Seminary Loan Information
George Fox Evangelical Seminary (GFES) participates in the Direct Loan Program for the Federal Subsidized Stafford Loan and the Federal Unsubsidized Stafford Loan. Eligibility for the Subsidized Stafford and the Unsubsidized Stafford is determined by filling out the FAFSA, being enrolled at least half-time in a degree seeking program and other enrollment factors. The federal government pays the interest on the Subsidized Stafford loan as long as you are enrolled for at least half-time. Students are responsible for the interest charged to their Unsubsidized Stafford Loan. The interest rate for 2011-12 for the Stafford Subsidized Loan will be 3.4% and the Unsubsidized Stafford Loan will be 6.8%. Both loans have fixed interest rates. Repayment begins 6 months after graduation or attending less than half-time.
* Beginning July 1, 2012 graduate students will only be eligible for Federal Direct Unsubsidized Stafford Loans.
Seminary students may also consider the Federal Direct Grad PLUS Program if additional aid is needed beyond the Stafford Loan Program. To be eligible for a Grad PLUS Loan students must file the FAFSA and be able to pass a credit check. Students that have adverse credit may still be able to borrow with a credit worthy co-borrower. The interest rate for the Grad PLUS is fixed at 7.9%. The Grad PLUS loan interest is unsubsidized and is the responsibility of the student. Students can choose to pay the interest while in school or to defer payment. Unpaid interest will be added to the students loan balance. There will be a 2.5% origination fee that will be deducted from the Grad PLUS before it disburses to the student account.
For additional information on federal student loans, click here
Alternative loans are private loans that are not part of the federal financial aid program. Interest rates and fees vary greatly and may depend on the borrower's credit-worthiness. Students may be required to have a co-signer. Loan amounts cannot exceed the cost of attendance less other financial aid. We encourage students to contact their financial aid counselor if they are considering an alternative loan, so they can make an informed decision.
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Note: You cannot borrow more than the cost of education as determined by the budget for the school year.