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Financial Aid FAQs (Frequently Asked Questions)
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 Questions
- Federal Work Study Questions
- Academic Excellence Questions
- Federal Loans Questions
- Need-based Aid Question
- Church Service Covenant Questions
Are all students eligible to receive Bethany financial aid?
No, only degree-seeking (MA or MDiv) or certificate-seeking (CATS) 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 $950 base amount?
All degree and certificate students will pay the base amount, $950 for the 2013-2014 academic year. This will be paid regardless of how many classes are being taken. Occasional students will pay full tuition, $1,350 per class in 2013-2014.
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 awards to be given?
No, all students who meet the requirements will receive these awards.
Can Federal Work Study money be used to pay the $950 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: by 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 will have till December 1 to get paperwork completed.
What other costs are there besides the $950 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. CATS 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 by May 15. All other material; FAFSA and need-based application, 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
How much will Work Study jobs pay?
Compensation will vary depending on the job and it's responsibilities and duties. Typically all jobs pay $9.75/hour. See job listings for more details.
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 at the May faculty meeting. Scholarships will be awarded based on their decision 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% or 50% of the tution costs remaining after the base amount has been paid for new, incoming students, and 50% of tuition costs for current, continuing students after the base amount has been paid.
How do I apply for federal loans?
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 6.8%. Unsubsidized loans accrue interest while in school.
Are there limits on how much I can borrow?
Yes. For graduate students you 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 graduation, withdrawal or falling below half time status.
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
How much does the Church Service Covenant cover?
This award will cover 50% of tuition costs after the base amount has been paid.
How do I apply for the Church Service Covenant?
Returning students will need to complete an essay by May 15 to apply. This essay must demonstrate that the students 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 the MA thesis 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.