Scholarship assistance is awarded primarily on the basis of need, although several of the Seminary’s named scholarships carry additional stipulations. Specific amounts for scholarship awards are set by the office of Financial Aid, and named scholarships are reported by the President to interested donors annually.
In order to receive a scholarship applicants must demonstrate the following qualifications. If approved, the recipient is solely responsible for maintaining these qualifications for the duration of the academic year.
- Achieve and maintain a 3.00 semester GPA and a 3.00 cumulative GPA. Awardees must also successfully complete 16 credits within the academic year (8 credits if beginning in the Spring).
- A signed, complete FAFSA if you are a U.S. citizen or permanent resident. The FAFSA is simply an application; it is not a credit check, a loan, or document that will affect IRS/employment circumstances. Timely completion of a FAFSA is strictly enforced whether you plan to take out federal loans or not. International students do not complete a FAFSA but must submit proof of income/support WITH the scholarship application.
- A clear tuition balance.
- A legible scholarship application submitted to the Financial Aid Office by the stated deadline.
- A clear demonstration of need evidenced in the comparison of income (via FAFSA or supporting income documentation) and the yearly expenses requested in this application.
The Seminary participates in the Federal Direct Loan program. This Title IV Federal Aid Programs can be used to meet matriculated students’ unmet financial need for the academic terms in which they are enrolled. The Seminary is approved for unsubsidized federal Stafford loans. Students must meet specific guidelines set by the federal government through the Title IV program, and complete all necessary federal forms online.
Due to the financial circumstances that most Seminary students face upon completion of their program, we recommend that a student’s borrowing be kept to a minimum. Loans should be considered as a last resort. Students who think they need to borrow after exhausting all other alternatives should contact the financial aid office to discuss loan options and their implications.
Unsubsidized Federal Stafford Loan
The interest rate for Federal Direct Loans borrowed after July 1, 2006 is fixed at 6.8%. Students will have to pay a small origination fee of 0.5% to process a Federal Direct Loan. On unsubsidized Direct Loans, interest accrues while the student is still in school and during other grace and deferment periods. Repayment then begins on a monthly basis.
Federal Direct Loans are usually processed in two installments, at or near the start of each semester. NYTS students who borrow through this program are required to have an Entrance Interview with the Financial Aid Office prior to their first loan disbursement. This entrance interview can be done in person, or online at www.mappingyourfuture.org. Students will also need to complete an exit interview before graduating from NYTS.
Veterans Educational Benefits
The Seminary is approved for study under Title 38 US Codes:
- Chapter 31 (the Vocational Rehabilitation Act)
- Chapter 32 (the Post-Vietnam Era Veterans Educational Assistance Act)
- Chapter 33 (Post 9/11 GI Bill) for eligibility Form 22-1990 at www.gibillva.org
- Chapter 34 (the Veterans Readjustment Assistance Act)
- Chapter 35 (the War Orphans Educational Assistance Act)
- For further information and applications, contact the Veteran’s Administration. Students must present their certificate of eligibility to the Registrar’s Office at the time of registration.
Work Study Program
The New York Theological Seminary Work Study program is a competitive award program available to all Master’s program students EXCEPT First-year International students. Work Study is given in the form of monetary credit for hours worked. Eligible applicants must be registered for at least 8 credits per semester at the master’s degree level. Students must be in good standing, both academically and financially, to be eligible for Work Study each semester. Information about Work Study is available from the Office of the Academic Affairs.
Renewals are not automatic, and students must re-apply each semester. Applications are posted on MOODLE and the NYTS website prior to the beginning of each semester. Applications are accepted on a first come-first served basis and will continue to be accepted until all positions are filled. Students must submit the completed applications and resumé to the Executive Administrator in The Office of the Academic Dean.
- Students will be selected based upon qualifications and skill set.
- The Student will be interviewed for the Work Study position.
- Applications that are not fully and legibly completed and/or lack the proper documentation will be returned.
For more information on any of these matters, students should contact: