CONNECT WITH US --------------------------------------- Memphis Theological Seminary Office of Financial Aid Brown-Shannon Building 168 East Parkway South Memphis, TN 38104
Mon – Thurs 8am-5pm
Counselor Walk-In Hours
MTS SCHOOL CODE
Student Financial Aid
The Office of Financial Aid believes that a part of our ministry is to aid students in funding their theological education. Our commitment is to make theological education accessible for ALL students, as well as assist students in faithful stewardship, lowering student loan debt and to support their education and formation.
Types of Aid
Eligible students can receive up to $20,500 per academic year in this program. The aggregate loan amount is $138,500 for a graduate student (aggregate is your combined undergraduate and graduate loans). You can check your student loan history at www.nslds.ed.gov.
Memphis Theological Seminary is a graduate/professional school; therefore, we ONLY offer two federal loan products:
Direct Unsubsidized Loans are available to eligible students. Interest accrues from the date of disbursement. Repayment begins six months after students graduate, withdraw or drop below half-time status.
If you are over the aggregate loan limit of $138,500, Direct Graduate PLUS Loans are available to students who must also meet the credit criteria established by the U.S. Department of Education. Students who do not meet the credit criteria may apply with an endorser (coborrower) who does. There is no grace period on the Direct Graduate PLUS Loan. Repayment begins the day after the loan is fully disbursed; however, students can defer repayment while enrolled in school at least half time, and for an additional six months after they graduate or drop below half-time status.* Steps to apply for a Graduate Plus Loan, click here.
I’m graduating/leaving MTS, what happens next?
Exit counseling provides important information to prepare you to repay your federal student loan(s). If you have received an Unsubsidized or PLUS loan under the Direct Loan Program, you must complete exit counseling each time you: Drop below half-time enrollment, Graduate, or leave school. Your exit counseling will inform you on repayment.
Financial Aid Requirements
- Be a U.S. citizen, permanent resident of the U.S. or an eligible non-citizen with a valid Social security number
- Must have received a high school diploma or GED certificate
- Must have received a bachelors degree
- Admitted into a degree, certificate, or other program leading to a recognized educational credential
- Registered for at least 6 credit hours
- Not be in default for any Title IV loan at any institution
- Not have had federal benefits suspended due to a drug conviction
- Maintain Satisfactory Academic Progress
About Satisfactory Academic Progress (SAP)
We know you are working toward an important milestone: a degree from Memphis Theological Seminary (MTS) . We want to help you achieve this goal and understand that financial aid is part of your future success. To remain eligible for financial aid, students must continue making progress toward their degree.
Federal regulations, HEA Sec. 484(c), §668.16, 668.34, require all schools participating in Title IV federal financial aid programs to have a Satisfactory Academic Progress (SAP) policy that meets the requirements detailed below. These conditions apply to all students as one factor for determining eligibility for financial aid. This is determined once a year after spring grades have been posted.
General SAP Requirements:
|Academic Level||Completion Requirement||Maximum Hours/Time||GPA Requirement|
|Graduate||67% attempted hours||Not to exceed 150% of the required hours on Degree Plan||2.0|
Cost of Attendance
The Cost of Attendance (COA) is an estimate for fall and spring semesters (9 months) of what it costs a typical student to attend Memphis Theological Seminary (MTS). The COA includes tuition and fees, room and board, an allowance for books and supplies, transportation, loan fees and, if applicable, dependent care.
The cost of attendance is not a final bill but is an estimate of educational expenses for the period of enrollment.
|Types of Costs*||Master Degree Students||Doctor of Ministry|
|Tuition and Fees||$ 11,150||$ 6,110|
|Room and Board||$ 10,153||$ 10,153|
|Books and Supplies||$ 1,200||$ 1,200|
|Transportation||$ 2,264||$ 2,264|
|Personal Expenses||$ 1,968||$ 1,968|
|Total||$ 26,735||$ 21,695|
Tuition and Fees ‐ The average cost of tuition and fees for a typical graduate/professional student based on enrolling for 18 credit hours for Master and 10 credit hours for Doctor of Ministry students per academic year. The actual costs that a student incurs will vary depending on the student’s degree program. Tuition is $610 per credit hour for Master students and $590 per credit hour for Doctor of Ministry students.
