Asbury Theological Seminary

 

Federal & Other Institutional Aid

At Asbury Theological Seminary, we offer five different types of Federal Aid:

Federal Perkins Loan

The Federal Perkins Loan is administered by the Seminary for U.S. citizens who demonstrate need as determined by the Free Application for Federal Student Aid (FAFSA). The interest rate is five percent. The student must sign a Promissory Note, either a paper copy or through e-signature, so that the business office can credit the loan funds to the student’s accounts. No payments are due and no interest is accrued as long as the student maintains at least half-time status and is making satisfactory academic progress in an approved program.

Federal Stafford Subsidized Loan

The Federal Stafford Subsidized Loan is secured through a bank or credit agency. Asbury’s Financial Aid Office must determine need and approve amount borrowed based on the Free Application for Federal Student Aid (FAFSA). For Stafford loans disbursed prior to July 1, 2006, the interest rate is variable, with a cap of 8.25%. For Stafford loans disbursed after June 30, 2006, the interest rate is fixed at 6.8%. The lender may charge approximately 1.5% off of the loan for an origination fee and a 1% insurance fee. The lender would then deduct these fees at the time of disbursement. Loans are disbursed in the multiple installments as per federal regulations. Allow at least four to six weeks for processing. No payments are due and no interest accrues as long as the student maintains at least half-time status and is making satisfactory academic progress in an approved program. (If a student had a Stafford Loan prior to July 1, 1987, and had begun payments, a full-time enrollment status must be maintained to defer payments).

Federal Stafford Unsubsidized Loan

The Federal Stafford Unsubsidized Loan is secured through a bank or credit agency. Asbury’s Financial Aid Office must determine need and approve amount borrowed based on the Free Application for Federal Student Aid (FAFSA). For Federal Stafford loans disbursed prior to July 1, 2006, the interest rate is variable, with a cap of 8.25%. For Stafford loans disbursed after June 30, 2006, the interest rate is fixed at 6.8%. (The bank charges approximately 1.5% origination fee and a 1% insurance fee. The bank deducts these fees at the time of disbursement.) Loans are disbursed in the multiple installments as per federal regulations. Allow at least four to six weeks for processing. Interest starts accruing at the time of the first disbursement. No payments are due as long as the student maintains at least half-time status and is making satisfactory academic progress in an approved program. (If a student had a Stafford Loan prior to July 1, 1987, and had begun payments, a full-time enrollment status must be maintained to defer payments).

GradPlus Loans

GradPlus Loans are available to students who have been offered the maximum of Subsidized and Unsubsidized Stafford Loan but still have remaining need. If you are interested in receiving a GradPlus Loan, please contact your Financial Aid Consultant for more information.

Federal Work-Study Program

The Federal Work-Study Program provides part-time jobs for students with financial need as determined by the Free Application for Federal Student Aid (FAFSA). Students work up to 15 hours per week during periods of enrollment or up to 40 hours when not attending classes. Most work-study positions start at minimum wage. Pay checks are issued bi-weekly. An institutional employment application must be filed with the Human Resources Office, located on the second floor of the Administration Building in room M206, either in person or online.

Federal Work Study openings are posted regularly to aid students in locating a position.

Institutional Aid

Please contact the Financial Aid Office for more information regarding these loans.