Frequently Asked Questions
How is financial aid determined?
Financial aid is intended to supplement, not replace, a family’s resources. (A family’s resources include the student’s resources, spouse’s resources (if married at the time of application) and parents’ resources, if dependent.) For that reason, most families should think of themselves as the first and probably primary source of funds for college. Annual family taxable and nontaxable income is not the only factor considered in evaluating your eligibility for financial aid. A family’s assets also are considered, since a family with assets (such as a savings account or investments) is considered to be in a stronger financial position than a family with the same income, but no assets.
Families provide financial information about themselves on a need-analysis document such as the Free Application for Federal Student Aid (FAFSA). The FAFSA is sent to a federal student-aid processor where a need analysis is performed using a standard formula. The processor sends the information to the student in the form of a student aid report (SAR). The financial aid office reviews the calculations and determines the student’s ability to contribute to the costs of education based upon the information the student supplied and federal regulations. We do our best to cover as much of the individual’s need as resources in the aid programs permit.
How early should I apply for financial aid?
You should apply for financial aid at least two months prior to the term you wish to start. You can submit your FAFSA application at the same time you submit your admission application to ensure your funds are in place for your starting term.
I received Pell grants and subsidized loan during my undergraduate education. Why didn’t I qualify now?
Students enrolled in graduate work are only eligible to apply for federal unsubsidized loans.
What is an unsubsidized Stafford loan?
An Unsubsidized Stafford Loan is a federally guaranteed loan that is not based on financial need. Interest will accrue from the time the loan is disbursed to the school. You do not have to make interest or principal payments until six months after graduation, or six months after you drop below a half time status.
How much is tuition?
Information on tuition for NYTS programs can be found on the Tuition and Fees Page.
How long does it take for me to receive my financial aid refund?
This will vary depending on when the funds are actually received by the school. The Business Office processes all refunds. In general, the refunds are processed approximately eight weeks after the start of the term.
How many credits do I need to register for to be eligible for financial aid?
Master level students must register for at least 8 credits to be eligible for full-time federal loan disbursements. They must register for 4 to 7 credits to be eligible for half-time federal loan disbursements. Doctor of Ministry students must be registered as full-time to be elgible for federal student aid.
To maintain the NYTS Scholarship, Master level students must complete 16 credits between July 1 and June 30.
What other resources are available to support seminary study?
Students are also strongly urged to seek scholarship support through other outside agencies, including their own local church or denomination. Below you will find additonal resources on the web.
Financial Resources on the Web
- www.pcusa.org :This site is maintained by the General Assembly of the Presbyterian Church.
- www.fastweb.com : Regarded as the most complete financial assistance search siteopportunity on the Internet, with over 280,000 sources of assistance. By completing an online questionnaire, students’ data will be compared to assistance resources and students will be notified electronically of potential matches. This is a free service.
- www.gbhem.org : Site of the General Board of Higher Education and Ministry of the United Methodist Church, providing information for UMC students.
- www.thefund.org : The Fund for Theological Education has provided gifted men and women with nearly 5,000 fellowships and generated innovative programs for theological and ministerial support.
- www.nationalministries.org : Information for students who are active members of an American Baptist Churches USA congregation, for at least one year prior to applying for aid.
- www.abwministries.org : American Baptist Womens’ Ministries
Question not answered here? Please contact the Financial Aid Office at TWhite@nyts.edu