $4,000 per year to students who intend to teach in a designated high-need field at a public or private elementary or secondary school that serves students from low-income families. If service obligation is not met, TEACH grant funds convert to a Federal Direct Unsubsidized Loan. First year graduate students must have a cumulative transcript GPA of 3.25 and then are required to maintain a GPA of 3.25. To apply, a TEACH Grant Initial and Subsequent Counseling and TEACH Grant Agreement to Serve must be completed annually.