Programs & Eligibility
Institutional Scholarships
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 be eligible for work-study, students must have the requisite time and skills for specified assignments. Financial aid through work-study is awarded on an hourly basis, and only after documentation for work being completed is received in the office of Student Accounts.
Eligibility Requirements
- Applicant may be a foreign or domestic student.
- All applicants must be in good academic standing with a 3.0 cumulative GPA.
- All applicants must complete a NYTS Financial Aid Application every year.
- Must be enrolled and successfully complete a minimum of 16 credits for the academic year.
Loans
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 subsidized and unsubsidized federal Stafford lonas. 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.
Subsidized Federal Direct Loan
This need-based federal loan can provide up to $8,500 in loan assistance each academic year. Matriculated NYTS students enrolled at least half-time may apply for this loan. Direct Loans are made directly by the U.S. federal government and are originated through the Financial Aid Office.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 subsidized Direct Loans, no interest accrues on the loan while the student continues to be enrolled in a program of study on at least a half-time basis. There is also a six month grace period following the student borrower’s last date of at least half-time attendance in which no interest accrues. 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.
Unsubsidized Federal Stafford Loan
If a student does not qualify for a Subsidized Federal Direct Loan, he/she may qualify for an Unsubsidized Loan. The same terms and conditions apply to this loan except that interest accrues while the student is still in school and during other grace and deferment periods.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.