Federal Direct Loans (Title IV)
Erskine Theological Seminary participates in government loan programs that make funds available to students enrolled in one of Seminary’s degree programs (not diploma or graduate certificate programs) and whose personal resources are not sufficient to pay for graduate studies. Students must meet the following general requirements:
- Be enrolled at least half-time in a degree program (6 hours per term for master level students, and 3 hours per term for DMin and ThM students).
- Be a U.S. citizen or eligible non-citizen (as defined by the federal government).
- Certify that they do not owe a refund on any grant, are not in default on any student loan, have not filed for bankruptcy, are not in foreclosure, and have not borrowed in excess of the loan limits under the Title IV programs at any institution.
- Make satisfactory academic progress toward their degree.
- Register for courses by the official registration deadline for each semester or term.
Students may not receive financial aid for courses that do not count toward their official degree program(s). Students should note that they must ordinarily begin repayment of their Federal Direct loan, with interest, six months after they complete their degree or drop to less than half-time status, unless a deferment is granted.
Graduate or professional students are not eligible to receive federal subsidized loans and may only receive unsubsidized Federal Direct loans. The interest that accrues on Federal Direct unsubsidized loans can be deferred as long as the student is enrolled at least half-time. To apply for the Federal Direct loans, students must complete the Free Application for Federal Student Aid (FAFSA) online at www.studentaid.gov. The Seminary’s federal school code is E00177.
- For Federal Stafford Loan, complete the Free Application for Federal Student Aid (FAFSA). First-time borrowers will also need to complete the Entrance Counseling and the Master Promissory Note, on the same website. The Master Promissory Note is required each academic year.
- Federal Graduate PLUS Loans are federally sponsored loans for students attending graduate school. Students can apply for this loan by completing the Federal Graduate Loan PLUS application. First-time borrowers will also need to complete the Entrance Counseling and the Master Promissory Note, on the same website. The Master Promissory Note is required each academic year.
Graduate or professional students are only eligible to receive unsubsidized federal loans. A graduate student is eligible to borrow up to $20,500 per academic year in unsubsidized Federal Stafford Loans. After the use of the Stafford funds, graduate students may apply for the Federal Graduate PLUS Loans.
- Federal Student Loans Financial Literacy Guidelines(Financial Aid Toolkit)
For more information:
Contact: Amanda Taylor, Director of Financial Aid