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Federal Loan Programs
There are many different types of Federal Aid you may qualify for. We encourage
our students to borrow carefully. We inform students of their eligibility and
let them decide if they want to borrow. Federal Loans are low-interest loans.
The Federal Government sets the interest rate on these loans annually. The various
types of Federal Loans include those outlined below:
| Loan Type |
Eligibility |
Annual Loan Limits |
Features |
|
Perkins Loan
[apply]
|
U.S. Citizen or permanent resident
Enrolled at least half-time
Satisfactory Academic Progress
Need-based
|
Up to $3000* |
Repayment begins nine months after the borrower graduates, withdraws
or drops below half-time.
Interest is paid by the federal government while the borrower is in school.
Borrowers have up to 10 years to repay.
There are no fees.
Interest rate fixed at 5%.
|
Subsidized Stafford Loans
[apply] |
U.S. Citizen or permanent resident
Enrolled at least half-time
Satisfactory Academic Progress Met
Need-based
|
$8500** depending on need |
Repayment begins six months after the borrower graduates, withdraws or
drops below half-time.
Interest is paid by the federal government while the borrower is in
school, during grace or deferment periods.
Borrowers have up to 10 years to repay.
Fees from 0 up to 3% may be deducted at disbursement.
The aggregate loan amount for graduate students is $65,500 (including
undergraduate loans).
Interest rate fixed at 6.8%.
|
Unsubsidized Stafford Loans
[apply] |
U.S. Citizen or permanent resident
Enrolled at least half-time
Satisfactory Academic Progress
Not based on need
|
$12,000** depending on need |
Repayment begins six months after the borrower graduates, withdraws or
drops below half-time.
Borrower pays the interest. Borrower has the option of making interest-only
payments while in school or allowing the interest to accrue and be capitalized
at repayment.
Borrowers have up to 10 years to repay.
Fees from 0 up to 3% may be deducted at disbursement.
The aggregate loan amount for graduate students is $73,000 (including
undergraduate loans).
Interest rate fixed at 6.8%.
|
Graduate PLUS Loan
[apply] |
U.S. Citizen or permanent resident
Enrolled at least half-time
Satisfactory Academic Progress
|
Up to cost of attendance, as determined by the
school, minus expected financial aid |
Fees from 0 up to 3% may be deducted at disbursement.
Various repayment plans are available.
Borrowers may be able to apply for a forbearance for up to 48 months,
or for an in school deferment while enrolled at least half-time.
Interest rate fixed at 8.5%.
|
|
*Perkins loans can not exceed an aggregate loan amount of $40,000 (including
any previous Perkins Loans).
**Stafford loans are limited federally to $20,500 per academic year for
graduate students and can not exceed an aggregate total of $138,500 for
all student loans including undergraduate loan debt.
|
Applying for Perkins Loans
Recipients of Perkins Loans are notified by the Financial Aid Office. Once notified
that you are eligible to receive a Perkins Loan, several steps are required
to apply for Federal Perkins Loans.
- All new borrowers must complete online Perkins
Loan Entrance Counseling (click on EdTest in the upper right hand corner) before any federal loan check
can be applied to their student account or disbursed. The school will be notified
electronically when you complete the counseling session.
- Complete and sign the Federal
Perkins Loan Master Promissory Note and return it to the Financial Aid
Office.
Applying for Federal Stafford Loans (Subsidized, Unsubsidized or Graduate PLUS)
Complete the Free Application
for Federal Student Aid (FAFSA). Students who have not previously received
a Federal Stafford Loan while at Claremont School of Theology must complete
the following steps. Your student loan will not be processed nor funds released
until you have completed the steps below.
NOTE: Students applying for Graduate PLUS loans must have first applied for
and received the full amount of Stafford Loans of $20,500 ($8500 Subsidized,
$12000 Unsubsidized).
Step 1: Prior to choosing a lender, you must successfully complete
online entrance counseling.
- Complete "Entrance
Counseling" online. You must answer all questions and fill in all required
fields. Upon successful completion of the session, EdFund will electronically
notify Claremont School of Theology.
- Create
a budget. (Optional)
Step 2: Access
your student loan history online. You will need your FAFSA pin in order
to access your information.
Entrance Counseling
All Perkins and Federal Stafford Loan borrowers must complete Entrance
Counseling. From the drop down box select either Perkins or Stafford Loans
for the appropriate counseling session. The results are sent to the school electronically.
Exit Counseling
Completed in person only. Contact the office of Financial Aid.
