Government loans offer financial opportunities to students of all backgrounds. Here's how Westminster currently interacts with some of these loan programs.
The seminary has been approved to participate in the Federal Direct Student Loan Program (FDSLP), which is part of the Federal Title IV program for the administration of:
- Federal Direct Unsubsidized Loans
- Graduate PLUS Loans
The direct loan program is funded and insured by the federal government. The Seminary is also approved to participate in the Canada Student Loans Program. This program provides federally-insured loans to students via private banks and is administered by the various Canadian provinces.
Federal Direct Unsubsidized Loan (FSUL)
The FSUL is not need-based and currently has a 5.84% interest rate and a 1.069% loan fee (the interest rate for the 2017-18 academic year was determined late Spring 2017 and based on the sum of the 10-Year Treasury Note Index plus an add-on of 3.60%).
It is available to students who may request up to the smaller of $20,500 or the Cost of Attendance (COA), which is determined by the sum of living expenses, tuition, fees (student and loan), and books. The interest due on an unsubsidized loan is paid by the student.
Graduate PLUS Loan
The Graduate PLUS Loan is not need-based and currently has a 6.84% interest rate, which is paid by the student, and a 4.272% loan fee (the interest rate for the 2017-18 academic year was set late Spring 2017 and was determined by the sum of the 10-Year Treasury Note Index plus an add-on of 4.60%).
It is available to students with good credit history who want to borrow funds in excess of their total unsubsidized loan eligibility.
The combined total of unsubsidized/GradPLUS loans and other financial aid per academic year cannot exceed the student’s COA. For further information about this loan, please contact the financial aid office.
Recommended Loan Limits
Current and prospective students considering loans to finance their Westminster education are advised not to exceed a total student loan (combined undergraduate and graduate) indebtedness in excess of $26,000 for an MDiv or MAR degree and $20,000 for other Master's degrees.
Students requesting loans that will result in them exceeding a total loan debt level of $26,000 for MDiv or MAR degrees or $20,000 for other Master's degrees will be emailed a “Notice of Student Debt Management” about loan repayment or be required to meet with the financial aid officer for debt counseling.