Most students take out loans to help pay a portion of their seminary bill. Weigh your options to make sure you're borrowing loans you can manage.

Refer to your financial aid award to see what loans you’re eligible to borrow.

Which loan is best for you?

Take a look at the differences between educational loan programs to find the best loan based on your eligibility.

	Direct Unsubsidized Loans	Direct PLUS Loans	Private Loans
Fees	1.0% net	4.0% net	Varies
Make payments while in school?	Interest accrues. Optional in-school payment.	Yes	Yes
Interest rate	6.8% fixed	7.9% fixed	Varies
Repayment	10 years	10 years	Varies (10+  years)
More info	Unsubsidized Loans	PLUS Loans	Private Loans

*Note - Graduate and professional students are no longer eligible to receive Federal Direct Subsidized Loans after 7/1/2012.

What’s the average student loan debt?

The average student loan debt of seminary borrowers who graduated between July 1, 2010 and June 30, 2011 was $42,508. Assuming a 6.8% interest rate and 10 years to repay their loans, average seminary student borrowers will make monthly loan payments of about $489.

How much should you borrow?

It’s important to avoid borrowing more than you’ll be able to repay after graduation. A reasonable monthly student loan payment should not exceed 8-10% of your monthly income.

The Budget Calculator and Loan Payment Calculator offered by the U.S. Department of Education are good tools to help plan your expenses and loan debt.

Take a look at this chart based on a 10 year repayment period to get an idea of what your monthly payments could look like. Payments are factored at a 6.8% interest rate.

Sample loan repayment:

Amount Borrowed	Estimated Monthly Payment
$3500	$50
$5,500	$63
$7,500	$86
$10,500	$121
$15,000	$173
$18,500	$213
$23,000	$265
$31,000	$357
$40,000	$460
$50,000	$575
$60,000	$690
$65,500	$754
$80.000	$920
$100,000	$1,151
$138,500	$1,594