The Seminary has two financial aid programs which are supported by federal funds. These are loans and the Federal Work Study Program. To be eligible for either of these patterns of financial aid, a student must be making satisfactory progress toward educational objectives.
Federal Perkins Loan – Students may borrow a maximum of $8,000 per year from this program at a fixed interest rate of 5%. The maximum allowed in the Perkins Loan program is $60,000. Interest begins to accrue and quarterly payments, which are made to Louisville Seminary, must begin nine months after graduation or withdrawal from Seminary.
Federal Direct Loan – This program enables students to borrow up to a maximum of $20,500 per year from the unsubsidized Direct Loan program. Beginning July 1, 2012, graduate students are not longer eligible for subsidized Direct Loans. Direct Loans disbursed on or after July 1, 2006 have a fixed interest rate of 6.8%. Interest begins to accrue immediately for unsubsidized Direct Loans, but students have a six month grace period after graduation or withdrawal from Seminary before payments begin on the loan principal.