Policy on Financial Aid for Academic Year Students
The School of Theology of the University of the South offers generous financial aid to supplement seminary students’ own resources and the financial support of the parishes and dioceses that send them. Financial aid is meant to serve the church’s mission by opening the way to excellent theological education to those who otherwise could not afford it, and to minimize the burden of additional educational debt carried into parish ministry. Thanks to the gifts of many generations, Sewanee has substantial resources for these purposes, and is glad to be able to meet as much as possible of students’ demonstrated financial need.
To ensure that grant aid goes where it is needed most, applicants for financial aid are required to demonstrate financial need. These awards are calculated on the basis of income from all sources in relation to allowable expenses, up to a maximum grant level set annually.
2014-15 new and returning students should return their materials to the Seminary Office of Financial Aid, 335 Tennessee Avenue, Sewanee, Tennessee, 37383-0001.
Returning students should file applications for aid no later than February 1, 2014. Applicants who have been admitted and made complete financial aid application by March 8, 2014, will receive notification of their aid awards in May. Entering students filing after March 8, 2014, will be notified of their aid awards in as timely a manner as possible.
Financial Aid Policy for Summer Term (Advanced Degree Program) Students
Some scholarship monies are available for tuition to students enrolled in the Advanced Degrees Program. A financial aid request form is available via email request. It must be returned by April 9 in order to be considered for the coming summer. Scholarship money is available only for tuition. The student is responsible for all other costs, such as travel, housing, board, etc. Financial aid is not available to special students.
Guidelines for Financial Aid
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.
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., and 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 Theology.
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, 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 and on the website. Many students find other potential resources on the Internet. 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. To offer an additional incentive to seek outside scholarships, students who win outside scholarships, not including diocesan, parish, or family grants, will have only fifty percent (50%) of that additional aid counted as income in calculating their financial need.
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. For 2011-12, that percentage is ten percent (10%) for all assets. There are special provisions for retirement accounts to which the student does not have access without penalty. Twenty-five percent (25%) of such retirement accounts are exempt, and an additional ten percent (10%) for students under 59.5 years of age. 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 2011-12, the 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 child 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 12 hours per week.
6. Cost of attendance for 2013-14 incoming students and second-year students is based on a budget set by the institution. This budget is based on tuition and fees and a modest cost of living allowance for housing, food, utilities, books, transportation, and other incidental personal expenses. In addition, students may submit documented health insurance premiums, out-of-pocket medial expenses, and certain childcare expenses, which will be added to the cost of attendance within predetermined limits. Rising seniors will continue to estimate expenses and follow the instructions on the 2013-14 rising-senior financial aid application.
7. Students who purchase a house in the Sewanee area and apply for financial aid must declare the house as an asset.
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. No 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, as long as the student meets the loan requirements.
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.
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.