Room and Board ‐ A reasonable estimate of what it would cost to live in the Memphis area while attending school. Actual costs may vary by individual choices related to location and individual circumstances.
Book and Supplies ‐ The average cost of books and supplies for a typical student for an entire academic year.
Transportation ‐ The transportation allowance is for a student to get to and from campus and to maintain a vehicle (i.e. gasoline, parking, maintenance, etc.) but not the purchase of a vehicle or car insurance.
Personal Expenses ‐ Personal expenses include allowances for clothing, laundry and cleaning, personal hygiene and grooming. Actual costs may vary by individual choices in lifestyle.
1. Apply for Financial Aid
The financial aid application is called the Free Application for Federal Student Aid (FAFSA). Apply online at fafsa.ed.gov and indicate the MTS School Code G10529.
Be sure to use FAFSA’s “Data Retrieval Tool”. If you haven’t filed your taxes this year, no problem! The FAFSA requires Prior-Prior-Year (PPY) taxes. For example, for the 2020-2021 school year the FAFSA requests 2018 taxes, 2021-2022 school year will request 2018 taxes.
Complete the 2020-2021 FAFSA if you are getting AID for Fall 2020, Spring 2021 and/or Summer 2021
Complete the 2021-2022 FAFSA if you are getting AID for Fall 2021, Spring 2022 and/or Summer 2022
2. Submit Affirmative Loan Confirmation form
This form can be found in the forms tab under Student Forms. Make sure that you complete the form for the Academic Year in which you desire to receive financial aid. Both your FAFSA and Affirmative Loan Confirmation form must be completed before Step 3 will occur.
3. Financial Aid Confirmation
It takes 3-5 days for your FAFSA to be received by the Office of Financial Aid. Once both, your Affirmative Loan Confirmation form and FAFSA have been received AND is clear of alerts or conditions, you will receive a Financial Aid letter in your student portal. If it is not clear, the Office of Financial Aid will contact you to help clear the conditions or address the alerts on the FAFSA. You can expect the letter to be in your student portal 7-10 business days after the last of the two items has been received.
4. What happens next?
Financial Aid funds are credited directly to the student’s billing account. Any remaining funds after the student’s bill is paid will be issued by the MTS Business Office as a refund. Aid is disbursed 14 days after the first day of classes; allowing time for attendance to be verified and internal business office processes to be completed.
MTS Bursar will notify students through their MTS email when loan funds have been credited to the students account and when, if any, refund is available for pick up. For funds to be disbursed students must:
- Be registered for current semester classes with a minimum of 6 hours
- Maintain Satisfactory Academic Progress (SAP)
Military-Affiliated Students or Veterans
Additional aid options may be available through the Department of Veteran Affairs and/or Department of Defense.
Students who served on Active Duty, may be eligible for education benefits offered by the Department of Veterans Affairs. For example, the Post-9/11 GI Bill provides financial support for educational and housing expenses to individuals with at least 90 days of aggregate service after September 10, 2001, or individuals discharged with a service- connected disability after 30 days. Students must have received an honorable discharge to be eligible for the Post-9/11 GI Bill.
If the student is currently serving in the military, they may be eligible for funding offered through the Department of Defense Tuition Assistance program. Students should check their eligibility status and the amount for which they may qualify with their Service prior to enrolling.
If the student is the spouse or child of a service member who is serving on active duty Title 10 orders in the paygrades of E1-E5, O1-O2, or W1-W2, the student may be eligible for financial assistance from the Department of Defense for education.
If the student is the spouse or child of a service member, the student may be eligible for transfer of the service member’s Post-9/11 GI Bill benefits to the student.
Inquiries regarding assistance by the seminary in processing Military/Veteran applications should be addressed to:
Gail Robinson, Registrar and Associate Dean of Institutional Effectiveness
Memphis Theological Seminary
168 East Parkway South, Memphis, TN 38104
2020-2021 Forms (documents for the Fall 2020, Spring 2021 & Summer 2021 semesters)
FINANCIAL AID BROCHURE
Download by clicking on the button below. This brochure will help answer questions and help you understand the many different arms of financial aid.