Denver Seminary

Student Loans

Federal student loans are available at Denver Seminary for eligible students who need assistance in addition to scholarships, grants, and discounts.

Current Eligibility

The loan program is available to all master’s and doctorate students who also meet the requirements listed below. Students in the Certificate in Biblical and Theological Studies are also eligible. All students must register for and maintain at least half-time status for any semester in which loans will be used.

  • Half-time: 3 credits for master’s students, 2 credits for DMin students.
  • Full-time: 6 credits for master’s students, 3 credits for DMin students.

Maintain your cumulative GPA

All students must maintain Satisfactory Academic Progress. The minimum required GPA is 2.0 and students must complete two-thirds or more of all courses attempted.

Award Letter

If you have been offered a loan, details can be found on the Student Portal via the Award Letter by navigating to My Financial Aid > Award Letter > Review Award Details. Students must actively accept loans in order to have them disbursed.

Direct Unsubsidized Loans

Unsubsidized loans are available to every student who completes a FAFSA, is enrolled at least half-time, and maintains satisfactory academic progress and is not currently in default on prior student loans. Interest begins accruing immediately; however, the student is not required to make any payments while in deferment status.

How do I apply?

  1. Complete the Free Application for Federal Student Aid (FAFSA)
  2. Respond to Award Letter offers through the my.densem portal.
  3. The following steps are only required for students applying for federal student loans for the first time at Denver Seminary. Once complete, they are valid for the remainder of the degree and thus do not need to be completed again.

First, complete a Master Promissory Note (MPN)
Second, complete Entrance Counseling

If an additional loan disbursement is needed after loans have already been accepted on the Award Letter, please complete a Loan Increase Form, which can be found by emailing the Financial Aid office.

Unsubsidized Loan Details

  • Eligibility based on completion of the FAFSA, half-time enrollment, maintaining Satisfactory Academic Progress.
  • 1.057% origination fee (withdrawn by lender prior to disbursement).
  • 8.08% fixed interest rate (begins accruing upon disbursement).
  • Limit of $20,500 per academic year (graduate-level) or annual Cost of Attendance budget (whichever comes first), with an aggregate limit of $138,500.
  • Payments deferred while enrolled at least half-time (3 credits/semester master’s-level, 2 credit/semester doctorate-level).
  • No prepayment penalties.
  • 6-month repayment grace period upon dropping below half-time (includes withdrawal, leave of absence and graduation).
  • Denver Seminary Cohort Default Rate is 1.3% compared to the national Cohort Default Rate average of 9.7%.
  • 17% of our student body borrows loans to pay for their education.

Direct Graduate PLUS Loans

Direct Graduate PLUS Loans should only be utilized after eligibility for Unsubsidized Loans has been exhausted. Eligibility requirements are the same as those for Direct Unsubsidized Loans in addition to completion of the Graduate PLUS Loan application.

How do I apply?

  1. Complete the “Request a Direct PLUS Loan” process for a Graduate PLUS Loan at studentaid.gov.
  2. If this is your first time applying for a PLUS loan, complete a Graduate PLUS Master Promissory Note at studentaid.gov.
  3. Assuming the first 2 steps were completed successfully (including passing the credit check), submit a completed Graduate PLUS Loan Request Form, which can be found by emailing the Financial Aid Office.

PLUS Loan Details

  • Eligibility based on completion of the FAFSA, ineligibility for further Direct Unsubsidized Loans, passing a credit check, half-time enrollment, maintaining Satisfactory Academic Progress.
  • 4.248% origination fee (withdrawn by lender prior to disbursement).
  • 9.08% fixed interest rate* (begins accruing upon disbursement).
  • Limit of annual Cost of Attendance budget with no aggregate limit.
  • Payments deferred while enrolled at least half-time (3 credits/semester master’s-level, 2 credit/semester doctorate-level).
  • No prepayment penalties.
  • 6-month repayment grace period upon dropping below half-time (includes withdrawal, leave of absence and graduation).

Federal Loan Deadlines

The deadline to take out a student loan is the Friday prior to the end of the eligible semester. This means that a student can take out a loan disbursement at any time during the semester as long as the student is a degree-seeking student enrolled at least half-time (3 semester credits), assuming the student has not reached the annual limit ($20,500 for Unsubsidized, Cost Of Attendance [COA] for PLUS). 

A loan that is needed to cover tuition and fees balance must be accepted or requested at least three (3) weeks prior to the start of the applicable semester (which is 2 weeks prior to the applicable payment deadline) in order to ensure financial clearance and thus not be dropped from any registered courses. 

Alternative/Private Loans

Alternative loans (also known as private education loans) are typically offered by all major lenders. The terms and conditions of these loans may be less favorable than those of federal Title IV loans.

Note: With a few exceptions, most alternative loans must be certified by the Financial Aid Office. Some students may not be eligible for alternative loans, as the total amount of financial aid must remain within the institution’s estimated Cost of Attendance budget (COA).

How do I apply?

Contact the lender of your choice directly. Many major banks and other private lenders have student loan programs available. Denver Seminary does not promote any particular organization. Compare federal and private loan programs at here.

International Student Loans

While international students are not eligible to complete a FAFSA, there may be alternative loan options available. Many major lenders will lend to international students as long as the student has a U.S. citizen as a co-signer.

The following websites might be useful in discovering loan opportunities:

Estimated expenses and budget worksheets can be found on the International Master’s Level Students page.