• Am I eligible for a parent PLUS loan?
    • Obtaining a parent PLUS loan requires that you
      • be the biological, adoptive, or, in some situations, stepparent of an undergraduate dependent student who is enrolled at least half-time in an approved institution.
      • not have an adverse credit history (unless you fulfill extra criteria); and
      • satisfy the standards for general eligibility for federal student aid
  • What is the current interest rate?
    • The interest rate is 7.54% for Direct PLUS Loans that are disbursed for the first time on or after July 1, 2022, but before July 1, 2023. The interest rate is set at this rate throughout the duration of the loan.
  • How much can I borrow?
    • Your ability to borrow a PLUS loan is capped at the cost of attending the school your child will attend, less any other financial aid they may obtain. The school determines how much it will cost to attend.
  • Can I still receive a parent PLUS loan if I have an adverse credit history?
    • During the application procedure, a credit check will be run. You may still be eligible for a parent PLUS loan even if your credit history is poor by using one of these two methods:
      • The acquisition of an endorser without a bad credit history. An endorser is a person who promises to pay back the parent PLUS loan if you can’t. The child on whose behalf you are borrowing cannot serve as the endorser.
      • Proving to the satisfaction of the U.S. Department of Education that your poor credit history is due to mitigating circumstances
    • You must complete credit counseling for parent PLUS loan borrowers whether you choose option 1 or option 2.


  • Who is eligible?
    • Undergraduate students with financial need may be eligible for Direct Subsidized Loans.
  • How much can you borrow?
    • We will determine how much you may borrow, and it cannot be more than what you need.
  • Who will pay the interest?
    • On a Direct Subsidized Loan, the U.S. Department of Education covers the interest
      • as long as you are enrolled at least half-time,
      • the grace period, which is the first six months following leaving from school, and
      • during a period of deferment (a postponement of loan payments).


  • Who is eligible?
    • Undergraduate students are eligible Direct Unsubsidized Loans.
  • How much can you borrow?
    • Based on your cost of attendance and other financial help you receive; we determine the maximum loan amount you are eligible for.
  • Who will pay the interest?
    • You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.



  • Who is eligible?
    • Be a legal North Carolina resident and NC resident for tuition purposes
    • Applicants may complete residency determination at the North Carolina Residency Determination Service Website.
    • At the time of application, present a cumulative minimum grade point average (GPA) of:
      • 3.00 for graduating high school students (weighted GPA)
      • 2.80 for undergraduate students pursuing an associate or bachelor’s degree
    • Recipients must not be in default, or does not owe a refund, under any federal or State loan or grant program
    • Maintain Satisfactory Academic Progress according to the enrolling policy of the institution
    • Be willing to work in NC in a designated critical employment shortage profession
    • Must plan to enroll at least part-time in a FELS Approved Program at a FELS Eligible Institution
  • How do I apply?
    • Complete a FELS Application
      • The 2023 application will open on Monday, January 9. Applications will be entered into a lottery for award consideration.
      • If you are seeking your associate’s or bachelor’s degree, provide a copy of your transcript with your application.


  • SAU uses FASTChoice for the delivery of private alternative loans.
  • You must apply via FastChoice | Home (fastproducts.org)
  • Applicant must be credit worthy.
  • May borrow up to Cost of Attendance if approve.
  • Applicant may need a co-signer.


Eligibility Requirements:

This loan program is open to students attending a Saint Augustine’s University that meet the following eligibility requirements. Note: First priority is provided to School of Business students who meet eligibility. A student must:

  1. Be enrolled as a junior or senior in a degree-seeking program at SAU.
  2. Be a resident of one of the following 11 states:
·      Indiana ·      Illinois ·      Kentucky
·      Maryland ·      Michigan ·      Missouri
·      Ohio ·      Pennsylvania ·      Tennessee
·      Virginia ·      West Virginia


  1. Have a financial need
  2. Be between the ages of 18 and 25
  3. Loyal to the United States and its institutions, including the Army, Navy, and Air Force
  4. Honest, upright, intelligent, and of practical appearance
  5. Maintain a minimum 2.0 GPA on a 4.0 scale

Loan Amount:

Approved loans range from $1,000 – $2,500. Students may receive only one (1) loan from this program.

Application Details:

There are no application deadlines. Provide the following to apply for the loan program:

  • Completed Application-located in the Student Financial Aid Office-Delany Building
  • Recent Resume

Applications are reviewed by a selection committee and students will be notified of approval or denial of a loan, including the loan amount.

Contact Information: 

Office of Financial Aid & Scholarships (financialaid@st-aug.edu)