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    Gordon-Conwell Theological Seminary

    Financial Aid Office
    130 Essex Street
    South Hamilton, MA 01982
    (978) 646-4018
    Hours: 8:00 a.m. - 4:30 p.m. M-F

    Student Accounts Office
    130 Essex St.
    South Hamilton, MA 01982
    (978) 646-4049
    Fax: (978) 646-4601

    Fall and Spring Hours:
    Closed Daily for Lunch 1:00pm-2:00pm
    Closed Wednesdays for Chapel 11:00am-12:15pm

    Summer Hours:
    Monday-Thursday: 9:00am-3:30pm
    Closed for Lunch: 1:00pm-2:00pm
    Friday: Closed

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Direct Unsubsidized Federal Direct Student Loans - Jacksonville

Gordon-Conwell participates in the William D. Ford Direct Student Loan Program. These loans are known as Direct Unsubsidized Federal Student Loans and are available to eligible graduate students. For more information, please review the following topics on this page.


Eligibility for Student Loans

Federal Direct Loan Program

Maximum Loan Amount

Interest Rate and Lender Fee

SAP: Satisfactory Academic Progress

Master Promissory Note, Entrance Counseling

Exit Counseling

Grace Period


Federal Graduate PLUS Loan

Student Loan Debt History

Federal Student Loan Repayment and Consolidation

Student Loan Indebtedness Policy


Eligibility for Student Loans

To receive a federal loan, you must

  • Be a U.S. citizen or eligible non-citizen (such as a Permanent Resident)
  • Have a Bachelor's degree OR
  • Have completed at least 3 years of full-time study at the undergraduate or graduate level
  • Be accepted into a Master's level degree program
  • Be registered for at least 4 credits each semester
  • Complete at least 67% of the classes you attempt AND
  • Maintain the minimum required GPA for your degree.

You must NOT

  • Be in default on any previous federal student loans OR
  • Be a visiting, diploma, certificate, or D.Min student.


William D. Ford Title IV Student Loan Program: Details and Requirements

Direct Unsubsidized Loan Limit per Academic Year for Graduate Students: $20,500
  • The loan amount can not exceed the cost of attendance minus any scholarship or grant.
  • Student must meet and maintain loan eligibility. See specific requirements at Jacksonville-Apply-for-Financial-Aid.
Interest Rate:  6.60% for the 2018-2019 Academic Year
  • Rate is fixed for the life of the loan.
  • Interest accrues while student is enrolled half or full-time.
  • Interest also accrues during grace period.
  • Students choose to let interest accrue OR may pay interest while in school.
  • Interest rate for loans received in subsequent academic years may vary and will be determined by the federal Department of Education.

Lender Fee: 1.062% for the 2018-2019 Academic Year

  • Fee is deducted from loan amount before disbursement.
  • Lender fees for loans received in subsequent academic years may vary and will be determined by the federal Department of Education.
SAP: Satisfactory Academic Progress Regulation and Policy for Student Loan Borrowers

Students who received federal student loans must meet the following Satisfactory Academic Progress requirements:

  • The student must maintain the minimum GPA required for his or her degree program AND
  • The student must successfully complete at least 67% of courses attempted.

For this purpose, successfully completed is defined as having received a passing grade (D- or higher or P for a pass/fail class). Note that withdrawing (and receiving a W) is not considered successfully completed; the class would be included in the SAP calculation. The SAP verification is done prior to the disbursement of loans. If a student does not meet the requirements, the student will be notified by the Financial Aid Office.

A student who does not meet SAP requirements has the option of an SAP appeal process. The process is described in the notification and also in the GCTS Handbook. If a student's SAP appeal is approved, loan eligibility can be reinstated and the student may be eligible to receive a federal student loan. If a student does not use the SAP appeal process or if a student's SAP appeal is not approved, the Financial Aid Office will not be able to disburse that student's loan. 

Master Promissory Note and Entrance Counseling Tutorial

As a new borrower at GCTS, you will be required to complete both a Master Promissory Note (MPN) and Entrance Counseling Tutorial (Entrance Counseling). You must complete both before you can receive a Direct Unsubsidized Federal Student Loan.

