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Student Loans

Student Loans

Gordon-Conwell participates in two federal student loan programs. FEDERAL PERKINS LOAN, FEDERAL STAFFORD LOAN . A complete financial aid application is required in order to receive assistance from these loan programs. To receive federal student loan funds, a student must be enrolled as a candidate in a Gordon-Conwell degree program. A student is eligible for federal student loan funds and deferment of prior loans only for the number of courses required to complete the degree program - 30 for the Master of Divinity, 20 for the various Master of Arts degree programs and 10 for Master of Master of Theology (Th.M.) program.
The Seminary sets a limit of $40,000 for individual student educational indebtedness, including debt incurred at previous schools you have attended. The Financial Aid Committee with representation from Student Life Services, Students Accounts and Admissions will evaluate all loan requests which would take an individual above this $40,000 limit. Your request for loan funds may be denied.

FEDERAL PERKINS LOAN PROGRAM
A low interest (5%) loan awarded to students with outstanding need. A limited number of loans are available at Gordon-Conwell, so it is suggested that you apply by the priority deadline. Repayment of interest and principal begins after graduation, withdrawal or reduction of registered hours to less than six. Loans will generally range from $1,000 to $4,000 for the academic year. The cumulative maximum amount a student may borrow is $40,000, which includes any Perkins loans in an undergraduate program. Interest does not accrue during enrollment, nor during periods of authorized deferment. Repayment may take up to ten years, but a minimum payment of $40 per month is required. Cancellation provisions exist for certain types of public service occupations.

Students who borrow under the Federal Perkins loan program are required to complete Entrance Counseling before receiving loan proceeds from their first loan. Shortly before graduating or leaving school students must also complete Exit Counseling for the Federal Perkins loan program.

FEDERAL STAFFORD LOAN PROGRAM
Students applying for financial assistance meet a substantial portion of their need through the Federal Stafford Loan Program. The annual maximum award amount is $20,500. There are two types of Federal Stafford Loans: Subsidized and Unsubsidized. You can compare Gordon-Conwell's Stafford Loan Lenders before choosing which lender to go with.

Subsidized Federal Stafford Loan
On the Subsidized Federal Stafford Loan the government pays the interest on the loan while you are enrolled in school and during the six-month grace period. Repayment begins six months after graduation, after withdrawal, or after enrollment drops below half-time. The standard repayment term is ten years but may be extended through loan consolidation. The annual maximum loan amount is $8,500.

Unsubsidized Federal Stafford Loan
On the Unsubsidized Federal Stafford Loan the interest accrues while you are enrolled in school and during the grace period. Repayment begins six months after graduation, after withdrawal, or after enrollment drops below half-time. The standard repayment term is ten years but may be extended through loan consolidation. The annual maximum loan amount is $20,500 less any amount received through the Subsidized Federal Stafford loan.

Students who borrow under the Federal Family Education Loan Program are required to complete counseling before receiving loan proceeds from their first loan and again shortly before graduating or otherwise leaving school.

Students who are completing their program of study or who are enrolled less than half time (1.5 courses) must complete an exit interview.

Federal Stafford Loan Interest Rate
Beginning July 1, 2006, the interest rate for new Federal Stafford Loans is a fixed 6.8%. A guarantee fee of 1% will be deducted from the loan amount prior to disbursement. Depending on your lender, an origination fee of 2% may also be deducted from the loan amount.

FEDERAL GRADUATE PLUS LOAN
The Federal Graduate PLUS Loan is a new loan since 2006/2007. The student is the borrower for this loan. To borrow through this loan program, the student must be eligible for federal aid and must pass a basic credit check, performed by the lender. Students apply to the lender annually and may borrow up to the cost of attendance less other financial aid.

The Federal Graduate PLUS Loan has a fixed interest rate of 8.5%. Fees of up to 4% can be deducted from the loan amount. Interest begins to accrue upon disbursement of the loan. Repayment begins within 60 days of the final disbursement of the loan; however, students enrolled at least half-time may defer payments while in school. The standard repayment term is 10-25 years depending on the loan amount but may be extended through loan consolidation. As a federal loan, the Graduate PLUS Loan is eligible for federal loan consolidation.

Because the Graduate PLUS Loan is so new, lenders do not have application materials available at this time. The financial aid office will update this page as new information is available.

If you had a previous loan during your undergraduate education or you have a current loan in graduate school you can now find out who services your student loans and how to contact them online. To go to this web site click on the logo below.