What do I need to know about Loans?
WHAT YOU NEED TO KNOW ABOUT LOANS
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: During the 2020-2021 year the origination fee is 1.059%. (The origination fee is subject to change after October 1st, 2020.)
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) which is not covered by other types of aid.
- 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: During the 2020-2021 year, the origination fee is 4.236%. (The origination fee is subject to change after October 1st, 2020.)
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 indicated on your Fuller Financial Aid Application. 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 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).
Your loans are for educational expenses. This includes obvious things like tuition and books, but the funds can also be used toward living expenses. "Living expenses" include things like rent, food, and school-related transportation. You cannot buy things like a new car or plane tickets home on breaks with federal loan funds. If you have specific questions about what your loans can be used for, please contact Student Financial Services.
If you want to increase your loan amount you should contact Student Financial Services office to determine if you have any additional loan eligibility and then complete a Fuller FastApp which is available on the SFS Forms page.
If you want to decrease your loan amount you should contact the Student Financial Services office (firstname.lastname@example.org) to make arrangements for the reduction of recent and/or future disbursements. You have 14 days from the date of your loan disbursement to return the recently disbursed funds without penalty.