Financial Aid
Frequently Asked Questions
Welcome to our Financial Aid page, which has been updated as of
February, 2009. We hope the question-and-answer format helps you
understand our financial aid program which is available to students
enrolled in recognized programs leading to ordination as pastors and to
certification as deaconesses in the Lutheran Church-Missouri Synod.
In order to be eligible either for gift aid or Federal Stafford
loans in any given term, you must be enrolled at least half-time in
that term. Students in programs such as S.T.M., M.A. and Ph.D. are
eligible for Federal Stafford loans and Federal Work Study, but should
contact the Dean of their program for information about grants,
scholarships or graduate assistantships that may be available. CTS
grant-in-aid is not available for courses that are taken in addition to
one's program degree requirements.
1. How much does it cost to attend Concordia Theological Seminary?
We prepare a budget for students in each of
various categories. For Federal financial aid purposes,
this budget is called the "Cost of Attendance," or COA. Please note
that these budgets represent the nine month cost for the student and do
not include family member living expenses. Please see question #4
(Seminary Cost Estimator) to develop a total budget for your family.
Choose the appropriate Academic Year:
Academic Year 2009-10
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Academic Year 2010-11
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All categories below:
MDiv-AR, Residence Hall
Deac-MA, Residence Hall
MDiv-AR, Married, no children
MDiv-AR, Married, 1 child
MDiv-AR, Married, 2+ children |
All categories below:
MDiv-AR, Residence Hall
Deac-MA, Residence Hall
MDiv-AR, Married, no children
MDiv-AR, Married, 1 child
MDiv-AR, Married, 2+ children |
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2. How do I apply for financial aid?
Step I Complete and transmit to us your CTS Financial Aid application electronically. Just click
here.
If you are applying for Financial Aid for Summer Greek or the summer session of 2009, you must use the 2008-09 application.
Step II – File the
Free Application for Federal Student Aid (FAFSA)
for the appropriate year. You will need information from your previous
year's Federal Income Tax Form 1040. To save time, it is a good idea to
file your income taxes before you file your FAFSA. Before you begin,
download the FAFSA Worksheet (available at the above FAFSA link) and
organize your material. You will need our Federal School Code. It is
G20876. If you prefer to file a paper FAFSA, you must call the Federal
Student Aid Information Center (1-800-433-3243) and order one.
Step III – Apply to your LCMS District. Print the "
District
Financial Aid Application" (available in PDF), complete Section One, sign
it, ask your pastor to sign it and mail it to us.
Do not mail it to your
District. We will complete Section II and then forward it to your District.
Your District’s application deadline is on the list of
District Financial Aid Contact Persons
(available in MS Word format). Be sure to check for asterisks and note
whether your District requires any different – or additional –
application steps. Note: We must receive your FAFSA, your CTS Financial
Aid application, and your "District Financial Aid Application" at least
two weeks before your District's deadline. New students, please be
aware that the seminary and your District cannot process your financial
aid application until you have been granted admission.
Returning students, please
note that your financial aid deadline is May 1 (or two weeks before your district deadline - whichever comes first).
Step IV – Ask your pastor and the leaders of your
home congregation to support your seminary study. We will also write in
your behalf, asking your home congregation to consider supporting you
with gifts totaling at least $3,000 per year. Your congregation may not
be able to help that much; or, it may be able to help more. Ask early
in order to give your congregational leaders time to plan for your
support.
3. What is CTS grant-in-aid and how is it calculated?
CTS grant-in-aid is the financial aid you receive
from the seminary to offset a portion of your tuition (max. for 2009-10
is 55% tuition). Each quarter, you will receive grant-in-aid based on
your Expected Family Contribution [EFC] as a percentage of your Cost of
Attendance [COA].
You can use the calculator provided here to see what percent of your
tuition will be covered by CTS grant-in-aid.
Approximately 75% of our students qualify for the maximum percentage of
55%. Please note: Home congregation support, District support, all
outside scholarships and Student Adoption Program gifts are applied to
your student account in addition to your CTS grant-in-aid. We urge you
to be aggressive and apply for every scholarship possible.
If you do not know your EFC and would like to obtain an estimated EFC, you can visit the College Board EFC Calculator and receive a free estimate. Please use the Federal Methodology (FM) for best results.
4. How can I estimate my costs for the year and know
if I will need a Federal Stafford Student Loan?
We have prepared a Seminary Cost Estimator
to help you with this important and sometimes challenging task. If
you’re not sure if you will need to borrow, you can still do so later.
You can also adjust your loan upward or downward, or cancel it
altogether, later in the year. If you have strong outside support, you
may receive enough gift-aid to cover some of your living expenses, in
addition to tuition. Keep in mind that no matter how much you receive,
you will have many costs to cover yourself, whether by earnings,
savings or loans. Please note: Bills come out during the first week of
each quarter and are due at the end of the third week.
