Financial Aid Information

SCHOLARSHIP OPPORTUNITIES
Several major scholarship programs have been established at Palmer to help make it more financially feasible for students to earn a theology degree. The Accelerated Scholarship Program covers approximately one-third of tuition costs for all students who commit to taking, on average, three or four courses per semester.
 
Brauch, Sider, and Wallis Scholarships are available to as many as 30 students (10 for each scholarship) per year. These scholarships, which include a mentoring component, are based partly on undergraduate academic achievement and theological commitments. Two Ayres and two Wilberforce Scholarships, each of which provides $4,000 in aid, are available to Wallis or Sider scholars beginning in the Fall of 2008. The application deadline for Brauch, Sider, Wallis, Ayres, and Wilberforce scholarships is March 21, 2008. Click here for more information, including qualifications, on all of these scholarship opportunities.

APPLY FOR A LOAN IN THREE EASY STEPS

1. Apply for a PIN number at www.pin.ed.gov. This PIN number will serve as your electronic signature.
   
2. Go to www.fafsa.ed.gov to complete your FAFSA for the appropriate year on-line. Use your PIN number to "sign your FAFSA on the web". The Palmer Theological Seminary school Code is 003259 (the same as Eastern University).
3. Visit www.aessuccess.org to complete both the Stafford Loan Master Promissory Note and Entrance Counseling. Or obtain a paper copy from Financial Aid Office. (This step is for new borrowers only).

You will receive an award letter that details your Financial Aid eligibility. In order to be eligible for any type of Financial Aid, you must be fully enrolled a degree program taking at least 4 units per semester.

Questions can be addressed to Lisa Holland at 610-341-5845 or lholland@eastern.edu.

Deadlines:

FINANCIAL AID PHILOSOPHY
Except for the Accelerated Scholarship Program and the Presidential Scholarships, financial aid at Palmer Theological Seminary is based on need, which is defined as the difference between the total cost of attending the Seminary for an academic year and the financial resources available to the student. These resources include a portion of one's savings or assets; support from one's home church, denomination and family; and income from work over the summer and during the academic year.

Students are also encouraged to use outside resources such as their local church, denomination, individuals, organizations and foundations. In the awarding of financial aid, the Seminary does not discriminate on the basis of race, national or ethnic origin, gender, or denominational affiliation.

For additional information, please visit www.eastern.edu/centers/finaid/index.shtml.

FEDERAL STAFFORD LOANS
Most college graduates are familiar with the Federal Stafford Loan. A Federal Stafford Loan is made by a lender such as a bank, credit union, or savings and loan association, to help pay for the student's education. These loans are insured by the guarantee agency in your state and reinsured by the Federal Government. A student cannot borrow more than the cost of education, minus any other financial aid and will be considered for a subsidized loan first. If you are not eligible for one or only partially eligible, you will then be offered an Unsubsidized Stafford Loan. 

If the student's "Expected Family Contribution" total is less than the school's "Cost of Education" the student is considered eligible for a Stafford Loan. (Note that in some cases, the amount of your need may limit the size of your Stafford Loan.)

Principal payments are automatically deferred while you are in school at least half-time. The annual interest rate for new borrowers is variable and changes annually. It will not exceed 8.25%. If the student already has a Federal Stafford Loan, the interest rate will be the same as the existing loan. A 1%-3% origination fee is charged and will be deducted proportionately from each disbursement.

Repayment begins six months after graduation or after the student drops below half-time enrollment status. The maximum term is ten years and the minimum payment is $50.

Subsidized Federal Stafford Loans
A subsidized Federal Stafford Loan is a low-interest loan and the interest is paid by the government while the student is in school. 

Unsubsidized Federal Stafford Loans
An Unsubsidized Federal Stafford Loan is the same as the Subsidized Federal Stafford loan, EXCEPT that the interest is not paid for you while you are enrolled. This means that the student is responsible to pay the interest on the loan while the student is enrolled in school. Students will receive a quarterly bill for this interest charge. 

If you already have Subsidized Federal Stafford Loans, your Unsubsidized Stafford Loan will have the same interest rate as your existing loans. You may also request that your lender add the interest to your principal balance. This is called capitalization. Your lender may do this no more frequently than quarterly. Repayment of both principal and interest begins 6 months after you cease to be enrolled at least half-time.

Students applying for Federal Stafford loans or Federal Work-Study must complete the Seminary Financial Aid Application and the Free Application for Federal Student Aid (FAFSA). For more information or to file electronically, go to www.fafsa.ed.gov. The FAFSA code for Palmer Seminary (the Seminary of Eastern University) is 003259.

THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFEL)
To be eligible for the Federal Family Education Loan Program, "the student must be enrolled or accepted for enrollment in a degree, certificate, or other program leading to a recognized educational credential at an approved educational institution." The student must be carrying at least 4 units per semester. (PHEAA Guidelines Manual, LG-II4-04) 

In addition a student must: 

A. Demonstrate financial need, as defined by individual program requirements.

B. Maintain satisfactory academic progress as determined by the Seminary (See policy, pg 12).

C. Not be in default on Perkins, Stafford (GSL), PLUS, SLS loans at any institution.

D. Be a citizen, national, permanent resident or other eligible non-citizen.

E. Sign a statement of educational purpose.

F. If required, register with the Selective Service.

G. Not have borrowed in excess of loan limits.


EMPLOYMENT OPPORTUNITIES
Palmer students have access to Federal Work-Study (FWS) funds. These federal funds are available to qualified American citizens for on-campus work and off-campus community service work. To be eligible for FWS, the student must be enrolled at least half-time in a degree program and must follow the application procedures found in the financial aid guide. 

FWS students generally work in the following areas: administrative offices, library, media, switchboard, information services, maintenance, or grounds. The remuneration is handled through the Financial Aid Office payroll. Recipients must sign a contract letter, a W-4 form, and an I-9 form provided by the Financial Aid Office, before beginning work. If you would like to be considered for a Federal Work-Study job, please check the appropriate place on the Seminary Financial Aid Application and submit the Federal Work-Study Job Application found at the back of the financial aide guide.
In addition, various on-campus employment opportunities are available to both international and domestic students, and the Philadelphia area offers numerous work opportunities.