Due to the termination of the federal loans subsidy ("Subsidized Loans") at the graduate level (per the Budget Control Act of 2011), the Federal Direct Unsubsidized Loan program (Title IV) remains the most popular student loan program available for graduate-level students. Unsubsidized loans are available to every student who completes a FAFSA. Interest begins accruing 120 days from the time of disbursement. However the student is not required to make any payments while in deferment status. These low-interest loans are provided by banks which are subsidized by the Federal Government.
- 6.8% fixed interest rate
- 1.0% origination fee
- Eligibility based on completion of the FAFSA and subject to annual Cost of Attendance budget limitations
- Graduate-level limit of $20,500 per academic year
- Payments deferred while enrolled at least half-time (5 credits/semester)
- No prepayment penalties
6-month repayment grace period upon leaving school or dropping below half-time
Federal Work Study
Sioux Falls Seminary also has a limited number of work-study positions available on campus. Each position provides approximately 10-12 hours per week. Students must complete a FAFSA form to find out if they are eligible to receive Federal Work award.
How to Apply
To apply for student loans and/or Federal Work Study, students must complete the Free Application for Federal Student Aid (FAFSA). Individuals may apply online at www.FAFSA.ed.gov or through the Sioux Falls Seminary Financial Aid Office.
Students applying for Federal Aid must fill out a Master Promissory Note (MPN) and complete entrance counseling before funds can be received. In addition, students must complete exit counseling before graduation or dropping below half time status.
Download: MPN and Entrance and Exit Counseling Instructions