A Short Guide to Financial Aid at The Lutheran Theological Seminary at Philadelphia

Financing a seminary education involves much more than paying bills. It requires prayerful planning and budgeting, good money and time management skills, and the joyful receiving of gifts! This guide describes the different kinds of financial aid available to LTSP students and explains eligibility, application processes and timeline for applying.

APPLYING FOR FINANCIAL AID

Eligibility

All students who are enrolled at least half-time (at least two courses per semester) in a first professional degree program (MDiv or MAR), an approved special program at the first professional level, or an advanced level degree program (STM or DMin) are eligible for financial aid. (PhD students apply for financial aid using different forms; these students also observe different application deadlines.) You must be a U.S. citizen or permanent resident.

When to apply

1. The ideal time to apply for financial aid is when you complete your application for admission.
2. If you don't apply for financial aid when you apply for admission, we suggest applying as soon as possible after being admitted. Since grants are awarded on a rolling basis, and because our grant pool, while ample, is limited, an early application is a good idea. Those who complete applications by APRIL 15 will have priority for the highest percentage of financial aid.
3. The deadline for application for financial aid for new students is July 1 for the fall semester and December 1 for the spring semester.

How to apply

1. File a FAFSA (Free Application for Federal Student Aid) with the Department of Education. You can do this online at www.fafsa.ed.gov. LTSP's school code is G03292. (You must obtain a FAFSA PIN, if you do not already have one, before you begin your FAFSA. To register for your FAFSA PIN visit www.pin.ed.gov.)
2. Complete a Seminary Financial Aid Application and send it, along with your most recent federal tax return, to Louis Bugno, Financial Aid Officer.
3. If you are applying for a Direct Loan, go to www.studentloans.gov and complete the master promissory note (MPN) and entrance counseling as instructed. The school code is the same as for the FAFSA (see 1 above).

Need-based Grants

LTSP Seminary Scholarship Grants

LTSP is able to provide substantial, need-based seminary scholarship grants thanks to the generosity and partnership of people throughout the Church and the support of the Evangelical Lutheran Church in America (ELCA) and other denominations. The majority of LTSP's full-time students receive generous seminary scholarship grants. When you receive such a grant, you are not simply getting money for tuition; you're being welcomed into a valuable partnership with God's people - the Church!

FINANCIAL ASSISTANCE FOR ELCA STUDENTS

NEED-BASED GRANT/SCHOLARSHIP SUMMARY FOR ELCA STUDENTS

Seminary Scholarship Grants based on demonstrated need.  Please contact the Financial Aid Office for additional information.

FINANCIAL ASSISTANCE FOR NON-ELCA STUDENTS

Non-ELCA students who are enrolled at least half-time (minimum of two courses for semester), as well as those who are enrolled full-time (at least four courses per semester), are eligible for need-based Scholarship Grants from the seminary based on demonstrated need.

Federal Family Education Loans

In addition to seminary need-based grants and merit scholarships, subsidized, low-interest loans are available through the federal government. In order to keep debt-loads as low as possible, students are counseled to use these loans sparingly. The recommended maximum educational debt for a single student is $30,000.

To begin an application for a Direct Loan, visit the web-site www.studentloans.gov and complete your application; your application is also called an MPN. You must complete the Entrance Counseling available at this site before any of the proceeds from your Direct Loan(s) will be available to you.

Direct Loan (subsidized; no interest accrues while borrower remains at least a half-time student)

1. Based on need. Must file FAFSA (see below). Borrower must be at least a half-time student.
2. Up to $8,500 yearly.

Direct Loan (unsubsidized)

1. Based on cost of attendance. Available to students who are studying at least half time and who do not demonstrate financial need according to the FAFSA.
2. Student will pay or defer interest while in school.

FEDERAL WORK STUDY

The seminary participates in the Federal Work Study (FWS) program provided by the United States Department of Education. FWS positions are available on and off campus for students who qualify.

FWS positions are posted at the beginning of each academic year, or when available, on the FWS board opposite the Financial Aid Office and on the LTSP Web site. Each year you will be notified if you qualify for FWS positions when you receive your financial aid award letter from the seminary. The base pay for FWS positions is $8.50 an hour. There are a few positions that pay considerably higher, but there are pre-requisite degree requirements for these higher paying positions. Each year the seminary is pleased to expend over 20% of the federally allotted funds in after school tutoring programs at local off campus sites.

Teaching and Research Assistant positions are also available for students who qualify and are enrolled in advanced degree programs. The students who will fulfill these TA and RA positions are selected by faculty members from those who qualify and are pursuing either STM or PhD degrees.

OTHER SOURCES OF FINANCIAL AID

It is important to consider and pursue non-seminary sources of financial aid for your seminary expenses. Plan carefully how you will use your personal resources. But also ask family and friends for their support. You just might be surprised by who is eager to help! Apply for aid from your congregation. Even small congregations should be able to help some, for instance by buying your books. Also, inquire about financial aid from your local judicatory (synod, diocese, presbytery, etc.).

A list of other sources of financial aid is available by request from the financial aid office. Also, visit www.thefund.org for a listing of scholarships for which you might be eligible.

Questions?

Contact:
Mr. Louis Bugno
Financial Aid Office
1.800.286.4616, extension 6301 or 215.248.6301
lbugno@Ltsp.edu