REQUIRED LOAN PROCESSES FOR FFELP FEDERAL LOANS FOR ASHLAND THEOLOGICAL SEMINARY STUDENTS
Federal Stafford Loan
- All new* Federal Stafford Loan borrowers for a seminary degree program at AU are required complete a Promissory Note as a condition of receiving the loan. *Returning students who completed a promissory note with Ashland University in cooperation with Student Loan Xpress for their previous Stafford Loans must select a new lender and complete a new promissory note with that lender to receive a Stafford Loan for 2008-09. If you have already completed a new promissory note for a Stafford Loan for Summer Session 2008, you may disregard this notice.
- In addition, first-time Stafford Loan borrowers or those students who do not currently have outstanding Stafford Loans are required to complete Entrance Loan Counseling. Stafford Loans will not be credited to a students account until Entrance Counseling and a Master Promissory Note have been completed.
PROMISSORY NOTE FOR FEDERAL STAFFORD LOANS
Click on the link below to access FASTChoice. Once you have entered your name and read a page of information regarding loan terms, click continue. You may then review the benefits offered by several lenders and select one. Then click "apply now" on that lender's link to apply for and sign a Stafford Loan promissory note for that lender.
All Seminary Borrowers Apply For and Complete Promissory Note Here
ENTRANCE COUNSELING FOR NEW BORROWERS OF FEDERAL STAFFORD LOANS
AU is required as a part of Entrance Counseling to inform you that the average loan indebtedness of an AU graduate is $18,250 and the average monthly loan payment is $225. Listed below are additional sample total loan amounts and the approximate payment due each month on a ten-year repayment plan at a 6.8% interest rate.
| Amount Borrowed | Monthly Payment | Total Interest Paid |
| $5,000 | $58 | $1,904 |
| $10,000 | $115 | $3,810 |
| $15,000 | $173 | $5,714 |
| $20,000 | $230 | $7,619 |
| $30,000 | $345 | $11,428 |
| $50,000 | $575 | $19,048 |
| $75,000 | $863 | $28,572 |
Federal Graduate PLUS Loan
- All students who are applying for their first Federal Graduate PLUS Loan for attendance at Ashland University are required to complete a FFELP Graduate PLUS Loan Promissory Note. This is not the Promissory Note for the seminary-level Stafford Loan. Federal regulations require that students apply for the Federal Stafford Loan before they may apply for a Graduate PLUS Loan.
MASTER PROMISSORY NOTE FOR FFELP FEDERAL GRADUATE PLUS LOANS
Click on the link below to access FASTChoice. Once you have entered your name and read a page of information regarding loan terms, click continue. You may then review the benefits offered by several lenders and select one. Then click "apply now" on that lender's link to apply for and sign a Graduate PLUS Loan promissory note for that lender.
GRADUATE PLUS LOAN ENTRANCE COUNSELING