• Student Loans

    Student Loans

    The U.S. Department of Education administers a variety of programs to help students and their families pay for a post-secondary education. Included is the Federal Direct Student Loan Program (FDSLP). The information below compares these loan programs, providing the basic elements of each.

    Loan Comparison

    Subsidized Stafford Unsubsidized Stafford
    Need-based, low-interest student loan in which the government pays the interest while the student is in school enrolled at least half-time (6 units). This loan is deferred until the student graduates or drops below half-time, and eligibility is determined by the FAFSA. Low-interest student loan in which the student is responsible for the interest while the student is in school enrolled at least half-time (6 units). This loan is deferred until the student graduates or drops below half-time.
    Amounts:
    Freshman: $3,500
    Sophomores: $4,500
    Juniors/Seniors: $5,500
    Amounts:
    Freshman: $3,500
    Sophomores: $4,500
    Juniors/Seniors: $5,500

    Additional:
    Dependent students: $2,000
    Independent students: 
    $6,000 (1st/2nd year)
    $7,000 (3rd/4th year)
    Interest Rate:
    4.53% (fixed)

    Interest Rate:
    4.53% Undergraduate fixed)

    6.08% Graduate (fixed)

    Grace Period:
    6 mos. after graduation or student drops below half-time
    Grace Period:
    6 mos. after graduation or student drops below half-time
    Fee:
    1.059% of the total loan amount
    Fee:
    1.059% of the total loan amount
    Renewal:
    Re-application required each year through FAFSA
    Renewal:
    Re-application required each year through FAFSA
    Additional Requirements:
    Master Promissory Note; Loan Counseling
    Additional Requirements:
    Master Promissory Note; Loan Counseling

     

  • Stafford Loans

    Federal Direct Stafford Loans

    The Master’s University & Seminary participates in the Federal Direct Loan Student Program (FDSLP) which began with the 2010-2011 school year. In this program, the federal government acts as the lender referred to as “Direct Loans,” and the Stafford Loans are serviced by familiar agencies such as Sallie Mae, Great Lakes, PHEAA, and Nelnet. All new and continuing students who accept Stafford Loans will be required to complete the following steps unless they have done so in prior years. (Please click on the links below.)

    1. Entrance Counseling is an on-line tutorial about the Stafford Loan(s) you have accepted. The session takes about 30 minutes to finish and is required before the funds for your loan(s) can be processed. Click on “Log In” and enter your government PIN. Be sure to complete the quiz at the end. (Search “Master’s” to find our school.)

    2. The Loan Agreement for Subsidized/Unsubsidized Loan (MPN) is the loan application or “promise to pay.” Click on “Log In” to get started. You will need to provide two references with separate addresses. Use your government PIN to e-sign this document.

    If you have any questions, please contact the Financial Aid Office directly at (661) 362-2290, toll-free at (800) 568-6248 ×2290, or by email at financialaid@masters.edu.

    FAQ

    1. How do I search for The Master’s University at the end of the Loan Counseling? Search just the word “Master’s”.

    2. How do I get help with the on-line Loan Agreement (MPN) or Loan counseilng site (StudentLoans.gov)? Call Direct Loan Customer Support at (800) 557-7394.

    3. If I have completed Entrance Counseling in previous years or at another college, do I need to do it again? As long as you have completed entrance loan counseling for direct loans, you do not need to do so again. Please note that the “Financial Aid Awareness” tab on www.studentloans.gov does not fulfull this requirement.

    4. If I have completed an Loan Agreement MPN in previous years or at another school, do I need to do it again? As long as you have completed a Master Promissory Note for direct loans, you do not need to do so again.

  • Loan Counseling

    Student Loan Counseling

    Entrance Counseling

    Before receiving a student loan, borrowers must complete an entrance counseling session. This Stafford loan entrance counseling program will help you understand the basics about your student loan and provide advice that can save you time and money in managing your student loans.

