✖ close


☰ In This Section

Most students take out loans to help pay a portion of their seminary bill. Weigh your options to make sure you're borrowing loans you can manage.

Refer to your financial aid award to see what loans you're eligible to borrow.

Which loan is best for you?

Take a look at the differences between educational loan programs to find the best loan based on your eligibility.

Loan Type Fees Make payments while in school? Interest rate Repayment More info
Direct Unsubsidized Loans 1.073% Interest accrues. Optional in-school payment. 5.84% fixed (first disbursed 7/1/2015 - 6/30/2016) 10 years Unsubsidized Loans
Direct PLUS Loans 4.292% Yes 6.84% fixed (first disbursed 7/1/2015 - 6/30/2016) 10 years PLUS Loans
Private Loans Varies Yes Varies Varies (10+ years) Private Loans

*Note - Graduate and professional students are no longer eligible to receive Federal Direct Subsidized Loans after 7/1/2012.

What's the average student loan debt?

The average student loan debt of seminary borrowers who graduated between July 1, 2013, and June 30, 2014, was $44,780. Assuming a 6.8% interest rate and 10 years to repay their loans, average seminary student borrowers will make monthly loan payments of about $513.

How much should you borrow?

It’s important to avoid borrowing more than you’ll be able to repay after graduation. A reasonable monthly student loan payment would be 8-10% of your monthly income.

The Budget Calculator and Loan Payment Calculator offered by the U.S. Department of Education are good tools to help plan your expenses and loan debt.

Take a look at this chart based on a 10-year repayment period to see what your monthly payments could look like. Payments reflect a 6.8% interest rate.

Sample loan repayment:

Amount Borrowed Estimated Monthly Payment
$3,500 $50
$5,500 $63
$7,500 $86
$10,500 $121
$15,000 $173
$18,500 $213
$23,000 $265
$31,000 $357
$40,000 $460
$50,000 $575
$60,000 $690
$65,500 $754
$80,000 $920
$100,000 $1,151
$138,500 $1,594