Wesley participates in the William D. Ford Federal Direct Loan Program.
As of July 1, 2012 the only type of loan available to graduate level students is the unsubsidized Stafford loan. The present interest rate is fixed at 5.84%.
The unsubsidized Stafford will begin to accrue this interest at the time of disbursement but does not have to be repaid until 6 months following graduation or after dropping below half-time.
The procedure for applying for a Direct unsubsidized Stafford is as follows:
- Complete FAFSA form.
- Complete a Stafford Loan Request Form and return it to the Financial Aid Office.
- Complete a Master Promissory Note and Entrance Counseling at www.studentloans.gov
Loan funds will be received by electronic fund transfer. The loan takes a couple of weeks to process, and disbursements will be scheduled once per week. Tuition, fees and any other charges must be paid first from the loan disbursement. Then, students may request a refund of any remaining credit balance once all charges are covered.
Grad PLUS loans should only be utilized if and when the Stafford loan limits for the year have been reached and the student needs additional loan funding. The current interest rate is fixed at 6.84%. The loan is unsubsidized, therefore the interest accrues while the student is in school.
A student may borrow the remaining cost of attendance after other aid is applied. It is a credit-based loan and there is no grace period following graduation or less-than-half-time status. Repayment begins immediately. To apply for a Grad PLUS go to www.studentloans.gov.
Grants, scholarships, work opportunities, outside scholarships, Stafford and Grad PLUS loans may be available to you and should be fully explored prior to applying for private education loans. Wesley encourages all students to file the Free Application for Federal Student Aid (FAFSA) and be considered for any available federal loans before applying for a private education loan.
Wesley is committed to offering students the best possible assistance to meet the cost of attendance. As a service, the seminary has completed the research necessary to identify reputable lenders that provide competitive interest rates and outstanding service to borrowers. Our application site FastChoice, in partnership with Great Lakes Higher Education Corporation provides a place to start the search for a private lender. However, borrowers have the right to select the education loan provider of their choice.