Student Loans at Saint Paul School of Theology

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Federal Direct Stafford Loan Information

Please note that subsidized Stafford Loans are no longer available to graduate students as of July 1, 2012.

Most students want to avoid substantial loan debt. For unmet need, however, degree-seeking students are eligible to borrow from the Federal Direct Stafford Loan Program. Students must be enrolled in at least 6 credit hours in the fall or spring in order to be eligible for student loans.

Federal Direct Stafford Loans must be repaid. An Unsubsidized Direct Stafford Loan is a federally guaranteed loan that is not based on financial need. Interest will accrue from the time the loan is disbursed to the school. You do not have to make interest or principal payments until six months after graduation, or six months after you drop below a half time status.

Unsubsidized Loan Benefits

Borrow up to $20,500 per year depending on cost of attendance budget
Fixed interest rate - 6.8%
No payments required while enrolled in school
Unsubsidized Direct Stafford Loan Interest Rate information
The current interest rate for an Unsubsidized Stafford loan is 6.8% fixed. Interest begins accruing after the loan is disbursed to the school. Up to a 2% fee may be taken from the loan at the time of disbursement. You are not required to pay the interest while you are in school, but doing so can save you money. If you choose not to pay the interest while in school then the interest is capitalized when the loan enters repayment after being in school, in your grace period, or after deferment.

What is capitalization?
This means that the interest that accrues is added to your principal loan balance, and interest then begins accruing on that new principal balance. You are essentially paying interest on interest.

All students who borrow Stafford Loans are required to complete Entrance Counseling and a master promissory note at https://studentloans.gov/myDirectLoan/index.action

Students who are interested in student loans must complete a Free Application for Federal Student Aid (FAFSA). Eligible applicants must be a U.S. Citizen (or eligible non-citizen), maintain satisfactory academic progress according to school policy, and be a degree-seeking candidate. Students should complete the FAFSA online at www.fafsa.ed.gov.

Saint Paul School of Theology's Title IV Code is G02509.

Next Steps

Questions about student loans?

Call Kim Warren at (816) 245-4859 or email kim.warren@spst.edu