Types of Student Loans
Federal Direct Unsubsidized Student Loans. Eligibility depends upon enrollment and other aid. Interest on the Unsubsidized Student Loan accrues from the date of disbursement. Principal and interest may be deferred for half-time students. Unpaid interest will be capitalized (added to the balance due) by the lender. The combined annual loan limit is $20,500 (an aggregate maximum of $138,500 including undergraduate borrowing). Clinical Psychology students may borrow up to an additional $16,667 annually and have an aggregate limit of $224,000 including undergraduate borrowing. Repayment begins six months after graduation or dropping below half-time.
Federal Direct Graduate PLUS Loans. The Grad PLUS loan is an unsubsidized federal student loan with a higher interest rate than the Direct Unsubsidized loan. Interest begins accruing immediately upon disbursement. Payment of principal and interest can be deferred while you are enrolled at least half-time. Repayment begins after graduation or dropping below half-time. The amount that may be borrowed depends on your enrollment and other aid. A credit check is completed to determine if you have adverse credit history, as defined by federal regulation. Applicants with adverse credit may gain eligibility for the Grad PLUS loan if they apply with an endorser (co-signer) without adverse credit. Contact Student Financial Services for more information.
Federal Direct Loan Program Timelines. You can apply for Federal Direct Unsubsidized Loans and Graduate PLUS Loans year-round. The following materials are required for loan processing: (1) Fuller Financial Aid Application (2) the Free Application for Federal Student Aid (FAFSA); (3) any other materials requested by Student Financial Services. Please allow a minimum of 30 days for your loan request to be processed. For specific quarterly and annual deadlines, contact Student Financial Services.
Alternative Educational Loans. These loans are offered by various financial institutions for educational expenses, and are in addition to and distinct from the federally funded loan programs. Terms vary among plans and a very good credit history or co-signer is usually required. Federal regulations require all alternative education loans to be taken into consideration when determining a student’s financial aid eligibility. The most recent information is available from Student Financial Services.
Short-term Emergency Loans The seminary has a small fund to help in case of emergencies (e.g., car repairs, unexpected medical bills) and may loan students who are enrolled for at least eight units up to $300. Repayment is due in two months and no interest is charged unless repayment is late. Failure to repay per the terms of the loan forfeits future eligibility. No more than two emergency loans will be approved for a student in a 12-month period.