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
|Make payments while in school?||Interest accrues. Optional in-school payment.
|Interest rate||6.8% fixed||7.9% fixed||Varies|
|Repayment||10 years||10 years||Varies (10+
|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.
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|