WE'RE HERE TO HELP GUIDE YOU IN IDENTIFYING AND MANAGING FINANCIAL RESOURCES TO BRING SEMINARY WITHIN REACH.
There is a variety of helpful information available here. We would love to speak with you about your options. Contact us by email, or call Teresa Benneian, Registrar and Financial Aid Loan Counselor, at (717) 290-8748.
Assess your financial resources vs. projected educational expenses
As you evaluate your financial options, you may wish to consult a trusted financial advisor about your particular situation. The Determining Your Financial Need worksheet can help you figure out your projected expenses and resources. Consult the Fee Schedule and select a Student Cost Calculator to project your seminary charges.
Some students find it is helpful to reduce expenses by living simply while in school, managing the pace of education, paying off or reducing any credit card debt before enrollment. If you are planning to reduce or cease your employment while in seminary, consult this site as you determine whether you can afford to do so.
ANTICIPATED INCREASED EARNING POTENTIAL OF A GRADUATE EDUCATION MAY BE LESS LIKELY TO OCCUR IN THE MINISTRY FIELD. FOR SEMINARIANS, THIS POTENTIAL BENEFIT WILL VARY RELATIVE TO THE EMPLOYMENT CONTEXT FROM WHICH THE STUDENT ENTERS SEMINARY, AND MAY IN FACT RESULT IN A LOSS OF INCOME FOR SOME SECOND CAREER STUDENTS LEAVING MORE LUCRATIVE EMPLOYMENT.
If your expenses exceed your resources, you may find helpful these supplementary options.
Apply for an LTS Scholarship
Explore your immediate resources
- Many denominations and congregations provide assistance to students. Your pastor can assist you in identifying the appropriate persons to contact. In many cases, it is advisable to request this assistance well in advance of beginning your seminary study.
- Your employer may offer a Tuition Reimbursement type of program, where you can receive a refund for a portion or the total cost of tuition, books and supplies.
- By virtue of simply being a student, you will likely have opportunities for discounts and special offers in the community, often just by showing your LTS photo ID. Keep your eye out for such offers. For example, if you are moving to the community and switching banks, check into what student benefits may be offered by each of the banks you are considering (special rates, scholarships, etc.). Every little bit helps!
Identify additional resources
Evaluate your need to borrow a federal Stafford loan
Stafford loans for LTS students are certified through the LTS Office of Financial Aid.
Federal Stafford loans are made available to students at a relatively low fixed interest rate by the U.S. Department of Education, to cover educational costs including tuition, books, fees, housing, food, living expenses and transportation.
Graduate students can be eligible to borrow up to $20,500 per year through the Stafford Loan Program, including both need-based (Subsidized) and non-need-based (Unsubsidized) loans. Interest is not charged on Subsidized loans until you finish studying or drop below 6 credits per semester, whereas it is charged on Unsubsidized loans throughout.
You must begin repaying your federal Stafford loans when you finish studying or drop below 6 credits per semester.
Based on information from your LTS Financial Aid Application Form and FAFSA, LTS determines your borrowing eligibility each year using standard federal procedures.
Click here to learn more about Federal Stafford Loans.