256 Financial information
2011-2012 Academic catalog
SAP Appeals Students may submit a Satisfactory Academic Progress Appeal if their schooling was adversely affected by one of the following situations: 1. Death of a family member 2. Injury or Illness of the student, including both physical and mental illness 3. Other extenuating and unforeseeable circumstances Within the SAP appeal, students must submit supporting documentation of the situation which caused the student not to meet SAP, what has changed that would allow the student to meet SAP in the upcoming Financial Aid Year, and a plan which details how the student will regain their SAP. Students whose appeal has been approved will have their SAP reviewed on a semesterly basis until they have achieved the academic plan set out for them. If at any point in time the student fails to meet their academic plan, they will forfeit all upcoming federal financial aid. SAP appeal forms are available from the Financial Aid Office or on AIS within the Financial Aid section. SAP appeals will be reviewed by the SAP Committee. Decisions on the appeal will be communicated to the student via their Asbury Seminary email account. Note: June 1 through May 31 is the financial aid year.
Federal Student Loans Federal Perkins, Subsidized and Unsubsidized Stafford, and Grad Plus loans are all low interest, federal loans. They are available to eligible degree seeking students based on the results of the need analysis calculations performed on the Free Application for Federal Student Aid (FAFSA) and the information gleaned from the Asbury Theological Seminary Financial Aid application. First time borrowers at Asbury Theological Seminary are required to participate in entrance counseling before disbursement of loan funds. If your Student Aid Report is flagged for verification, no funds will be awarded or disbursed until verification is completed. Loan funds are disbursed the week after drop/add in the Fall and Spring semesters. During the Summer semester, loans will be disbursed the first full week of July. Federal Perkins Loan The Federal Perkins Loan is administered by the Seminary for U.S. citizens and eligible non-citizens in the M.A. or M.Div. programs who demonstrate need as determined by the Free Application for Federal Student Aid (FAFSA) and have submitted their Asbury Seminary financial aid application. Perkins loans have a five percent interest rate. The total amount for the year is divided between summer, fall and spring semesters. A promissory note must be signed and submitted to the Financial Aid Office so the Business Office can credit the loan funds to the student’s account. No payments are due and no interest is accrued as long as the student maintains at least halftime status and is making satisfactory academic progress in an approved degree program. Federal Subsidized Stafford Loan Asbury Seminary’s Financial Aid Office determines need and approves amount borrowed based on the Free Application for Federal Student Aid (FAFSA) and the Asbury Seminary financial aid application. The interest rate of Federal Stafford Loans is a fixed 6.8% for all loans disbursed after June 30, 2006. Loan fees total approximately 0.5%. These fees are deducted at the time of disbursement. Loans are disbursed in multiple installments as per federal regulations. Allow at least four to six weeks for processing. No payments are due and no interest accrues as long as the student maintains at least half-time status and is making satisfactory academic progress in an approved degree program. (If a student had a Stafford Loan prior to July 1, 1987, and had begun payments, a full-time enrollment status must be maintained to defer payments.)