U.S. Government Loan Programs
The seminary participates in the William D. Ford Federal Direct Loan Program. This program allows students to borrow funds to help meet their educational costs at the post-secondary level and is available to U.S. citizens and permanent-resident aliens. Applicants must be in good academic standing and enrolled at least half time, and they may not be in default on any previous loans.
The Direct Loan Program offers the following types of loans, which are not based on financial need:
- Unsubsidized Direct Loan: unsubsidized loans for graduate/professional students to help pay for education expenses up to $20,500. Interest is charged during all periods, even during the time a student is in school and during grace and deferment periods. A six-month grace period applies to payments of principal only. Students may allow interest to accrue and be added to the principal amount of the loan, also known as capitalization. However, capitalization increases the total repayment amount as interest is charged on a higher principal.
- Graduate PLUS Loan: unsubsidized loans for graduate/professional students to help pay for education expenses up to the cost of attendance, less other financial aid received. Interest is charged during all periods. Repayment begins sixty days after the final loan disbursement. Graduate students will automatically be granted an in-school deferment as long as long as they are enrolled at least half-time. A credit check is required.
Students begin the loan application process by completing a Free Application for Federal Student Aid (FAFSA). The seminary’s Title IV school code for the FAFSA is G02833. Failure to use this code will cause a delay in the processing of the award. A signed copy of the student’s previous year’s income tax return and W-2 form(s) may be required for students selected for verification during the FAFSA process. FAFSA applications are made online at www.fafsa.ed.gov. To apply for a direct loan for the first time, please submit the following form to Ann Sanchez, Immigration Services and Direct Lending Counselor (Rangos G10, x323):
» Loan Application Form and Instructions