    This session will take about 20-30 minutes to complete: Entrance Counseling

    Exit Loan Counseling

    Prior to graduating or leaving college, borrowers are required to complete an exit counseling session. This online exit counseling session has been created to ensure you understand your rights and responsibilities as a Stafford Loan borrower.

    This session will take about 30-40 minutes to complete: Exit Loan Counseling

  • Parent Loans

    The Federal Direct Parent PLUS Loan is available to parents of dependent undergraduate students. The student must be enrolled in at least six units and the loan is limited to the cost of attendance. PLUS loans have a fixed interest rate of 7.08%, and the borrower must have no adverse credit history. Fees of 4.236% will be deducted from the loan principal at the time of disbursement.

    If you have any questions about parent loans, please contact the Office of Financial Aid at (661) 362-2290 or by email at financialaid@masters.edu.

    3 easy steps to complete your PLUS Loan application

    (Returning borrowers may go directly to Step Three.)

    1. APPLY

    Applications are processed directly through www.studentloans.gov. The parent will sign with their FAFSA PIN.

    2. COMPLETE A LOAN AGREEMENT (MASTER PROMISSORY NOTE)

    This is the parent’s contract on the loan, and can also be completed at www.studentloans.gov.

    3. SEND US A PLUS LOAN AMOUNT REQUEST FORM

    2019-2020 PLUS Loan Request Form (The form will be open June 20th, 2019) (This can also be found at www.masters.edu/downloads). Fax to 661-362-2693, upload to www.masters.edu/upload, or mail to: The Master’s University 21726 Placerita Canyon Rd #38 Santa Clarita, CA 91321.

    FAQ

    1. What is the Office of Financial Aid’s fax number? (661)362-2693

    2. Will my credit be checked? Yes. A parent borrower can request a credit check on the Direct Loan website, or the school can do it. By signing the PLUS Loan Amount Request Form, the parent is authorizing the Office of Financial Aid to run a credit check as part of the PLUS loan request. Credit checks are good for 90 days.

    3. If I have questions about the Direct Loan PLUS Loan program, where can I go for more information? Parents can click here for more information about PLUS loans, or call the Direct Loan Origination Center (Applicant Services) 1-800-557-7394.

    4. When does the PLUS loan go into repayment? Typically loans go into repayment within 60 days of the final disbursement. You can also call Direct Loan Borrower Services at 800-848-0979 to choose to defer the loan repayment until up to 6 months after your student is out of school.

    5. Will I be able to consolidate all of my PLUS loans? Yes, all PLUS loans for each borrower can be consolidated into the Direct Loan program.

    6. If I have another Direct PLUS loan from another school, do I need to complete a new MPN? No. A parent borrower with Direct PLUS loans from other schools just needs to complete a PLUS Loan Amount Request Form for our office and does not need to complete an additional MPN.

    7. How can I calculate what my payments on a PLUS loan will be? Click here for a loan calculator. PLUS loans are typically paid over 10 years or 120 months. The interest rate is 7.08%. Type in the loan amount and click “Compute Payment & Cost.”

    8. Can I pay down the PLUS Loan early? There is no penalty for early repayment. If the loan is reduced by the Office of Financial Aid during the school year, the loan fees are credited back to the loan. Contact us for more information.

    9. How do I add an endorser to my PLUS loan? Your endorser will need to add themselves to your PLUS loan. They will need their own FSA ID, which they can apply for at (fsaid.ed.gov)fsaid.ed.gov. To complete their addition to your application they will need your PLUS loan application confirmation number, which can be found under the “PLUS Loan Requests” link on the left-hand side after you log into www.studentloans.gov. Once they have this number, they can select the “Complete Endorser Addenda” link.

  • Private Loans
  • Loan FAQ

    Questions…

    • Why are loans called “awards”?

    • What are my loan choices?

    • What is a Federal Stafford Loan?

    • What is the difference between Subsidized and Unsubsidized Stafford Loans?

    • How do I apply for Stafford Loans?

    • What is Entrance Loan Counseling?

    • What is a Consolidation Loan?

    • What is a Parent PLUS Loan?

    • What if my parent is declined for a PLUS Loan?

