Student Loan Information
If you decide to use Federal Stafford loans to offset your educational expenses, we want to be sure that you have some important tools. The lender you select will provide you with more information about benefits and possible incentive programs they offer.We are here to help process your loans electronically. Once you continue, you will be asked to create a User ID and Password through our electronic processing agent known as OpenNet. This processing agent is powered through Sallie Mae; however, it is only designed as a tool to allow Southern Seminary to certify your loans electronically.
ATTENTION ALL NEW BORROWERS: You must complete entrance counseling before loan funds can be disbursed. If you have not completed counseling, please do so before completing your loan application. If you have any questions, please feel free to contact us anytime. Our email address is finaid@ltss.edu. Or call the office at (803) 461-3240.
There are two types of Federal Stafford loans:
- Subsidized Federal Stafford Loan A subsidized Stafford Loan is awarded based on financial need. The Federal government pays the interest on these loans while the borrower is in school at least half-time, during the grace period and during periods of deferment.
- Unsubsidized Federal Stafford Loan An unsubsidized Stafford Loan is not awarded based on financial need. Interest accrues from the date of disbursement until the final payment. The borrower can choose to pay the interest monthly or quarterly while in school and during the grace period or can have the interest capitalized and added to the principal amount of the loan.
Eligibility Requirements. To be eligible for this loan, a student must:
- Be a U.S. citizen/national or must have filed a declaration of intent to become a citizen
- Have a high school diploma or GED
- Be currently enrolled at or accepted for enrollment into an eligible institution
- Carry at least half of the normal full-time academic workload, as defined by your school
- Make satisfactory academic progress, as defined by your school
- Meet applicable 'needs' requirements (only for subsidized loans)
- Not be in default on any other student loan nor owe a refund on an education grant
- Complete entrance counseling prior to the first disbursement
- Complete the Free Application for Federal Student Aid (FAFSA)
Current Maximum Loan Amounts (Effective July 1, 2008)
- Base Amount Sub/Unsub: $8,500
- Additional Unsubsidized Loan Amount: $12,000
Maximum Total Debt from Stafford Loan (Effective July 1, 2008)
- $31,000 - dependent undergraduate student (maximum $23,000 subsidized)
- $57,500 - independent undergraduate student and certain dependent undergraduates if a parent is denied a PLUS loan (maximum $23,000 subsidized)
- $138,500 - graduate or professional student (only $65,500 subsidized)
Disbursement of Funds Loan funds will be sent directly to the school and made payable to the borrower. Funds for the 2009-2010 academic year are disbursed as follows: Regular Academic Year First Disbursement: September 23rd Second Disbursement: February 9th
All funds will be issued in *two equal disbursements (Fall/Spring) after the seminary's Drop/Add date for the academic terms. Federal loan funds will only be released once a student has been successfully attending classes. Should you have any questions about the schedule, please contact our office.
