What do I need to know about Loans?
WHAT YOU NEED TO KNOW ABOUT LOANS
TYPES AND LIMITS
Fuller offers three types of loans: Direct Unsubsidized, GradPLUS, and Perkins. Not all students can qualify for all three 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 2015-2016 year will be at 5.84% APR.
- Origination Fee: During the 2015-2016 year the origination fee will be between 1.072% to 1.073%. (Effective October 1st, 2015, the origination fee is 1.068%.)
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 2015-2016 year will be at 6.84% APR.
- Origination Fee: During the 2015-2016 year, the origination fee will be between 4.288% to 4.292%. (Effective October 1st, 2015, the origination fee is 4.272%.)
These loans are need-based and awarded out of a small budget. Only a few students studying at the doctoral-level in the School of Psychology will be awarded Perkins loans. There is a 9 month grace period for this type of loan. Once you graduate or drop below half-time enrollment status, then your loans will begin the 9 month grace period.
- Limit: $6,000
- Interest Rate: 5% APR.
- Origination Fee: None.
**As of July 1st, 2012, Congressional legislation eliminated Direct Subsidized Loans for Graduate Students.**
Because Fuller previously awarded Direct Subsidized Loans, information about such loans is contained below:
Subsidized loans do not earn interest while you are enrolled at least half time in your program. There is a 6 month grace period for this type of loan. Once you graduate or drop below half-time enrollment status, then the loan will begin the 6 month grace period.
- Limit: $8,500 per year and $65,500 total (lifetime).
- Interest Rate: 6.8% APR.
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.
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.