Frequently Asked Questions
Use the links below to find answers to the most frequently asked questions about financial aid at Calvin Theological Seminary.
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What is the scholarship deadline? (show | hide)
Applications for Scholarship and Financial Aid are due by March 1. In order to be considered for scholarship you must first be admitted to a degree program.
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If I got a scholarship this year will I get it again next year? (show | hide)
Maybe. Every student must apply for aid each year. The same amount of funding is not guaranteed. You must submit new materials by March 1 each year.
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After I submit my application, what is next? (show | hide)
After we have compiled all of the data, the Awards and Scholarship committee meets and makes decisions regarding scholarships. You will be notified by the Vice President for Academic Affairs office. After the scholarship decisions have been made, the financial aid office will begin the process of awarding loans. These award letters will be sent in late April or early May.
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What is the average cost of attendance? (show | hide)
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Do I need to be full-time to be eligible for scholarships and financial aid? (show | hide)
No. We have scholarships for both full-time and part-time students.
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How many hours is considered full-time? Part-time? (show | hide)
Masters Level 9 hours Full-time At least 5 hours Part-time ThM Level 6 hours Full-time 3 hours Part-time Doctoral Level 6 hours Full-time 3 hours Part-time -
What is the minimum cumulative GPA that I must maintain in order to be eligible for financial aid? (show | hide)
Students must have a cumulative GPA of 2.67 in order to maintain eligibility for financial aid. If you drop below the minimum for 3 consecutive quarters, you will lose eligibility for federal aid until you bring your GPA above the minimum for 3 consecutive quarters.
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What about loans from my undergraduate degree? Do I have to keep paying them? (show | hide)
You must continue to make payments on your loans until you have completed the deferment process. In order to receive deferment, you must get a deferment form from your lender/servicer and submit the paperwork to the financial aid office. We will certify your enrollment and communicate to your lender/servicer. Once you have confirmation from them, you may suspend your repayment as long as you are enrolled at least half-time.
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When does repayment begin? (show | hide)
Check the descriptions for each type of assistance. The grace period, interest rates and repayment schedules can change depending on the type of loan. Each student will attend exit counseling before graduation. At this session you will receive a repayment schedule and additional information. All of the details of your loans are provided on the promissory note that you will sign in the fall.
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What about loan consolidation? (show | hide)
You can only consolidate once. If you are planning on borrowing additional monies while at Calvin Theological Seminary, you may want to consider waiting to consolidate. In addition, any funds you borrow from the Stafford Loan program while at CTS qualify for the Michigan Students First Program (http://www.michigan.gov/mistudentaid/0,1607,7-128--111852--,00.html)
Be sure to check out our Consolidation Information Sheets before making a decision. (consolidation info)