Student Loans
Federal Stafford Loan Information
Most students want to avoid substantial loan debt. For unmet need, however, degree-seeking students are eligible to borrow from the Federal 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 Stafford Loans must be repaid. The current interest rate is fixed at 6.80%. Up to a 2% fee may be taken from the loan at the time of disbursement. Repayment begins 6 months after the student graduates or drops below half-time status. Some students may be eligible for both types of Stafford Loans (subsidized and unsubsidized). Your grade level and financial need determine the maximum for which you are eligible.
Subsidized Stafford Loans are based on financial need. The federal government pays the interest while the student is in school and during the six-month grace period.
Unsubsidized Stafford Loans are not based on financial need. The student is responsible for the interest while in school or it can be capitalized, that is, added to the principal amount and the interest will be based on that higher amount.
All students who borrow Stafford Loans are required to complete Entrance Counseling at www.mapping-your-future.org, and to complete a master promissory note with the lender of your choice.
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.
How To Apply For Federal Stafford Loans – New Borrowers
1. Complete Entrance Counseling. This can be completed online at www.mapping-your-future.org. Select the Online Counseling icon. Choose Stafford Entrance Counseling icon. Complete steps one through five and submit the test after reviewing the content. After finishing the test, you will receive an online form to complete. Please provide all the requested information, review it and click “submit”. The information will be sent to the Financial Aid Office. Print the confirmation page or note your confirmation number for your records.
2. Choose Your Lender & Complete the Master Promissory Note (MPN). Please choose your lender wisely. If you need assistance choosing a lender for your Stafford Loan, please refer to the Commonly Used Lender List on the reverse side of this brochure. Most lenders have MPNs available on their website. Contact your lender of choice for assistance locating this form.
3. Complete the Federal Stafford Loan Data Sheet. This form is available in Saint Paul School of Theology’s Admissions & Financial Aid Office.
Commonly Used Lenders
Applying for loans is an important step in financing your education. As you continue through the loan process we recommend that you choose your lender wisely. You can choose from Saint Paul’s commonly used lender list or a lender of your choice. You'll want to compare the following aspects of lender services when deciding which lender to choose:
- Ability of lender to service all your loans.
- Interest rates and terms: Although these are very similar for the federal loan programs, some lenders do offer better terms or discounts.
- Loan application processes.
- Repayment plans: some are simple, others complex.
- Benefits for borrowers who pay on time or make loan payments electronically.
- Customer service: Can you reach a live operator quickly to check on the status of your loan during hours convenient for you?
Lender Name /Code/ Phone Number/ Website
Chase Bank 803000 800.487.4404 www.chasestudentloans.com
Citibank 826878 800.967.2400 www.studentloan.citibank.com
Commerce Bank 813979 800.666.3910 www.commercebank.com/money101
Fifth Third Bank 808780 800.222.7192 www.53EducationLending.com
M&I Bank 811949 877.804.3603 www.mibank.com/studentloans
Sallie Mae Education Trust 802218 888.272.5543 www.salliemae.com
US Bank 814548 888.666.4352 www.mohela.com
Wachovia Bank 830005 800.338.2243 www.wachovia.com/education
For assistance or additional information contact:
Christal D. Williams
Director of Admissions & Financial Aid
christal.williams@spst.edu
816.245.4859
800.825.0378
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