News And Events
Alumnae/i Days 2013 Photo Gallery
Seminary Hosts Pittsburgh Pastoral Care Conference
PTS Receives Grant for Worship Renewal Project
Series Explores the Idea of Spiritual But Not Religious
Pittsburgh Theological Seminary Names Assistant Professor of Homiletics
PTS Welcomes Associate Professor of Leadership and Ministry
Meet our Faculty and Staff in Your Area
Applying for a Federal Direct Loan
|What is it?||A long-term federal loan which students begin to repay six months after they graduate or drop below half-time enrollment. The interest rate for graduate students is a fixed 6.8 percent.|
|Who qualifies?||The student must be enrolled at least half-time per term (half-time equals six credit enrollment) in the M.Div, M.A. or STM programs; be enrolled in classes that count for the degree. The student must be a U.S. citizen or an eligible non-citizen; males must have registered for the Selective Service.|
|Loss of Subsidized Loan||President Obama signed the Budget Control Act into law Aug. 2, 2011. This legislation made two significant changes to the graduate loan program. Effective with the 2012-2013 academic year, graduate students are no longer eligible for SUBSIDIZED loan funds. Subsidized loans were loans that the federal government paid the interest while the student was enrolled in school and at times of deferment. Going forward, all federal loans will be unsubsidized for graduate students. The Loan Rebate was also eliminated.|
An unsubsidized loan is when the student is responsible for the interest while enrolled in school. Interest begins to accrue on the day that funds are disbursed. The interest can be paid quarterly or capitalized and added to the loan principal.
|How much can I borrow?||
Graduate students may qualify up to $20,500 of unsubsidized funds per academic year. In most circumstances, students will apply for the three terms at one time; a third of the loan will be disbursed for each term. A student needs to reapply each academic year.
Graduate students may borrow up to a lifetime amount of $138,500 from the Federal Direct Loan program.
|Is there a fee for my Direct Loan?||
Students pay a 1% Origination Fee to the Department of Education. The fee is a percentage of the amount borrowed. Fees are deducted before the loan is disbursed into the student's account.
|How do I apply?||
There are four steps for to apply for a Federal Direct Unsubidized Loan.
1) Borrowers must complete the FAFSA. If selected for Verification, the school will mail further instructions to the student. (PTS School Code = G03356)
2) Complete a Federal Direct Loan Master Promissory Note at www.StudentLoans.gov.
3) Complete a Federal Entrance Counseling Session at www.StudentLoans.gov.
4) Submit the "PTS Direct Loan Request Form" to the Financial Aid Office for each loan.
For additional information, please read Federal Direct Loans; Information, Guidelines, and Policy.