San Francisco Theological Seminary participates in the Federal Direct Loan program, as administered through the Graduate Theological Union.
Through the Direct Loan program, an eligible graduate student may borrow pursuant to a federal direct unsubsidized loan to help finance the cost of education, including the costs for books and supplies, room and board, transportation, and other expenses that are part of the official cost of attendance. A student is not required to demonstrate financial need to borrow a Direct Stafford Unsubsidized Loan. The annual loan limit, the maximum amount a student may borrow in a single academic year, is $20,500. The lifetime borrowing limit for a graduate student (inclusive of Stafford subsidized loans and Stafford loans borrowed at the undergraduate level) is $138,500. The total amount of aid offered in any given year, including grants, loans, scholarships, and outside aid may not exceed the amount of your cost of attendance.
If you are considering student loans as a part of the way that you plan to pay for seminary, it is important to understand the interest and repayment obligations. The interest rate for a Direct Stafford Unsubsidized Loan disbursed on or after July 1, 2014 is fixed at 6.21%. Interest accrues (accumulates) on an unsubsidized loan from the time it is first paid out. The interest may be paid while the borrower is in school and during grace periods and deferment or forbearance periods, or the interest may accrue and be capitalized (that is, added to the principal amount of the loan). Choosing not to pay the interest as it accrues will increase the total amount a borrower will have to repay. Accrued interest is capitalized once the loan enters repayment. Repayment begins 6-months after a borrower graduates or otherwise drops below half-time enrollment.
The Direct Loan Program offers several repayment plans that are designed to meet the different needs of individual borrowers. Generally, borrowers have 10 to 25 years to repay a loan, depending on the repayment plan that is chosen. A borrower will receive more detailed information about repayment options during the required student loan entrance and exit counseling sessions.
SFTS encourages its students to explore all non-loan sources of financial support before undertaking student loans. The financial aid offices of both the Graduate Theological Union and SFTS are available to help students understand the loan application, disbursement, and repayment process.
- Applicant must be a U.S. citizen or an eligible non-citizen (permanent resident)
- Be working toward a degree or certification
- Be registered with Selective Service (if required)
- Be making satisfactory academic progress
- Not be in default or owe a refund on a federal grant or federal loan
- Be enrolled at least half-time
For Federal Direct Loan Program only, contact: Graduate Theological Union – Financial Aid Office, 2400 Ridge Road (mailing address), Berkeley, CA 94709, 510-649-2469, fax 510-649-1730, email firstname.lastname@example.org.