Federal Student Loans 

Consideration for a federal student loan is not automatic.  Students who wish to be considered for Title IV funds must complete the following to make application for a federal student loan:

  • Notify the Financial Aid Administrator (215.368.7538, ext. 130; This e-mail address is being protected from spambots. You need JavaScript enabled to view it that you are applying for a federal student loan;
  • Apply for a Federal Student Aid PIN and submit the FAFSA (Free Application for Federal Student Aid).  If you have completed the FAFSA in the past, you will use the same Federal Student Aid PIN: (Helpful Information)
  • Register at the CBS Virtual Financial Aid Office to complete the Student Interview:
  • Complete the Entrance Counseling Interview and;
  • Sign the Master Promissory Note (MPN) -- using your Federal Student Aid PIN go to:  https://studentloans.gov/myDirectLoan/index.action  for both the Entrance Counseling Interview and signing the Master Promissory Note.  YOU CANNOT COMPLETE THE APPLICATION PROCESS UNLESS YOU SIGN THE MASTER PROMISSORY NOTE!
  • Contact the Financial Aid Administrator if you have additional questions.
  • Please note:  Subsidized federal student loans are no longer available to graduate level students.  Unsubsidized loans are available, which means interest starts accruing on the loan the day it is applied to your student tuition account.

 In order to qualify for Federal Student Loans, a student must be at half-time status or greater and maintain satisfactory academic progress.  Please see chart below for full and half-time requirements for each degree:



Full Time

Half Time

Master of Arts (Theological Studies)
36 12 hrs./semester 6 hrs./semester
Master of Arts in Christian Ministry 36 12 hrs./semester 6 hrs./semester
Master of Divinity  90 12 hrs./semester 6 hrs./semester
Master of Theology 28 6 hrs./semester 3 hrs./semester
Doctor of Ministry 30 4 hrs./semester 2 hrs./semester

The federal government issues loans once per semester by sending the seminary the student's financial aid award. The disbursement date will be three weeks after the semester begins. This will allow the student to drop or add classes without affecting the loan amount. After receiving this money, the seminary applies the appropriate amount to the student's school bill and sends the student the credit balance remaining on the account after all bills have been paid.

Federal Student Loan Deferment


The repayment of certain federal student loans may be deferred if a student is enrolled at an eligible institution in at least half-time status for the purpose of gaining a degree.  As an institution which has met the criteria to participate in the distribution of Title IV funds through the Federal Direct Student Loan program, Calvary is also eligible for participation in the deferment process of certain federal student loans.  Contact the Financial Aid Administrator at This e-mail address is being protected from spambots. You need JavaScript enabled to view it for further information.

Title IV financial aid refund policy

The Financial Aid Office is required by federal statute to determine how much financial aid was earned by students who withdraw, drop out, are dismissed, or take a leave of absence prior to completing 60% of a payment period or term.

For a student who withdraws after the 60% point-in-time, there are no unearned funds. However, the seminary must still complete a return calculation in order to determine whether the student is eligible for a post-withdrawal disbursement. The return calculation is based on the percentage of earned aid using the following Federal Return of Title IV funds formula:

Percentage of payment period or term completed = the number of days completed up to the withdrawal date divided by the total days in the payment period or term. (Any break of five days or more is not counted as part of the days in the term.) This percentage is also the percentage of earned aid.

Funds are returned to the appropriate federal program based on the percentage of unearned aid using the following formula:

Aid to be returned = (100% of the aid that could be disbursed minus the percentage of earned aid) multiplied by the total amount of aid that could have been disbursed during the payment period or term.

If a student earned less aid than was disbursed, the seminary would be required to return a portion of the funds to the U.S. Department of Education and the student would be required to return a portion of the funds U.S. Department of Education. Keep in mind that when Title IV funds are returned, the student borrower may owe a debit balance to the seminary.

If a student earned more aid than was disbursed to him or her, the seminary would owe the student a post-withdrawal disbursement which must be paid within 120 days of the student's withdrawal.

The seminary must return the amount of Title IV funds for which it is responsible no later than 45 days after the date of the determination of the date of the student's withdrawal.

Refunds are allocated in the following order: (1) Unsubsidized Federal Stafford Loans; (2) Subsidized Federal Stafford Loans; and (3) Federal Graduate (PLUS) Loans.

Satisfactory academic progress

Students who receive federal financial aid must be considered to be making "satisfactory academic progress." "Satisfactory academic progress" is defined at Calvary by the following three characteristics as evaluated every spring by the Financial Aid office:

(1) A student must maintain a GPA of 2.0 or greater (or as required by each degree program). Students who fall into academic probation (see "Academic probation" in our Student Handbook) fail to make satisfactory academic progress.

(2) Students must have completed enough credits to complete their required program within the maximum time frame allowed for their respective degree programs.

(3) A student must have completed at least two thirds of the credits that he or she has attempted (courses with grades of "I" or "R" are considered incomplete).

Students may be considered to have resumed making satisfactory academic progress by reversing these three characteristics by the time the Financial Aid office makes its annual spring evaluation of satisfactory academic progress.