The MPN is a legal document -- a promise to repay your student loan according to certain conditions. The Entrance Counseling explains your responsibilities as a borrower. both are completed online through StudentLoans.Gov.

Exit Counseling

As you graduate, you will be required to complete an online Direct Loan Exit Counseling Tutorial. Access the Direct Loan Exit Counseling Tutorial through StudentLoans.Gov. Note that Gordon-Conwell can not issue a diploma or transcript until this requirement is met.

The same exit counseling requirement applies if you take a leave of absence, drop below half-time, or withdraw.

Grace Period and Repayment

If you 1) drop below a half-time course loan, 2) withdraw from school, or 3) graduate, your six-month grace period begins. You are not required to make student loan payments during this grace period, but will be required to do so once the grace period is over.

If you return to school on a half or full-time basis before the grace period is over, you will have a new six-month grace period upon graduation, withdrawal, or dropping below a half-time course loan again.

The standard repayment term for student loans is ten years, but other options may be available. See StudentLoans.Gov for more information about repayment plan options.

Federal Graduate PLUS Loan

The Federal Graduate PLUS Loan program is another option for student loans. Students apply annually and must pass a basic credit check through the Department of Education. Visit StudentLoans.Gov for more information or to apply.

Annual Maximum Amount: Students may borrow up to the cost of attendance minus other financial assistance.

Interest Rate:  7.60% for the 2018-2019 academic year

  • Interest accrues from time the loan is disbursed
  • Interest rates for loans received in subsequent years may vary and will be determined by the federal Department of Education

Lender Fee:  4.248% for the 2018-2019 academic year

  • Fee is deducted from the loan before disbursement
  • Lender fee for loans received in subsequent academic years may vary and will be updated by the federal Department of Education.


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. Graduate PLUS Loans are eligible for federal loan consolidation.

Master Promissory Note for GradPlus Loan

GradPlus borrowers are required to complete a Master Promissory Note. Complete this online at StudentLoans.Gov.

If you do not have adverse credit (as determined by the GradPLUS application) AND have already completed the Entrance Counseling Tutorial for an Unsubsidized Direct Loan, you are not required to complete the separate GradPLUS Counseling module. However, we do recommend that all GradPLUS borrowers complete this tutorial as it is designed to help applicants understand borrower obligations and the costs of a PLUS loan.

Note for Students with Adverse Credit Findings

Students who apply for a GradPLUS loan may be determined to have adverse credit. A student with an adverse credit history may qualify for a GradPLUS loan by obtaining an endorser who does not have an adverse ceredit history or by documenting extenuating circumstance related to the adverse credit information.

GradPLUS Entrance Counseling is mandatory for applicants who have an adverse credit history.


Student Loan Debt History

Use the National Student Loan Data System at NSLDS.Gov to review your undergraduate or graduate student loans or to find contact information for your loan servicer.


Federal Student Loan Repayment and Consolidation

Find information about standard repayment plans and options at StudentLoans.Gov. For information about federal student loan consolidation or an application for consolidation, see StudentAid.Gov. See NSLDS.Gov to review your student loan history and loan servicers. 

As a student borrower, you are responsible for staying in touch with your servicer and for making payments, even if you do not receive a bill. Make payments directly to your loan servicer. Additional information about basic repayment procedures, repayment plans, and loan consolidation, has been compiled on our Federal Student Loan Repayment Handout.


Student Loan Indebtedness Policy

The Trustees of Gordon-Conwell are concerned about the impact that large loan repayments may have on the effectiveness of our students' future ministries, families, and personal goals. In response, the seminary has established a policy to reach out to any student whose debt is nearing or has exceeded $40,000 whether from current study at the seminary or from previous study at other institutions.

We consider this level of debt a point at which reflection is both warranted and wise. If this applies to you, the Financial Aid Office will send you a letter with a few questions about your plans for future borrowing and repayment. We require that you thoughtfully address those questions in your written response to our Financial Aid Debt Committee. This letter is, of course, strictly confidential. The Committee will review your response before the Financial Aid Office will offer additional federal student loans beyond the $40,000 threshold.