2009 - 2010 Academic Catalog - Westminster Theological Seminary

{Financial Information}
2009–2010
six months after completing his or her program of study; 2) upon
leaving school; or 3) when his or her enrollment status ceases to
be at least half-time. (For enrollment status definitions, please see
Enrollment Status chart.)
The Federal Stafford Unsubsidized Loan (FSUL) is not needbased
and is available to students who may not qualify for a FSSL
or who may want to borrow more than their subsidized eligibility
and their total Cost of Attendance (COA) exceeds their total FSSL.
An FSUL cannot exceed $12,000 per year. Interest on an FSUL is
paid by the student.
The Graduate PLUS Loan, the interest of which is paid by the
student, is credit-based. For further information on this loan, please
contact the Financial Aid Office.
Loan Period Dates
Loan period dates must be the actual term, semester, or academic
year dates which most closely correspond to the dates the student
has listed on the application form. Semester dates will be based on
class starting dates and will include exam periods. The minimum loan
period is a single academic term (summer mini-terms are counted
as one term). The loan period may not exceed twelve months. If the
loan period begins with summer term, the loan period start date will
be the first day of the first course for summer, regardless of whether
the student attends that particular course; however, only the actual
period of attendance will be used for COA calculations.
Loan Application Procedure
To apply for a student loan, students must:
1. Submit the following loan application materials (available via the
Westminster website – www.wts.edu):
• Westminster Loan Application form
• Free Application for Federal Student Aid (FAFSA)
• Verification Form
• Copy of signed 2008 Federal Income Tax Return (1040 or
equivalent)
• For students borrowing through Westminster for the firsttime:
Master Promissory Note for Stafford Loans or Master
Promissory Note for Graduate PLUS loans
2. For students borrowing through Westminster for the first time:
Complete Online Loan Entrance Counseling (accessible through
www.aessuccess.org)
It is critical that all application materials and Online Loan
Entrance Counseling be completed and submitted as early as possible
to ensure processing for timely disbursement.
Application Deadlines
If a student plans to pay for his or her tuition and fees with a FFELP
loan, the loan must be fully approved by the lender before the
enrollment date (first day of classes). Since, under normal circumstances,
the loan process can take a minimum of four weeks after
receipt of all application materials before the loan is fully approved,
a student must submit all loan application materials according to
the following deadline schedule:
Loan Application Submission Deadlines
Deadline
April 15
May 30
June 30
November 30
Semester/Term
Summer Hebrew
Summer Greek
Fall Semester
Winter Term or Spring Semester
**The student is responsible for paying all tuition and fees when
payment is due, regardless of the status of the student’s loan.**
Failure to submit completed loan application materials by the above
deadline(s) may result in delayed enrollment or payment through
another means.
Loan Disbursement Dates
Unless a loan application is certified on a date past the halfway
point of the loan period, there must be multiple disbursements. The
second disbursement should occur no sooner than after one-half
of the loan period has lapsed, unless the student’s second term
within the loan period begins earlier. In that situation the second
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