Tuition / Financial Aid
FINANCIAL AID TRANSITION
In compliance with the newly signed legislation, which eliminates the Stafford Loan, NBTS is transitioning from Federal Stafford Loan to the Federal Direct Loan beginning in July 1st, 2010.
Current private lenders will no longer process loans. New lender will be the Department of Education. New "Entrance Interview" and "the Master Promissory Note will be required in near future.
2013 - 2014 Financial Aid Online Application
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Financial Aid Student Budget
DMIN Financial Aid Student Budget
DMIN Financial Aid Information
FAFSA on the Web
Online Entrance Interview
Online Exit Interview
The Budget Control Act of 2011 (Pub. L. 112-25) made an important change to the Direct Loan Program: Effective for loans made for periods of enrollment (loan periods) beginning on or after July 1, 2012, graduate and professional students are no longer eligible to receive Direct Subsidized Loans. Direct Subsidized Loans received by any student for loan periods beginning before July 1, 2012, for graduate study, are not affected by this change. Note that it is the beginning date of the loan period that determines whether a graduate student can receive a subsidized loan, not the first disbursement date. For example, a graduate or professional student could receive a Direct Subsidized Loan for a loan period that begins in June 2012, even if the first disbursement of the loan is made on or after July 1, 2012. NBTS has chosen to continue to participate in the Federal Direct Loan Program. Under this program, the loan funds come directly from the U.S.government. Unsubsidized loans, which are not based on need, are available for students who don't qualify for need-based financial aid (i.e. some NBTS Scholarships).
QUESTIONS AND ANSWERS ABOUT NBTS STUDENT FINANCIAL AID
Q: What kinds of aid does New Brunswick Theological Seminary offer and who qualifies for it?
To qualify for aid administered by NBTS, you must have been admitted to, and be making satisfactory academic progress toward, a Master of Divinity, Master of Arts in Theological Studies, or Doctor of Ministry* degree program and have registered for a minimum of six academic credits per semester. (Supervised Ministry and Clinical Pastoral Education are not calculated as academic credits.) Types of aid::
A merit-based award, the Hageman Scholarship, that covers the cost of tuition, fees, and textbooks for an outstanding full-time Master of Divinity student for up to six semesters;
Awards from the Seminary's scholarship funds are made to Master's degree students on the basis of application and need. Some funds are designated for students who meet specific criteria.
Federal Direct Loans administered through the US Department of Education are available to Master's and Doctoral students. Subsidized loan eligibility is calculated according to need; unsubsidized loans are over and above need. You must be a US citizen or legal permanent resident to qualify for these loans.
The Seminary’s funds are limited and students are strongly encouraged to apply for scholarships from denominations, congregations, etc. Search websites like www.pcusa.org/financialaid/links.htm, www.thefund.org, & www.fastweb.com and be aware of deadlines & eligibility requirements.
Q: What are the steps to applying for aid?
A: For each academic year:
Complete a Free Application for Federal Student Aid (FAFSA).
Register for at least six credits for the upcoming semester.
Complete NBTS Scholarship application if you apply for scholarship and submit a brief letter or request to the Scholarship committee by June 1st.
Students may be required to submit documentation of the prior year's income if selected for verification by the Department of Education or the Financial Aid Administrator. Verification or apparent discrepancies in FAFSA data must be resolved prior to disbursement of federal aid.
*Doctor of Ministry students can qualify for Stafford loans during the first two years of the program when they are enrolled in academic course work. They can not qualify during the third year.
Q: How do I complete a FAFSA on the Internet?
A: If this is your first FAFSA, or if you have forgotten your Personal Identification Number, go to www.pin.ed.gov. Once you have your PIN, go to www.fafsa.ed.gov to enter your financial information. New Brunswick Theological Seminary's FAFSA school code is G02619.
Students financial information will be available on-line to NBTS Financial Aid in the form of the Student Aid Report. The information it contains is confidential and will not be shared with other students, faculty, or staff.
Q: How is need determined from information on the FAFSA?
A: The US Department of Education uses a preset formula to calculate how much you are able to pay toward your annual educational expenses. This is the Estimated Family Contribution; the figure appears on your Student Aid Report as the EFC. The Seminary estimates students' projected cost of attendance based on enrollment status (full or part-time) and cost of living. If you have special or extenuating circumstances that might influence your financial situation, explain on your NBTS Scholarship Form and attach documentation. The Office of Financial Aid will bring it to the attention of the Scholarship Committee.
Q: Can F-1 nonimmigrant students get financial aid?
A: To qualify for an F-1 visa, students must show the ability to pay for their educational and living expenses in the US for the entire length of their stay. As a result, they can not qualify for need-based awards through the FAFSA process but may qualify for an award from a designated fund.
Q: What happens after I submit my documents?
A: Letters with scholarship fund awards and/or offers of student loans are mailed out after scholarship decisions are made. Initial your letter, sign it and return to the Financial Aid Office. All first-time NBTS Direct loan borrowers must also complete an on-line Master Promissory Note and Entrance Interview. Borrowers who leave school (by graduating or stopping their studies) must complete an Exit Interview. Failure to do so will result in a hold on the transcript.
Q: What is the maximum amount of money I can borrow under the direct loan program?
Subsidized loans: Maximum of $ 8,500/yr to aggregate limit of $65,500.
Unsubsidized loans: Maximum of $20500/yr (if not eligible for Subsidized loan) to aggregate limit of $138,500.
Subsidized loans do not accrue interest while you are in school; unsubsidized loans do accrue interest but you can defer paying it.
A GENTLE BUT IMPORTANT REMINDER: FEDERAL DIRECT LOANS MUST BE REPAID AFTER GRADUATION! WE URGE YOU TO BORROW THE MINIMUM AMOUNT OF MONEY YOU NEED TO COVER ONLY YOUR EDUCATIONAL EXPENSES.
Other questions? Contact Betty Rucker in NBTS Student Services by phone at 732-247-5241 x311 or by email at email@example.com.