Memphis Theological Seminary
Office of Financial Aid
Brown-Shannon Building
168 East Parkway South 
 Memphis, TN 38104

E: financialaid@MemphisSeminary.edu
P: 901.334.5887
F: 901.452.4051



Mon – Thurs  8:30am-5:30pm

Fri 8am-3pm (remote, not on campus)



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.studentaid.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.

Click HERE to begin Exit Counseling

Financial Aid Requirements


General Eligibility

  • 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 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
  • 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 every semester after grades have been posted.

General SAP Requirements:

Academic Level Completion Requirement GPA Requirement
Graduate 67% attempted hours 2.0

View the complete SAP Policy

View frequently asked SAP Questions

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 $ 11,690 $ 6,710
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 $ 27,275 $ 22,295

COA Glossary:

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 $640 per credit hour for Master students and $650 per credit hour for Doctor of Ministry students. *Tuition is subject to change

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.

            Click HERE for the 2023-2024 Cost of Attendance Sheet                                                 Click HERE for the 2024-2025 Cost of Attendance Sheet

Financial Aid Application Process for CURRENT STUDENTS


1. Apply for Financial Aid

The financial aid application is called the Free Application for Federal Student Aid (FAFSA). Apply online at https://studentaid.gov/ and indicate the MTS School Code G10529.

The FAFSA requires Prior-Prior-Year (PPY) taxes. For example, for the 2023-2024 school year the FAFSA requests 2021 taxes, 2024-2025 school year will request 2022 taxes.  

Complete the 2023-2024 FAFSA if you are getting AID for Fall 2023, Spring 2024 and/or Summer 2024

Complete the 2024-2025 FAFSA if you are getting AID for Fall 2024, Spring 2025 and/or Summer 2025

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 you have submitted it. 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 have 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 for Fall and Spring and the first day of your first class in January and Summer; 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

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. ​

For more information, please contact the Department of Veterans Affairs and/or Department of Defense​.


Memphis Theological Seminary is approved for persons wishing to study under the provisions for educational benefits for veterans of the U.S. military services. Information regarding benefits available should be obtained directly from the nearest office of the Department of Veteran’s

Inquiries regarding assistance by the seminary in processing applications should be addressed to: Nathan Brasfield (Registrar), Memphis Theological Seminary 168 East Parkway South, Memphis, TN 38104-4395.

Any covered individual will be able to attend or participate in the course of education during the period beginning on the date on which the individual provides to the educational institution a certificate of eligibility for entitlement to educational assistance under chapter 31 or 33 (a
“certificate of eligibility” can also include a “Statement of Benefits” obtained from the Department of Veterans Affairs’ (VA) website — eBenefits, or a VAF 28-1905 form for chapter 31 authorization purposes) and ending on the earlier of the following dates:
1. The date on which payment from VA is made to the institution.
2. 90 days after the date the institution certified tuition and fees following the receipt of the certificate of eligibility.

Memphis Theological Seminary will not impose any penalty, including the assessment of late fees, the denial of access to classes, libraries, or other institutional facilities, or the requirement that a covered individual borrow additional funds, on any covered individual because of the individual’s inability to meet his or her financial obligations to the institution due to the delayed disbursement funding from VA under chapter 31 or 33.

Nathan Brasfield (processes all VA inquiries)
Memphis Theological Seminary
168 East Parkway South, Memphis, TN 38104
901.334.5801 Office


Download by clicking on the button below. This brochure will help answer questions and help you understand the many different arms of financial aid.

Important Websites

Social Security Administration                                 ⊕ National Student Loan Data System

FAFSA                                                                   ⊕ Department of Homeland Security

TN Higher Education Commission                        ⊕ Financial Aid & Repayment Calculators