Prospective Students | Seminary Financial Planning
Step-by-Step Financial Aid
- Scholarships and grants
- Award letter
- Financial planning
- Entrance counseling
- Choose a lender
- Account statement
What is FAFSA?
FAFSA is the Free Application for Federal Student Aid, managed
by Federal Student Aid, an office of the U.S. Department of
Education which ensures that all eligible individuals can benefit
from federally-funded or federally guaranteed financial assistance
for education beyond high school. Visit http://www.fafsa.ed.gov for
When is the FAFSA due?
For all students, the amount due for each semester is due before
classes start. If you will be getting loans and applying for the
need-based scholarship, you will need to fill out the FAFSA at
least three weeks before the start of class and it must be
completed annually. As a matter of habit, it is encouraged that you
complete your FAFSA each year after you file your federal taxes, as
that information is requested on the application.
Do I wait until I am accepted to complete the
No, you should complete the FAFSA as part of the application
process. This will help you gauge whether or not you will be
eligible for the need-based scholarship.
Do I get my award letter with scholarships and loan
amounts after I complete my FAFSA?
We do not generate an award letter until after the early
incentive deadlines for each semester-June 15 for the fall and November 15 for the
spring. If you have completed the FAFSA and have been accepted into
the program after June 15 (fall) or November 15 (spring), please
allow two weeks for your award letter to be sent.
What do I need to complete the FAFSA?
You will need three items to complete your FAFSA:
- Northeastern Seminary school code - G34194
- Driver's license
- Previous year's federal income tax return-throughout the FAFSA
form, you will be asked to reference numbers from your prior year's
Why do I hear about Expected Family Contribution (EFC)
in relation to the FAFSA?
EFC stands for "Expected Family Contribution" and is a measure
of your family's financial strength and overall financial need. The
EFC is used to determine eligibility for loans and the Northeastern
Seminary need-based scholarship. The EFC is calculated using a
formula that is established by the government (this includes your
family's taxed and untaxed income, assets, and taxable benefits).
Also in consideration is the size of your family and how many
people in your family are currently attending college. All of this
information is reported on the FAFSA and is used to determine your
Northeastern Seminary offers scholarships for the master's and
doctor of ministry (D.Min) programs. For master's students,
Northeastern Seminary offers three primary scholarships to
first-year students: an early incentive scholarship, a need-based
scholarship, and an academic scholarship. Northeastern Seminary
also provides a wide range of scholarships to returning second,
third, and fourth year students. For a list of these scholarships,
What is the early incentive scholarship?
The early incentive scholarship is available to all master's
students who are accepted and deposited before June 15 (for the
fall semester) or October 15 (for the spring semester). Students
receive this one-time award of $400 in their first semester. This
scholarship has no formal application process. The money is
automatically distributed to your account as long as you are
accepted and deposited by the deadline.
What is the need-based scholarship and how do you become
The need-based scholarship is based off the "expected family
contribution" (EFC), located on the Student Aid Report(SAR) part of
the FAFSA. If a student's EFC is less than $16,000, then they are
eligible for the need-based scholarship for the 2009-2010 academic
year. Master of Divinity students receive $5,400 and Master of Arts
students receive $3,150; each is prorated over the course of their
program. FAFSA must be filled out and students must qualify
annually to retain scholarship. This scholarship has no formal
application process as you have filled out the FAFSA and your EFC
is under $16,000.
What is the academic scholarship?
Academic scholarships are available to full-time master's and
doctoral degree students in recognition of academic excellence.
Selection criteria for this award are an undergraduate or graduate
GPA of at least a 3.5, strength of recommendations, and quality of
application essay. To be considered for this scholarship you must
be accepted and deposited by incoming cohort deadlines as indicated
|Masters - fall
|Masters - spring
|Doctor of Ministry
What other scholarship resources are
Northeastern Seminary has provided a list of scholarship
opportunities for master's students at the following webpage.
Your award letter will contain both the loan and scholarship
amounts you are eligible for as an accepted student into
Northeastern Seminary. We do not generate an award letter until
after the early incentive deadlines for each semester-June 15 for
the fall and November 15 for the spring. If you have completed the
FAFSA and have been accepted into the program after June 15 (fall)
or October 15 (spring), please allow two weeks for your award
letter to be sent.
You will have two items on your award letter:
- Amount of scholarship
- Amount of eligible unsubsidized loans
The maximum amount of unsubsidized loans one is eligible to
receive is based on an amount derived by our financial aid
department. This total equals the sum of the amounts from published
tuition/fees, estimated books/supplies, and estimated living
expenses. You do not need to accept or use all that is awarded to
you. Contact the financial aid office directly to adjust your
If you are awarded a loan as part of your financial aid package,
you will be eligible for unsubsidized funds.
- Unsubsidized loans charge interest from the time the money is
first disbursed until it is paid in full. The interest is
capitalized, meaning that you pay interest on any interest that has
already accrued. One way to minimize how much interest accrues is
to pay the interest as it accumulates.
We encourage all students to explore the long-term financial
implications of your schooling. Please take time to look through
the material presented in Mapping Your Financial
As you are forecasting the future costs of seminary, it is
important to remain eligible for your financial awards. Here are
four important things to remember:
- Loans and credit hours - You must be enrolled for at least 5
credits per semester to maintain eligibility for student
- Scholarship (full-time) - If you were awarded scholarships that
automatically renew each year, it is important to know whether they
require a minimum full-time enrollment of either 9 credits per
semester. For any awards at Northeastern Seminary, 9 credits are
- Academic Scholarships - If you were awarded an academic
scholarship, it is important to maintain satisfactory academic
standing to ensure renewal of scholarship amounts each year.
- FAFSA completion - The Northeastern Seminary need-based
scholarship and loan eligibility is based on an annual resubmission
of the FAFSA. You may complete the FAFSA as early as January
If you are receiving a loan for the first time at Northeastern
Seminary, upon receipt of the award letter, you will need to
complete entrance counseling before your funds will be disbursed.
This is done online by logging onto www.studentloans.ed.gov and
completing the online student counseling portion. You will receive
further instructions on entrance counseling with your award
Federal Direct Loan
Once you have completed the entrance counseling, funds will not
be released to Northeastern Seminary until you have completed and
signed the Direct Loan Master Promissory Note (MPN) through www.studentloans.ed.gov.
Instructions will be provided in the award letter. The rate and
fees charged are set by the Dept of Ed annually effective 7/1.
For more information regarding the William D Ford Federal Direct
Loan Program, please visit www.direct.ed.gov. Contact the
Northeastern Seminary/Roberts Wesleyan College financial aid office
for any questions at 585.594.6150 or firstname.lastname@example.org.
Two weeks after the start of class, all students receive an
account statement that shows their student account balance. At two
weeks, all students should have paid for their semester in