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Student Loans
The Application ProcessALTS has entered into a cooperative arrangement with Concordia Theological Seminary, Fort Wayne (CTSFW). Because CTSFW is accredited, ALTS students are eligible for a variety of grants, fellowships, and gift aid, as well as federal educational assistance. The terms of our agreement with CTSFW require ALTS students to apply for financial assistance through CTSFW's Financial Aid office.
In order to be eligible either for gift aid or federal Stafford loans you must be enrolled at least half time in a term. Students in programs such as S.T.M., M.A. and Ph.D. are eligible for federal Stafford loans and Federal Work Study, but should contact the dean of their program for information about any grants, scholarships or graduate assistantships that may be available.
For additional information, please visit the Financial Aid section of Concordia Theological Seminary, Fort Wayne web site.
Indiana Secondary Market for Education Loans, Inc. (ISM)
ISM Educational Loans, a source for Origination Free® Stafford Loans, is Indiana’s only designated secondary market for education loans. ISM pays up-front fees on student loans and lowers interest rates during repayment, enabling families to save thousands of dollars. Start to finish, all application processing, information exchanges with schools and families, disbursements for borrowers and follow-up (such as refunds and cancellations) will be done in Indiana. All contact with ISM Educational Loans should be done through the CTSFW Financial Aid Office.
Bill Raskob Foundation
Bill Raskob Foundation
PO Box 507
Crownsville, MD 21032-0507
http://www.billraskob.orgELIGIBILITY: Must be an American citizen.
DEADLINE: MAY 1 (application must be requested between January 1 and April 1)
AMOUNT: $1000-$3000
Loans are interest free. Repayment begins six months after graduation or studies are terminated.
Alternative Loans
Alternative loans are loans that are designed for students but not guaranteed by the federal government. Alternative loans are offered directly to the student by private lenders. Just like other student loans, alternative loans must be repaid!
Most students can meet their educational costs by a combination of awarded federal aid and family resources. It is only when all resources do not meet educational costs that a student should consider an alternative loan. A student should exhaust all of their Stafford Loan eligibility before considering alternative loans since interest rates and origination fees are usually lower for Stafford Loans.
Alternative loan requirements vary according to the lender, but some of the most common requirements are:
Ability to pass a credit check, or having a credit-worthy co-signer.
Loan amount plus all other aid cannot exceed the cost of attendance.
Enrolled at least half-time (some lenders require full-time enrollment).
Making reasonable academic progress.
Compare loan terms, interest rates, finance charges, and repayment schedules as you would with any other personal loan. It is almost impossible to keep a list current showing specific lenders and loan terms, but here is a list of some sources for private loans with websites where you can check out products yourself and even apply online:Bank of America (800) 344-8382
Citibank (800) 967-2400
MOHELA (800) 666-4352
Sallie Mae (800) 695-3317
Wells Fargo (800) 658-3567
National City (800)622-5097
Additional resources will be added as they are discovered or become available to us.
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