Federal Loan Programs
William D. Ford Federal Direct Loan Program
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 secodary level and is available to US citizens and permanent-resident aliens. Applicants must be in good academic standing and enrolled at lest half time, and they may not be in default on any previous loans.
To begin the loan process, a student must complete 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 your 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.
The Direct Loan Program offers the following types of loans:
- Subsidized: for students with demonstrated financial need, as determined by federal regulations. No interest is charged while a student is in school at least half-time, during the grace period, and during deferment periods.
- Unsubsidized: not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.
- PLUS: unsubsidized loans for graduate/professional students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods.