Issue link: http://denverseminary.uberflip.com/i/316680
37 Direct Unsubsidized Loans Direct unsubsidized loans are the primary federal loan type currently available for graduate-level students. The interest rate is a variable-fixed rate; the rate is tied to national financial markets and is recalculated each summer based on current rates. The current rate at the time a loan is taken out will be locked in for the life of that loan. For up-to-date interest rate information, visit www.studentaid.ed.gov. The $20,500 annual limit for direct unsubsidized loans remains unchanged. Additional details include: (1) 1.072 percent origination fee (withdrawn by lender prior to disbursement; subject to change), (2) payments deferred while enrolled at least half-time (five credits per semester), (3) no prepayment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. Completion of the FAFSA begins the application process. Note: Denver Seminary does not offer the full $20,500 on the initial award letter but offers just enough to cover tuition and fees, but then provides instructions on how to request additional funds to assist with books and/or living expenses. 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. As with unsubsidized loans, the interest rate on PLUS loan 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 Additional details include: (1) 4.28 percent origination fee (withdrawn by lender prior to disbursement), (2) payments deferred while enrolled at least half-time (five credits per semester), (3) no prepayment penalties, (4)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 from 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, log- in required). Available off-campus positions are advertised on the Seminary's job board at http://www.denverseminary.edu/resources/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. 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