This should then be sent or given to the seminary s Student Affairs Administrator. Students must also request a Financial Aid Transcript from each post-secondary institution they have attended, whether or not they received financial aid, and have it sent directly to the seminary s Student Affairs Administrator. A student must demonstrate a need to borrow and must complete the borrower s section of the Federal Stafford Loan Application and Promissory Note, which can be obtained from the Student Affairs Administrator. Student loans can be arranged through a lender in the student s home town or near the institution which the student is attending. There is neither interest accrual nor repayment so long as at least half-time enrollment status is maintained.
Interest rates are variable.
The interest rate is adjusted each year on July 1. The lender deducts an origination fee and insurance premium from the face value of the loan. A student may receive an unsubsidized Stafford loan even if financial need is not demonstrated. The unsubsidized loan, however, cannot exceed the student's costs of education minus other aid. The borrower will be charged interest from the time the loan is disbursed until it is paid in full.