5. How do I apply for student loans?
When you file your FAFSA, you will receive an
Award letter that will include a loan offer and a calculation of your
estimated loan eligibility. After receiving your Award letter, if you
decide to borrow, go to our Loan Page
and follow the steps indicated. Remember to return your completed
Stafford Loan Award page to the Office of Finacial Aid if you decide to
borrow. Loan applications for 2008-09 can be submitted until the end of
the summer term. Loan applications for 2009-10 will be processed after
July 1, 2009. If you are not interested in receiving a student loan,
please hold on to your Stafford Loan Award page so that you can return
it if you decide later on that you need to borrow.
6. Are short-term loans available?
Yes. If you have a temporary cash-flow problem,
but don’t need a Stafford Loan, we may be able to help. The seminary
offers 60-day, interest-free emergency loans, $1,500 or less. There is
a charge of 1.5% per month, starting with the loan date, on emergency
loans that are not repaid within 60 days.
7. Is financial aid available for summer classes?
Yes. If you receive financial aid during the regular academic year, you
will also receive CTS grant-in-aid for your summer classes. No special application
is required. Your total summer gift-aid will probably be less, since District
aid, home congregation gifts, Student Adoptions, and outside scholarships do not
normally continue during the summer.
Please note:
There is no grant-in-aid for Greek, Old Testament Bible, or New
Testament Bible. The tuition for summer Greek is $260 per credit hour;
tuition for pre-seminary courses taken beginning in the fall of 2009
will be $285 per credit hour.
8. Where can I get information on other scholarships and grants?
We have prepared a list of
Outside Scholarship Resources, for you. Look over the list, take note of any deadlines and apply for all those for which you are eligible.
9. Does the seminary have a Work-Study Program?
Yes, the seminary participates in the Federal Work
Study program. Numerous on-campus and community service jobs are
available. Some jobs, such as work in the chapel, are not eligible for
Federal funding. Students hired for these jobs are paid from
Institutional Work-Study Funds. Students looking for employment on
campus must inquire at the department where they are interested in
working (Library, Information Technology, Mailroom, Student Commons,
Co-ops, Dining Hall, Security, Gymnasium, etc.)
10. How does the Student Adoption Program work?
Our office will match you with a church, church
group, or individual wishing to adopt a student. Student Adoption
provides a supplement to your financial aid and, in addition, gives you
opportunity to "meet new friends," through your thank-you notes and
telephone calls. To participate, please complete the Application for Student Adoption. Note:
M.Div., A.R., and Deaconess students may apply for the student adoption
program. When you sign up for Student Adoption you are obligated to
send thank-you notes and/or letters whenever you receive financial
support from your adopters. Remember, students must register for the Student Adoption Program each year they are attending classes on campus.
11. How does the Food and Clothing Co-op work?
These significant in-kind resources are
separate from and added to your regular financial aid. While they are
designed to help families, residence hall students also utilize the
Co-op for such items as snack foods, toiletries and clothing. Families
will typically receive 75-percent, or more, of their food, paper
products, baby diapers and other household supplies through the Co-op.
The Co-op provides families with high-quality used clothing and
household furnishings donated by church members throughout the country.
Please visit the Food & Clothing Co-op page for additional information.
12. How does dropping a class or withdrawing from the seminary affect my financial aid?
If you drop a class in the middle of the quarter,
all of your seminary tuition grant money for that class will be removed
from your account and you will be responsible for any remaining tuition
costs (see the Academic Calendar or Academic Catalog for tuition refund
rate schedule). If you drop classes with the result that you fall below
half-time status (6 credits for M.A., M.Div. and A.R.) you will lose
all your seminary grant money and Federal student loans for that
quarter. If you withdraw from the seminary during the middle of the
quarter, both your seminary grant money and Federal financial aid are
affected. Please click here to read our Return of Financial Aid Funds Policy for Students who withdraw from the Seminary.
13. What are my options for repaying my student loans?
You do not have to begin repaying your federal student loans until you leave school (graduate, withdraw or take a leave of absence) or drop below half-time status in your enrollment. Vicarage and deaconess internship should not cause your loans to go into repayment. Please contact your lender if you receive payment notification during your vicarage or deaconess internship year. There are several repayment plans available: Standard, Extended, Graduated, Income Based Repayment (IBR), Income Contingent Repayment (ICR) (available to borrowers with Direct Loans), and Income-Sensitive Repayment (available to borrowers with FFEL Loans). The repayment period can vary in length of time from 10 to 25 years, depending upon the plan you choose. Please go to the Federal Student Aid website to review your options. For information on whether or not you may qualify for the new Income Based Repayment (IBR) or the Public Service Loan Forgiveness, please click here. Remember that extending your repayment plan or decreasing your payment amounts usually increases the amount of interest you pay over time.