Financial Aid FAQs

Financial aid can be one of the most important pieces to put into place for graduate studies. Here is the place to get quick answers to the most common questions about Bethany’s outstanding financial aid program.

General

Are all students eligible to receive Bethany financial aid?

No, only degree-seeking (MA or MDiv) or certificate-seeking students are eligible. Students must be in good academic and financial standing to receive aid. Occasional students are not eligible to receive financial aid and must pay full tuition.

Who has to pay the $1,100 base amount?

All degree and certificate students will pay the base amount, $1,100 for the 2016-17 academic year. This will be paid regardless of how many classes are being taken. Occasional students will pay full tuition, $1,440 per class in 2016-17.

Is financial aid available for online and/or off-campus classes?

Yes, aid is available regardless of where the class is taken or in what format.

Is there a limit to the number of Academic Excellence Scholarships or Church Service Covenant Grants to be given?

No, all students who meet the requirements will receive these awards.

Can Federal Work-Study money be used to pay the $1,100 base amount?

No, the base amount and any other tuition charges must be paid by the first day of classes. This can be done three ways: paying the balance in full, using federal loan funds, or signing a promissory note and making three monthly payments.

If I am only taking classes in the spring term, can I still receive financial aid?

Yes, but all paperwork must be completed by the deadline of June 15 for continuing students. New students entering in the spring have till December 1 to get paperwork completed.

What other costs are there besides the $1,100 base amount payment?

The only other costs for degree MA and MDiv students will be the cross-cultural bank contribution. This is $100 per semester for MDiv students and $150 for MA students. Certificate and occasional students do not have to pay this charge. There is a late registration fee of $50 for registering after the standard registration period. There is also a $50 late drop fee for dropping a class after the initial two week period. See the Tuition and Fees page for a complete listing of all costs.

What are the deadlines to apply for aid?

Current students must submit an essay for the Church Service Covenant Grant by May 15.  All other material—the FAFSA and need-based applications—must be submitted by June 15. Award letters will be sent July 1. Entering students must submit all materials by July 15 if starting in the fall semester, December 1 if starting in the spring (including January intensives) and March 15 if beginning with a May intensive.

When will the bills be sent and due?

Account statements for the fall semester will be sent August 1 and be due the first day of semester-long classes.  If starting with an August intensive, bills will be sent July 1 and be due the first day of class. For the spring semester, bills will be sent by January 1 and be due the first day of semester-long classes. Accounts must be paid by the start of semester-long classes. This can be done by paying in full, using federal loan funds, or signing a promissory note and making three monthly installments.

Federal Work-Study Employment

How much will Work-Study jobs pay?

All jobs pay $10.25 per hour.

How do I apply for a Federal Work-Study job?

Follow the same instructions for federal loans, and if you demonstrate financial need, you’ll also need to complete a Work-Study job application.

Academic Excellence Scholarship

Do I have to apply for the Academic Excellence Scholarship?

No, all degree and certificate students will have their academic performance reviewed by the faculty and dean in May. Scholarships will be awarded based on their decisions, and no action is needed by students to receive the award. Notification will be sent by the dean by June 1. Eligibility for entering students will be based on their GPA, application essay, faculty interviews, and recommendations.

How much does the Academic Excellence Scholarship cover?

The award is available in either 40 percent or 50 percent of the tuition costs remaining after the base amount has been paid for new, incoming students and 50 percent of tuition costs for current, continuing students after the base amount has been paid.

Federal Loans

How do I apply for federal loans?

You will need to fill out the Free Application for Federal Student Aid (FAFSA) and a separate Bethany application.

What are the requirements to apply for a federal loan and/or Work-Study job?

You must be enrolled at least half time or taking six credit hours per session. You must also be making satisfactory academic progress.

What types of federal loans does Bethany offer?

We offer unsubsidized loans through the direct loan program. The interest rate is currently 6.21 percent. Unsubsidized loans accrue interest while in school.

Are there limits on how much I can borrow?

Yes. Graduate students can borrow up to $20,500 annually. There is also a lifetime limit of $138,500.

When are loan checks given out?

Loan disbursements are made the first day of each semester.  Any tuition and fees owed will be deducted from the loan amount, and a check for the remainder will be issued.

When does loan repayment begin?

Loans have a six-month grace period to begin repayment after a student graduates, withdraws or falls below half-time status.

Need-Based Aid

What is need-based aid?

Need-based aid is available to students who demonstrate financial need. They must apply by completing the FAFSA and Bethany application. Qualifying students may receive need-based aid to cover any unmet tuition costs after the base amount is paid. Need-based aid does not need to be repaid.

Church Service Covenant Grant

How much does the Church Service Covenant Grant cover?

This award will cover 50 percent of tuition costs after the base amount has been paid.

How do I apply for the Church Service Covenant Grant?

Returning students will need to complete an essay by May 15 to apply. This essay must demonstrate that the student’s vocational calling meets one of the criteria to receive the award. They will also need to show appropriate academic progress by crediting classes at a pace to complete their degree in the allotted time, including a ministry formation placement consistent with their calling to church service or with their MA thesis or portfolio project. Entering students will submit an essay as part of the application process and be asked to submit a letter of recommendation from someone familiar with their calling.

For more information go to our Financial Aid page.