The following guidelines will govern the awarding of financial aid to students.
All full-time students applying for financial aid each year will receive at least an award for a substantial proportion of the cost of tuition, regardless of need. For 2007-2008, that amount is $4,000. Applicants who do not wish to apply for additional need-based financial aid should submit a request for that award; no further information is required.
The School of Theology annually awards a small number of Chancellor’s Scholarships, grants above and beyond an applicant’s demonstrated financial need, to some students of exceptional promise preparing for distinctive ministries in the Episcopal Church. Applicants who wish to be considered for a Chancellor’s Scholarship should include a letter with their financial aid application, describing their plans for ministry and mission, and indicating their qualifications. Recipients are selected prior to entering seminary, and the financial documentation described below must be provided by those students. Chancellor’s Scholarship recipients will continue to receive their award for the normal period of the degree program if their performance is deemed adequate by the faculty.
University need-based financial aid is intended to supplement other resources. The financing of a seminary education must be considered the joint responsibility of the student, the student's family, the home parish, and, if applicable, the sponsoring diocese. A full inventory of the applicant’s financial resources, as well as letters from the sponsoring parish and the sponsoring diocese indicating all local sources of support, are required as part of the financial aid application.
Financial aid is available to full-time students for the normal period to complete a degree or program (three years for the M.Div, two years for the M.A., one year for the Certificate in Anglican Studies). Part-time, degree-seeking students may apply for financial aid in the same manner as full-time students. If aid for a part-time student is approved, it will be on a pro-rated basis, according to the number of credit hours the student is taking in the semester in question. The maximum financial aid granted during the student’s program cannot exceed the total of what would have been awarded if completed on a full-time basis. Part-time students who are not in a degree program are not eligible for financial aid. Financial need is calculated for a 12-month period except for the final year when it is calculated for a 10-month period.
Financial aid may not be used for study at other institutions. Students may apply for grants for cross-cultural study from other sources and from special funds at the School of the Theology.
Application Instructions/Requirements:
1. Need-based University grants are awarded after all sources of income and estimated expenses are identified. It is the responsibility of the student to provide the required information, including: financial aid application, Form 1040 federal income tax return from the last completed filing year, letters of diocesan and parish support, copies of applications for outside scholarships, documentation of student’s income, documentation of spouse’s current and anticipated net salary, documentation of child support, documentation of uninsured medical expenses, documentation of assets, documentation of any liabilities which should be set off against those assets, and cost of health insurance. The current and anticipated income of a spouse must be included even if the spouse is not living in Sewanee. Each year, the University determines a maximum amount of need-based aid for applicants. The maximum amount takes into account the size of the household. Need-based awards will not exceed that amount.
2. Letters from the sponsoring parish and the sponsoring diocese, indicating all local sources of support, are required as part of the need-based financial aid application (except in the M.A. program, in which church sponsorship is not required). A list of potential resources for outside scholarship assistance is provided under Other Sources of Grants published in the catalog. Many students find other potential resources on the Internet. (One commonly used free search engine is
www.fastweb.com.) It is the responsibility of all applicants for need-based financial aid to show evidence of submitting applications for scholarships from at least three outside sources in addition to diocese and parish, before the University will award additional financial aid.
3. Information about all assets must be provided as part of the need-based financial aid application. A percentage of all assets held by the student and the student’s spouse (if applicable) is considered as available annually to help meet the costs while in seminary. The percentage varies according to the student’s age: under 40, 1/6; 40-49, 1/8; 50 and over, 1/12. In addition, the University will exempt up to $30,000 from both students’ and spouses’ retirement plans. For students with dependents who are attending college full-time, the University will exempt up to $10,000 per dependent college student. Debt and debt service cannot be considered as part of a student’s financial need, although in some cases liabilities may be set against assets (e.g. house mortgages).
4. There is a minimum amount, annually set, which a student and (if applicable) a student’s spouse must contribute toward their own support, irrespective of need or employment. For 2007-2008, that contribution is $1,500 for a student and $2,000 for a spouse. That contribution is waived in the case of a spouse caring for children too young to be eligible for Sewanee day care. To encourage spousal employment, the University will exclude one third of spouses’ after-tax earnings from consideration as revenue.
5. The School of Theology Student Employment Program (work-study) is available to eligible seminary students and spouses through positions created in various departments of the University and the School of Theology. Students receiving need-based financial aid must have Student Employment Program or other jobs. A full-time seminary student typically works a maximum of eight hours per week.
6. The financial aid application includes the student’s estimate of reasonable expenses for the coming year, including tuition, housing, utilities, food, books and supplies, incidentals, transportation, clothing, telephone and internet access, medical insurance, life and renters insurance, and uninsured medical/dental expenses. Estimates that exceed what the University judges as reasonable will be adjusted in the calculation of any award of additional financial aid.
7. Students receiving financial aid ordinarily live in University rental housing. If University housing is not available, the maximum amount that can be included as a housing expense will correspond to the average University rental for the size of dwelling appropriate for the student’s household. Students who purchase a house in the Sewanee area and apply for financial aid must declare the house as an asset, and may not include more than $800 per month (in 2007-2008) for mortgage and other house-related expenses.
8. Normally, the University considers only the expense of one household for purposes of financial aid; the expense of a second household, away from Sewanee, is in general not included. In special cases, when a student can demonstrate the necessity of maintaining two households, a limited proportion of the extra household expense may be allowable.
9. If both spouses wish to enroll in seminary and seek financial aid at the same time, they must indicate this intention at the time of their applications. Financial aid will be awarded on the basis of the expenses of a combined household.
10. The University and St. Andrew’s-Sewanee School provide significant assistance for seminary children attending St. Andrew’s-Sewanee. The additional cost of St. Andrew’s-Sewanee tuition is an allowable expense for financial aid. No further educational expenses for children are allowable except for daycare for pre-school children.
Extraordinary and Emergency Need:
A Sanford Fund loan of $1,000 is available to School of Theology students for extraordinary circumstances. Students may borrow no more than this amount from the Sanford Fund during their seminary years. No justification is required for a Sanford Loan.
In the event of emergency need, students should first request a loan from the Sanford Fund. If that fund has been used and the student presents evidence of need, the Dean may designate funding from other sources.
Reporting Changes:
Students receiving financial aid must report significant changes that occur in their financial situation during the course of an academic year. In some cases the financial aid grant may be recalculated. Such recalculations will be made at the end of the semester, to apply to the following semester. It is the responsibility of students to assess their financial outlook at the end of each semester.
Termination of Financial Aid:
A student whose performance is evaluated by the faculty of the School of Theology as "inadequate" is not eligible to receive financial aid for the following year. Reinstatement of aid is dependent upon reacceptance into the graduate program of the School of Theology and a letter from the student to the Dean requesting reinstatement of financial aid.
