Federal Student Aid - Satisfactory Academic Progress Policy

All students receiving federal student aid must maintain satisfactory academic progress as defined by Asbury Theological Seminary and the Financial Aid Office. Satisfactory academic progress is measured qualitatively and quantitatively.

Qualitatively, to maintain satisfactory academic progress a cumulative grade point average of 2.00/4.00 or higher is required. (See Grading and Evaluation and Academic Probation)
Quantitatively, satisfactory academic progress is measured as follows:

Students in the Master of Arts and Master of Divinity degree programs must complete a minimum of 15 hours per year, July 1 through June 30, in order to be eligible to apply for federal student loans for the following year.
Master of Divinity students are eligible for federal student aid for seven calendar years from the time of matriculation; Master of Arts students are eligible for federal student aid for five calendar years from the time of matriculation.
Incompletes and withdrawals will not be counted as credit toward the 15 hour minimum requirement. Repetitions will be counted only if total credits earned for the year equal a minimum of 15 credit hours.
Greek courses taken under the conditions that require payment will be counted toward the 15-hour requirement.
Students may make a written appeal to the Financial Aid Committee of a determination that the student is not making satisfactory academic progress. Appeals forms are available in the Financial Aid Office.
To re-establish satisfactory academic progress, a student is required to complete a 12 month period, meeting the minimum requirement of completing 15 credit hours with a 2.00/4.00 GPA. The student will not be eligible for federal student aid during the 12-month period eligibility is being re-established.

Note: July 1 through June 30 is the federal year for federal financial aid and for Asbury Theological Seminary's fiscal year.

Federal Perkins Loan
The Federal Perkins Loan is administered by the Seminary for U.S. citizens who demonstrate need as determined by the Free Application for Federal Student Aid (FAFSA). The interest rate is five percent. The total amount for the year is divided between sessions. The student must sign a Promissory Note in the financial aid office so the business office can credit the loan funds to the student's account.

No payments are due and no interest is accrued as long as the student maintains at least halftime status and is making satisfactory academic progress in an approved program.

Federal Subsidized Stafford Loan
The Federal Stafford Loan is secured through a bank or credit agency. Asbury's Financial Aid Office must determine need and approve amount borrowed based on the Free Application for Federal Student Aid (FAFSA).

The interest rate of Federal Stafford Loans is a fixed 6.8% for all loans disbursed after June 30, 2006. The bank charges approximately 1.5% origination fee and a one percent insurance fee. The bank deducts these fees at the time of disbursement. Loans are disbursed in multiple installments as per federal regulations. Allow at least four to six weeks for processing.

No payments are due and no interest accrues as long as the student maintains at least half-time status and is making satisfactory academic progress in an approved program. (If a student had a Stafford Loan prior to July 1, 1987, and had begun payments, a full-time enrollment status must be maintained to defer payments.)

Federal Work-Study
The Federal Work-Study Program provides part-time jobs for students with financial need as determined by the Free Application for Federal Student Aid (FAFSA). Students work up to 15 hours per week during periods of enrollment or up to 40 hours when not attending classes. Most work-study positions start at minimum wage. Pay checks are issued bi-weekly. An institutional employment application must be filed with Human Resources in the Office of the Vice President of Finance.

Asbury Theological Seminary

Academic Catalog

Federal Student Aid - Satisfactory Academic Progress Policy