Seminary Loan Information
Unsubsidized Stafford Loan Program
The Federal Direct Unsubsidized Stafford loans are federal student loans offered by the U.S. Department of Education for eligible students to help cover the cost of higher education.
Unsubsidized Stafford loans are available to undergraduate and graduate students, regardless of financial need. Interest accrual begins at the point of disbursement.
Interest rates for both subsidized and unsubsidized loans are fixed (see below), and there is currently a 1.07% origination fee deducted from the funds prior to receipt at the university. Additional information is available online at www.studentloans.gov.
|Loan Interest Rates|
|Loan Type||Borrower Type||Loans first disbursed on or after 7/1/13 and before 7/1/14||Loans first disbursed on or after 7/1/14 and before 7/1/15|
|Direct Unsubsidized Loans||Graduate||5.41%||6.21%|
|Annual Loan Limits|
|Year in School||Independent Students|
|Graduate or Professional Annual Loan Limit||$20,500 (unsubsidized only)|
Loans cannot exceed the cost of attendance less other financial aid.
|Maximum Total Debt from Stafford Loans When You Graduate (aggregate loan limits)|
|Graduate and Professional Degree Students||$138,500—No more than $65,500 of this amount may be in subsidized loans. The graduate debt limit includes Stafford Loans received for undergraduate study.|
PLUS loans are federal loans that graduate or professional degree students can use to help pay education expenses. Direct Plus loans are provided by the U.S. Department of Education. To be eligible, borrowers must apply and be approved. To apply, graduate students need to go to www.studentloans.gov and submit a request. The maximum loan amount is the student’s cost of attendance minus other aid.
Federal Direct PLUS Loans disbursed on or after July 1, 2014 will have a fixed interest rate of 7.21%, and there is currently a 4.292% origination fee deducted from the funds prior to receipt at the university. Interest accrual begins at the point of disbursement.
The PLUS loan must be applied for each year the student or parent wishes to borrow. Additional information is available at www.studentloans.gov.
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. Generally, students are required to have a co-signer. Loan amounts cannot exceed the cost of attendance less other financial aid.
Try ELMSelect to view and compare lenders that have provided private loans to George Fox students in the past. While these resources will help you make an informed decision about the most appropriate loan for you, please note that you are not required to select a lender on this list.