San Francisco Theological Seminary participates in the Federal Direct Loan program, as administered in partnership with Financial Aid Solutions (FAS), a third party loan service situated offsite, to process all aspects of awarding and disbursing Federal Student Aid.
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.
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, 2016 is fixed at 5.31%. 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 SFTS financial aid office is 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, contact the SFTS Financial Aid Office:
Stephanie LaMonaca, Director of Student Services and International Programs
firstname.lastname@example.org | 415.451.2824 | fax 415.451.2852