Eligible students are offered Direct Subsidized and Unsubsidized Student Loans as part of the financial aid awarding process. Students should be checking their student portal for any new awards or changes in their financial aid. Students can decide whether to accept, decline, or reduce the loan amounts offered to them. If a student decides to accept student loan funds, Student Financial Services will process the loan, and a Loan Certification Notice with the amounts and estimated disbursement dates will eventually be emailed to the student.

First time borrowers at Fuller must also complete an Entrance Counseling Session before they can receive loan funds. Students who wish to apply for the Federal GRAD PLUS Loan should complete the GradPLUS Application located on the Forms page.

ELIGIBILITY REQUIREMENTS

To qualify for Federal Direct Loans you must:

• be accepted into a degree program and have an eligible admission status (Doctor of Ministry and Certificate students are no longer eligible).
• clear any "Provisional" admissions requirements with the Admissions Office
• be a United States citizen or legal Permanent Resident.
• be enrolled at least half-time (6 units in most degree programs. In the MAGL program, 4 units equals half-time).
• be in compliance with the U.S. Selective Service if you are a male.
• NOT be in default on any current or prior Federal loan or Perkins loan.
• complete any additional requirements that may become necessary due to your particular circumstances.

HOW TO APPLY

In order to be considered for student loans, a student needs to submit the following items:

1. Complete and submit the Free Application for Federal Student Aid (FAFSA).Fuller's federal school code is G01200.
2. Students may also be required to submit additional information as requested by the Student Financial Services office.

OTHER REQUIREMENTS

After you have been awarded there are some additional steps you need to take to receive loans:

1. You need to accept your loan funds - Of the loan funds offered to you, you will be given the option to accept all of the funds, a portion, or decline them altogether. Once you submit your acceptance of a loan, Student Financial Services will start the loan certification process. You still have the option to adjust your loan amounts throughout the year, but some restrictions may apply. You should contact Student Financial Services or see the "What Do I Need To Know About Loans?" section for more information.
2. If this is the first time you are taking out loans at Fuller you will need to complete Loan Entrance Counseling. - The Entrance Counseling session will begin with basic financial aid information and will end with a quiz. Don't worry, if you miss a question you will have the opportunity to answer it again. After all of the questions have been answered correctly, your results will be sent directly to the Student Financial Services Office. You may complete your counseling requirement by clicking on the link below. Click here to begin your ENTRANCE counseling session.
3. If this is your first loan at Fuller you will need to sign a Master Promissory Note (MPN). This can be completed at www.studentloans.gov. This is your agreement to pay back the loan funds you borrow. Your loans can be certified before you complete this, but the loan funds will not be disbursed until after the MPN is complete. Note: The Direct Unsubsidized Loan and the GradPlus Loan have different MPNs. If you will be borrowing both types of loans then you will complete two separate MPNs.
4. If you decrease your number of units, this will change your Cost of Attendance (COA) which could reduce your loan eligibility. Please inform the SFS Office if you change your number of units within an academic year.

TYPES AND LIMITS

Fuller offers two types of loans: Direct Unsubsidized and GradPLUS. Not all students can qualify for both types.

Direct Unsubsidized Loans

Unsubsidized loans begin to accrue interest as soon as the funds are disbursed. You can choose to pay the interest while you are in school or allow it to accrue and eventually be added to your principal balance. There is a 6 month grace period for this type of loan. Once you graduate or drop below half-time enrollment status, then your loans will begin the 6 month grace period.

• Limit: Students can borrow up to $20,500 in Direct Unsubsidized loans. Clinical Psychology (Doctoral level) students can qualify for additional loan eligibility beyond the normal $20,500 limit.
• Interest Rate: Direct Unsubsidized Loans disbursed for the 2020-2021 year are at 4.30% APR. View the interest rates on federal student loans first disbursed before July 1, 2020.
• Origination Fee: For loans disbursed on or after 10/1/20 and before 10/1/21, the origination fee is 1.057%

Direct GradPLUS Loans

Once a student applies for this type of loan, a credit check for "adverse credit history" is performed to make sure a student is eligible. GradPLUS loans are unsubsidized, so interest begins to accrue as soon as the funds are disbursed. Repayment can begin 60 days after the loan is disbursed to you, but you can choose to defer payment while you are enrolled at least half time. There is no grace period built in to the terms of this loan. You will go into immediate repayment on this loan when you graduate or drop below half-time enrollment status.

