Westminster is approved to participate in the Federal Direct Student Loan Program (FDSLP), part of the Title IV program, in adminstering:
- Direct Unsubsidized Loans (6.21% interest rate and loan fee of 1.072%)
- Graduate PLUS Loans (7.21% interest rate and a loan fee of 4.288%)
Note: Interest rates for 2014-15 Unsubsidized and Graduate PLUS loans took affect after 7/1/2014.
Loans are available to students whose enrollment status is at least half-time and who have completed a minimum of three years of full-time undergraduate or graduate study prior to or while attending Westminster. The enrollment status of the Westminster D.Min. program is considered less than half-time. Students enrolled in this program are not eligible to apply for government loans or have previous loans deferred. ("Special" and Certificate students are also ineligible to receive government loans to fund their seminary education.)
For more detailed information about the government loan program at Westminster please see the 2014-15 catalog. Students ineligible for government loans may qualify to apply for private (bank) educational loans.
The Seminary is also approved to participate in the Canada Student Loans Program. This program provides federally insured loans to students via private banks and is administered by the various Canadian provinces.
Paying Tuition and Fees with a Direct Loan
If you plan to pay for your tuition and fees with a Direct or Graduate PLUS Loan, your loan, originated by Westminster, must be fully approved by the Department of Education before your enrollment date (first day of classes). Under normal circumstances, the loan process can take a minimum of four (4) weeks after receiving all application materials for your loan to be fully approved.
Therefore, to insure that you will be able to pay for tuition and fees using a loan, you are encouraged to complete all loan application materials by the following dates:
||Summer Hebrew 1 & 2
UNLESS YOUR LOAN IS APPROVED, YOU ARE RESPONSIBLE FOR PAYING FOR YOUR TUITION AND FEES WHEN PAYMENT IS DUE. Click HERE for Government Loan Tuition Policy and Guidelines.
Standard Disbursement Dates
- Fall Semester: September 17th, 2014
- Winter/Spring Semester: February 16th, 2015
Note: Loans which are originated late in the semester/session are disbursed on alternative disbursement dates.
Loan Refund Checks
Loans must be approved, disbursed and processed before a check of excess funds will be issued to a student. Students will be notified by the finance office (about a week after loan disbursal) when their check is ready for pick up.