Financial Assistance for Seminary Students
Church Match Grants
Students who receive student aid grants from home congregations are eligible for matching grants. Harrisonburg campus students must be admitted and degree-seeking. Half-time students (5-8 credits/semester) may receive annual matching grants (dollar for dollar) of $1000 per award year which includes fall, spring and summer terms. Full-time students (9 or more credits/semester) may receive a matching grant (dollar for dollar) of $2000 per award year (includes fall, spring and summer terms) and an additional 1:4 match for any amount over $2000. Lancaster site students must be admitted and degree-seeking. Half-time students (5-8 credits/semester) may receive annual matching grants (dollar for dollar) of $1000 per award year which includes fall, spring and summer terms. Full-time students (9 or more credits/semester) may receive annual matching grants of up to $1,000 for the first $1000 received (1:1 match) and an additional 1:4 match for any amount over $1000.
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.
Eligibility for Federal Work-Study is based on financial need and receipt of other aid. Students may earn up to $800 per semester. Application forms may be requested from the Financial Assistance Office.
Federal Direct Student Loans
As of July 1, 2012 all Federal Direct Loans for graduate students will be unsubsidized. 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.
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% 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.
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 7.9% (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.