• Limit: Students can borrow up to their remaining cost of attendance (as calculated by SFS) minus any other financial aid received (i.e. grants, scholarships, work study, and other loans)
• Interest Rate: Direct GradPLUS Loans disbursed for the 2020-2021 year is at 5.30% APR. View the interest rates on federal student loans first disbursed before July 1, 2020.
• Origination Fee: For loans disbursed on or after 10/1/20 and before 10/1/21, the origination fee is 4.228%

How To Apply for The Federal Direct Graduate Plus Loan

1. Log on to Federal Student Aid's Student Loan site
2. Click on "Sign In." To sign in, you will need Your FSA ID (used to sign the FAFSA).
3. Select "Apply for Aid" tab, then “Apply for the Grad PLUS loan” from the drop down menu. Complete the Grad plus online application and credit check. 
4. After completing the credit check, if approved, please complete the Master Promissory Note (MPN) for a PLUS Loan and add Fuller’s school code G01200 (*Note: If the initial application/credit check is denied, and later appealed/endorsed and approved, the borrower will be required to complete both a Master Promissory Note and Loan Entrance Counseling for the Federal PLUS Loan). Professional students can use this to help pay for college or career school.
5. Once you have been approved and completed your MPN and entrance counseling, complete your Grad plus Loan Certification form to let us know how much you are wanting to borrow. Please note that the amount of your request will be up to your cost of attendance minus other aid. This loan will then be disbursed evenly by the number of eligible quarters for which you are enrolled. 

What If I am Denied?

Should the student be denied, the U.S. Department of Education does offer the option of applying with an endorser who does not have an adverse credit history. An endorser is someone who agrees to repay the Direct PLUS Loan if the borrower does not repay the loan. In some cases, a student may obtain a Direct PLUS Loan if they submit satisfactory documentation to the U.S. Department of Education explaining the extenuating circumstances related to the students adverse credit history. For more information regarding endorsers, please click here.

Students must be enrolled and have attended classes in order for scheduled loan funds to disburse.

Each loan is assigned a loan period based upon the number of consecutive quarters of half-time enrollment you are enrolled in. The estimated disbursement dates for each loan are listed on the Loan Certification Letter, which is emailed to you after your loan has been processed by the Student Financial Services. All loans are disbursed by Electronic Funds Transfer (EFT) and are applied directly to your Fuller Student Account in accordance with federal regulations.

If the loan disbursement creates a credit balance, a refund is either mailed directly to your home or electronically transferred to your bank account if you have signed up for electronic refunds (eRefunds). This happens after the disbursement has been applied to your Fuller Student Account. Your loan eligibility is confirmed each time a disbursement arrives. You must be enrolled and attending classes at half-time status each quarter at the time the disbursement arrives. In accordance with federal regulations, the Seminary cannot disburse your loans if you no longer meet the eligibility requirements. If you drop below half time during the quarter the Seminary may also be required to return your loan funds. You should consult both your academic adviser and Student Financial Services before you drop classes to see if it will change your loan eligibility.

Fuller can only apply your loans towards tuition and ASC fees for the quarter that your loans cover. If you are getting a parking permit, health insurance, Writing Center fees, or any other additional fee then your loans will not cover those unless you sign a Title IV Student Loan Disbursement Agreement which is available on the Forms page. Without this document Fuller cannot use your loans to pay additional fees and you may be left with a balance due on your student account even if you received a refund.

Loan Advance for Book Purchase

Fuller will provide eligible students with a partial advance of their estimated loan refund to purchase books. This book advance is based upon the number of units the student is registered for at the time of advancement, normally the first Monday of the quarter, and will be credited to the student at the lesser of either $55 per unit or the total anticipated refund amount. The advance will normally be placed on the student’s account and the refund will be processed on the first Monday of the quarter. Actual receipt of the advanced funds by check or e-refund may take 7-10 business days. Eligible students are those who, ten (10) days prior to the beginning of the quarter, are registered above half-time enrollment in their program, have eligible loans ready to be disbursed*, and anticipate a refund after all applicable charges have been paid on the student’s account. If you do not want a book advancement and wish to opt out, please call the Student Financial Services office.

*Ready to disburse means: meeting all federal eligibility requirements, signing the master promissory note, and completing all endorser documents if applicable (Graduate PLUS loans only).