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: After completing the required Entrance Counseling, select a lender. Review the lender's borrower benefits. Select a lender and click on that lender's link. You will be directed to the lender's website. Follow the online Stafford Loan application process including steps for electronic signature. The school will be notified electronically when you complete the master promissory note with the lender.

Step 3: 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

All Federal Stafford Loan borrowers graduating or not returning to Claremont School of Theology as at least a half-time student must complete Exit Counseling before they graduate or leave Claremont School of Theology. To comply with these federal regulations, follow the instructions for Exit Counseling, and submit the information electronically. The School will be notified electronically when you complete the counseling session.

ON THIS PAGE

Federal Loan Programs

Applying for Perkins Loans

Applying for Federal Stafford Loans (Subsidized, Unsubsidized or Graduate PLUS)

Entrance Counseling

Exit Counseling