Issue link: http://denverseminary.uberflip.com/i/137527
Direct Graduate PLUS Loans Students who need additional assistance beyond the Direct Unsubsidized Loan are encouraged to consider the Direct Graduate PLUS Loan program prior to pursuing alternative loan programs from private lenders. Currently steady at a 7.9 percent fixed interest rate, annual limits vary depending on the student's cost of attendance budget and previously utilized financial aid (including grants and scholarships). Additional details include: (1) 4.0 percent origination fee (withdrawn by lender prior to disbursement), (2) payments deferred while enrolled at least half-time (five credits per semester), (3) no prepayment penalties, (4) six-month repayment grace period upon leaving school or dropping below half-time. Application steps include completing a loan adjustment request form for the Financial Aid Office, and applying for eligibility at https://studentloans.gov. Eligibility is subject to a credit check performed by the Department of Education. Federal Work Study Federal work study funds are disbursed to various departments who have requested work study positions. Those departments then advertise work study positions along with other available on-campus positions. Unlike other financial aid, work study awards are not offered through an award letter, but rather students apply for a work study position in similar fashion to other on-campus jobs. Those who are hired will see work study funds disbursed to them through a monthly paycheck. Application steps include completing a FAFSA and applying for an open position (located on the student employment page of MyDenSem, login required). Available off-campus positions are advertised on the Seminary's job board at www.denverseminary.edu/job-board. Veterans Benefits Denver Seminary works with the Department of Veterans Affairs to ensure that eligible recipients of veterans educational benefits obtain the assistance that is available, including, but not limited to, the following programs: Post-9/11 GI Bill, Montgomery GI Bill, Vocational Rehabilitation, Tuition Assistance. Additional details on these programs are located on the veteran's benefits page at www.denverseminary.edu/financialaid. ELIGIBILITY To be eligible for most types of financial aid, a student must (1) be accepted into a degree program; (2) complete the FAFSA (www.fafsa.gov) each academic year; (3) enroll at least at half-time (five hours) each semester (although most scholarships require full-time status, which is a minimum of nine hours each semester); and (4) maintain satisfactory academic progress (min. 2.0 cumulative GPA; 2.75 for certain programs). Students who do not maintain eligibility may be required to return funds that were disbursed and start repayment of any previously acquired federal loans. Maintaining eligibility is also contingent upon course completion. The student will be required to return at least a portion of the award(s) back to Denver Seminary if any courses required for financial aid eligibility are dropped after the semester starts or are not completed with passing grades. Adjusted amounts will be based on final enrollment status. The tuition refund policy and financial aid return policies contain further details and should be read prior to dropping any classes after the start date of a semester or session. Eligibility for need-based awards is calculated using the Expected Family Contribution (EFC) from the FAFSA and the estimated Cost of Attendance budget set by the Financial Aid Office. Once the total amount of financial aid received (including external scholarships) the student is no longer eligible for any further financial aid for that academic year. 37