Students should consider carefully their educational financial needs and use loans responsibly. Students should carefully budget their educational expenses and only take out loans for the amount needed to cover tuition after all other options are exhausted.
As a result of legislation in March 2010, all post-secondary schools are required to participate in the Direct Loan (DL) program. The seminary currently participates in the Direct Loan Program which services the Federal Stafford Student Loans. Post-graduate students no longer qualify for subsidized loans.
Repayment of loans begins six months after graduation, after a student drops below half-time enrollment, drops classes for a semester, or withdraws from school. To receive a loan, students must be enrolled at least half-time (4.5 hours or more per major term) in the Master of Divinity (M.Div.) program, or Master of Theological Studies (M.T.S.) program, in a minimum of 6 hours per year in the Doctor of Ministry (D.Min.) program, meet Federal eligibility requirements, and be making satisfactory academic progress. We do not currently offer loans for Certificate in Theological Studies program participants.Please follow the steps below to apply for federal loans:
#1: Fill out your FAFSA at www.fafsa.ed.gov. A FAFSA is required for EACH school year. Our school code is G31169. You will need your previous year’s tax documents to complete the form. If you have already completed the FAFSA for other scholarships there is no need to complete it again.
#2: Visit www.studentloans.gov to sign your Master Promissory Note (MPN) if you have not yet signed one for loans taken out at BTSR. (An MPN is good for 10 years at each institution.) Carefully read your MPN before signing it. Your MPN contains very important information about how your loans can be used, refunds from the school, and repayment information.
#3: Now, you can complete your Loan Interview through the Virtual Financial Aid Office. Visit btsr.vfao.com, register as a new user or sign in using last year’s information, then click on “Interviews.” Once you have completed all steps you will receive a confirmation e-mail. Should the VFAO need any documentation from you, you will be notified by e-mail.
You will be notified by e-mail the anticipated disbursement dates of your loan. Please note: the dates in the email are ANTICIPATED, and could change based on multiple factors. All tuition, fee and rent charges will be assessed for the current term first (Fall/Winter or Spring/May), then refunds will be granted.