Types and Limits
Fuller offers four types of loans, subsidized, unsubsidized, GradPLUS and Perkins. Not all students can qualify for all four types.
Direct Subsidized Loans**As of July 1st, 2012, Subsidized Loans will no longer be avaliable for Graduate Students**Limit: $8,500 per year and $65,500 total.
Interest Rate: 6.8%Subsidized loans do not earn interest while you are enrolled at least half time in your program. There is also a 6 month grace period. Once you drop below half time or stop attending your loans will start to earn interest again and you will start your 6 month grace period.
Direct Unsubsidized Loans
Limit: Students can borrow up to $20,500 in subsidized and unsubsidized loans. Clinical Psychology students may qualify for additional loan Direct Loan eligibility.
Interest Rate: 6.8%Unsubsidized loans start to earn interestas soon as they are disbursed to you. You can choose to pay the interest while you are in school or have it added on to your principal. There is a 6 month grace periodfor this type of loan. Once you drop below half time or stop attending your loans you will start your 6 month grace period.
Direct GradPLUS Loans
Limit: Students can borrow up to their cost of attendance as determined by the school.Interest Rate: 7.9%
GradPLUS loans are like unsubsidized loans so interest starts to accrue when the loans are disbursed to you. Repayment starts 60 days after the loan is disbursed to you but you can choose to defer payment while you are enrolled at least half time. There is no grace period for this loan. You will go into immediate repayment on this loan when you drop below half time or graduate.
Interest Rate: 5%
These loans are need based and awarded out of a small budget so only a very few students with the highest cost of attendance qualify for them. There is a 9 month grace period for this loan. You can defer repayment as long as you are enrolled at least half time in your program.
How Loans Work at Fuller
Students must be enrolled and attending classes when their loan disbursements arrive.
Each loan is assigned a loan period based upon the number of consecutive quarters that you told us you'd be attending, at least half time, on your Fuller Financial Aid Application. The estimated disbursement dates for each loan are listed on the Loan Certification Letter, which is mailed to you after your loan has been processed by the Student Financial Services. All loans are disbursed by Electronic Funds Transfer (EFT) and are applied directly to your student account at Fuller in accordance with federal regulations. A refund, if any, is either mailed directly to your home by the Student Financial Services Office or electronically transferred to your bank account if you have signed up for electronic refunds through Portico. This happens after the disbursement has been applied to your account. Your loan eligibility is confirmed each time a disbursement arrives. You must be enrolled and attending classes at half-time status each quarter at the time the disbursement arrives. In accordance with federal regulations, the Seminary cannot disburse your loans if you no longer meet the eligibility requirements. If you drop below half time during the quarter the Seminary may also be required to return your loan funds. You should consult both your academic adviser and the Student Financial Services Office before you drop classes to see if it will change your loan eligibility.
Fuller can only apply your loans towards tuition and ASC fees for the quarter that your loans cover. If you are getting parking, health insurance or any other additional fee then your loans will not cover those unless you sign a Title IV Student Loan Disbursement Agreement which is available on the forms page. Without this document Fuller cannot use your loans to pay additional fees and you may be left with a balance due on your student account.
What can I use my loans for?
Your loans are for educational expenses. This includes obvious things like tuition and books but it is also for living expenses. Living expenses include things like rent, food, transportation for school related things. You cannot buy things like a new car or plane tickets home on breaks. if you have specific questions about what your loans can be used for please contact the Student Financial Services Office.
What if I want to increase or decrease what I accepted?
If you want to increase your loan amount you should contact Student Financial Services office to determine if you have any additional loan eligibility and then complete a Fuller FastApp which is available on the forms page.
If you want to decrease your loan amount you should contact the Student Financial Services office to make arrangements for the reduction of current and/or future disbursements. You have 14 days from the date of your loan disbursement to return the funds without penalty.