Financial Assistance for Seminary Students

Church Match Grants

Students who receive student aid grants from home congregations are eligible for matching grants. The matching amount is dollar for dollar for the first $1000 and one to every four dollars over $1000. Eligibility for the church matching grant requires admission to the seminary and at least half-time enrollment (5 or more credits)in the semester the grant is desired. Payments from churches for tuition or living expenses are not eligible for matching grant funds.

Mennonite Student Grants

Available to full-time students (9 or more credits per semester) who identify themselves as members of a Mennonite church on admission application. Award amount is $750/semester.

Student Employment

Eligibility for Federal Work-Study is based on financial need and receipt of other aid. Students may earn up to $850 per semester. Application forms may be requested from the Financial Assistance Office.

Federal Direct Student Loans

A Federal Direct Loan is either subsidized or unsubsidized. Loan funds come from the government to the school. A subsidized loan is based on financial need. The federal government pays interest on the loan until the student begins repayment and during authorized periods of deferment. An unsubsidized loan is not based on financial need. The student is charged interest from the time the loan is disbursed until it is paid in full. If the student allows interest to accumulate, it will be capitalized which means added to the principal amount of the loan and increases the amount of loan the student will need to repay.

Students may borrow up to $20,500 per academic year, of which $8500 may be subsidized if eligible.

The interest rate for Direct Student Loans for graduate students borrowed after July 1, 2009 is fixed at 6.8%. Processing fees of up to 1.5% are automatically deducted from each disbursement of the loan. Repayment of the full amount borrowed begins six months after a student ceases to be enrolled at least half-time. See also the Federal Direct Loan Information page.

Federal Graduate PLUS Loans

The Graduate PLUS Loan is a second loan program for graduate students. Borrowers must be credit worthy. Eligibility is determined after the subsidized and unsubsidized Federal Direct Loans have been awarded. However, a student may decline the Direct Loan awards and borrow only the Graduate PLUS Loan. The interest rate is 8.5% (fixed) and repayment begins 60 days after the final disbursement. In school deferment is an option for half-time or more enrollment status, but interest payments are required. A loan origination fee of 4% is automatically deducted from each disbursement, however, an up-front rebate of 1.5% is offered which results in a final fee of 2.5%.