Westminster provides as many financial options as possible for students, so that each one has the opportunity to follow God's will for a Godly education. If ineligible for federal loan programs, students enrolled in the DMin program or considered special level have alternative options, as outlined below.
Alternative Education Loans
Students who are ineligible for government loans may apply for educational loans provided by commercial banks. These loans have variable or fixed interest rates that are usually higher than those of government loans. Students wishing to apply for a bank-sponsored student loan may compare interest rates, eligibility requirements and application details of loans offered by different banks at ELMSelect. Banks with which Westminster has worked in the past are listed on the ELMSelect site.
Once the bank has processed and approved the loan application, the financial aid office at Westminster will be contacted to certify the enrollment status of the loan applicant. Alternative loan disbursement dates will be aligned with those of government loans whenever possible.
Please be sure to compare the fees and terms of the student loan products to determine those that are best suited to your individual needs. To do this, check boxes on the menu bar below each of the products that you want to correlate and then click on the word “Compare” on any of the menu bars. Also know that you may choose to use another private loan lender, including those not present on Westminster's ELM Select lender list.
Note that most interest rates are determined by the sum of an index rate (such as LIBOR or Prime) and a margin that is determined from your credit rating.