Students conversing on the bridge

Loan Funds

In addition to scholarships, we have loan funds available:

  • Ministry Incentive Program

    The Ministry Incentive Program is interest-free, and no repayment is required as long as you are enrolled in school at least half-time in the Master of Divinity or Master of Arts program. Interest on the loan during repayment is 6% simple interest. No interest is accrued as long as you are enrolled at least half-time. If you are working at least half-time in an ordained capacity for the CRCNA, 5% of your principal will be forgiven each year for up to 10 years. Repayment begins 6 months after you cease to be enrolled at least halftime. Payments are made each month and the minimum payment is $25.00. You are set up on a 10 year repayment schedule.

    For US citizens, US Permanent Residents and Canadian citizens.

    Approximate annual awards of $5000 - $8000

  • Perkins Loan

    The Perkins Loan is interest-free, and no repayment is required as long as you are enrolled in school at least half-time (this is a federal regulation). Interest on the loan during repayment is 5% simple interest. No interest is accrued as long as you are enrolled at least half-time. Repayment begins 6 months after you cease to be enrolled at least halftime. Payments are made each quarter and the minimum payment is $120.00. You are set up on a 10 year repayment schedule.

    For US citizens and permanent residents only.

    Approximate annual awards of $1000 - $2000

  • Postman Loan

    The Postman Loan is interest-free, and no repayment is required as long as you are enrolled in school at least half-time (this is a federal regulation). Interest on the loan during repayment is 7% simple interest. However, if you are working full-time for the CRCNA, the loan is interest free. No interest is accrued as long as you are enrolled at least half-time. Repayment begins 6 months after you cease to be enrolled at least halftime. You are set up on a 10 year repayment schedule.

    For Canadian citizens only.

    Approximate annual awards of $1000 - $2000

  • Federal Direct Loan

    The subsidized Direct Loan is interest-free, and no repayment is required as long as you are enrolled at least halftime. Interest on the loan during repayment is fixed at 6.8%. Repayment begins 6 months after you cease to be enrolled at least halftime. You are set up on a 10 year repayment schedule. Awards are based on need and are awarded up to $8500/year.

    The unsubsidized Direct Loan is not interest-free during in school, grace, and deferment periods. Interest payments may be made periodically, or the interest may be capitalized and added to the principal. Awards are not need based and are awarded up to $12,000/year.

    For US citizens and permanent residents only.

    To apply for a Direct loan, visit studentloans.gov, login, and complete a Master Promissory Note for the subsidized loan.

  • Canada Student Loan

    These loans are available to Canadian students. The loan amounts are variable and determined by the Canada Student Loan program. The interest rate is determined at the time of repayment. If you plan to apply for a Canada Student Loan, you are encouraged to do so before the beginning of the school year. Canadian students are responsible for obtaining directly all forms that are necessary for loan processing, deferment, confirmation of enrollment, payment schedules, etc. The Calvin Theological Seminary Financial Aid Office does not have such forms in the office.

    For Canadian citizens only.

  • Housing Subsidy

    The housing subsidy is money that is awarded to students who demonstrate need and are living in housing owned by Calvin Theological Seminary. This includes our on campus housing, Boerma townhouses, and Englewood apartments. The subsidy is ordinarily $100/month for married students and $50/month for single students.

    The student must be receiving a loan in order to qualify for this subsidy.