    Can’t find your question? Email the Financial Aid Office.

    Answers…

    Why are loans called “awards”? Although loans must be repaid, they are considered a financial aid award because they are part of the William D. Ford Federal Direct Loan Program, one of many programs offered by the federal government to financially assist students. The Office of Financial Aid “awards” Stafford loans to students along with any other aid they are eligible to receive.

    What are my loan choices? Students can be awarded Federal Stafford Loans. In addition, parents may borrow fixed interest rate PLUS LOANS (see the “Parent Loans” section above) . Students may also apply for variable interest rate co-signer PRIVATE LOANS. Contact the Office of Financial Aid at 661-362-2290 or financialaid@masters.edu to discuss these options.

    What is a Federal Stafford Loan? A Federal Stafford loan is a low-interest rate loan offered by the Federal Government to students enrolled at least half-time (6 units). They are offered as subsidized or unsubsidized loans as determined by the FAFSA, and students enter re-payment 6 months after they graduate or drop below 6 units.

    What is the difference between Subsidized and Unsubsidized Stafford Loans? Subsidized loans: Interest accrued is paid by the federal government while students are enrolled at least half-time (6 units) and during a 6 month grace period. Unsubsidized loans: Students are responsible to pay all interest accrued for the life of the loan; the interest accrued is capitalized at repayment (students can choose to pay interest while in school to prevent it from capitalizing).

    How do I apply for Stafford Loans? Loans are automatically offered to eligible students with their initial award. The type of loan received as well as the amount of the loan is based on grade level and need, as determined by the FAFSA; no additional request needs to be made by the student.

    What is Entrance Counseling? Entrance Counseling is a short on-line tutorial regarding a student’s rights and responsibilities as it pertains to Stafford loans. It is required by the federal government and must be completed before loan funds are placed on a student’s account. The Online Tutorial generally takes 15-20 minutes to complete.

    What is a Consolidation Loan? A consolidated loan is one that simplifies repayment of federal Stafford and/or Perkins loans by combining all the loans from your educational career into one comprehensive loan. Consolidation can be performed once, and will have an interest rate with a weighted average of all the loans being consolidated.

    What is a Parent PLUS Loan? A Parent PLUS Loan is a low-interest rate loan offered (pending pre-approval by a major lender) by the Federal Government to parents of students enrolled at least half-time (6 units). The amount borrowed is limited by a student’s budget and is payable 60 days after last disbursement.

    What if my parent is declined for a PLUS Loan? If a parent receives a PLUS loan denial, you may be eligible for an additional unsubsidized Stafford Loan. Freshmen and Sophomores are eligible for up to $4,000; Juniors and Seniors are eligible for up to $5,000.

    I have additional questions. How can I contact you? If you have questions that were not covered above, please feel free to contact us:

    The Office of Financial Aid write financialaid@masters.edu or call (661)362-2290

  • Loan Deferment

    Loan Deferment

    Students who have taken out Stafford loans are eligible for deferment as long as they are enrolled in a program at least half-time. Unsubsidized loans will still accrue interest, and subsidized loans will cease accruing interest until a student drops below half-time again or graduates. Half-time status is defined as follows:

    • Undergraduate: 6 units

    • M.Div: 6 units

    • MABS, MABC/SIP, D.Min, MAE: 4 units

    • Th.M: 2 units

    Loans might not be deferred automatically once you re-enter school. To request a deferment, please follow these steps:

    1. Fill out an in-school deferment request form by clicking on the following link:\ In School Deferment Request Form

    2. Fill out your information on the request form. Please leave the section which has your enrollment dates and graduation date blank.

    3. Send the form to the Office of Financial Aid at 661-362-2693 (Fax) or financialaid@masters.edu (email).

    4. The registrar will verify your units and notify the servicer on your behalf. If you are in a graduate program, it may be necessary to defer your loan each year.

    Contact Infomation:

    Office of Financial Aid

    21726 Placerita Canyon Rd. #38

    Santa Clarita, CA 91321

    661-362-2290

    financialaid@masters.edu.

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