Issue link: http://denverseminary.uberflip.com/i/326952
24 Financial Aid The goal of the Financial Aid Office is to remove financial barriers to help students pursue their calling. Information below will provide guidance on what is available to each type of student. The information in this section is supplemented by the financial aid sections in the Student Handbook and www.denverseminary.edu/financialaid. TYPES OF FINANCIAL AID As stated in the terms and conditions, most institutional aid (grants, scholarships, discounts) require that applicants (1) demonstrate financial need (according to the FAFSA), (2) enroll full-time (three semester hours for DMin) unless otherwise stated, and (3) be accepted into a degree program. Federal loans require that recipients enroll half-time (two semester hours). More details can be found in the eligibility section at the end of this section. Scholarships Doctor of Ministry Scholarship A small scholarship fund is available to DMin students who demonstrate unmet financial need. External Scholarships External scholarship resources, including scholarship search engines, can be found on the scholarships and grants page at http://www.denverseminary.edu/student-life/financial-aid/. Federal Loans All student loan borrowers are encouraged to educate themselves on proper loan management prior to applying for loans. The loan management page is designed to help students consider all aspects of debt management including, but not limited to: (1) average anticipated salaries, (2) recommended debt-to- income ratios, (3) estimated monthly payments, (4) various repayment plan options. Borrowers with high aggregate student loan debt (typically $40,000 or more) will be requested to develop a financial plan with the Financial Aid Office by completing a budget worksheet and possibly also meeting with a financial aid counselor. Borrowers are encouraged to regularly monitor the National Student Loan Data System (www.nslds.ed.gov) and the Federal Student Loan Servicing site (https://studentloans.gov) to ensure up- to-date awareness and accuracy of their loan details. 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 (two 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.