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STAFFORD LOANS: Winebrenner Seminary participates in the Federal Graduate Student Loan Program. These are low interest loans and have payments deferred until six months after graduation, upon leaving school, or when enrollment is less than half-time. Subsidized Stafford Loans are offered to students demonstrating need. The Federal government pays the interest on the loan until payback begins. An unsubsidized Stafford Loan is available to all students regardless of need, however interest accrues during the period of in-school deferment, grace period and payback. Stafford Loans are available to any students meeting the eligibility requirements. Eligibility requirements include Selective Service compliance, half-time attendance, verification of financial information and no refund owed or default status in any Title IV program.
PURPOSE: The purpose of Financial Aid at Winebrenner Seminary is to provide for students preparing for ministry aid that will be compatible with their demonstrated need. By balancing a student's resources with the available grants and loans, Winebrenner strives to work out a student financial aid package that will eliminate undue financial pressure, excessive employment or extensive indebtedness.
PRINCIPLES: Funding graduate education is a challenge. It is assumed that each student will make every effort to take responsibility for his or her educational expenses. A student will need to consider his or her savings, academic year income, contributions from assets and parental contributions as financial resources. In some instances, a spouse's income will be available. In many cases parental resources are not an option. However, when appropriate, it is expected that a student will seek to obtain assistance from family sources.
LOCAL CHURCH GRANTS: Students may find aid available from their local church. Many churches maintain a scholarship fund for persons that will enter training for vocational ministry.
DENOMINATIONAL GRANTS: Most denominations have funds available to assist with the educational process of persons within their particular denomination. Students should work with the proper agency within their denomination to make application for these grants.
INSTITUTIONAL AID: Each semester, the WTS Financial Aid Committee distributes available student aid among those students who apply to receive aid. All students, regardless of denominational affiliation, are eligible to apply for available aid. Part-time students are considered in proportion to class load. Distribution is made based upon information provided in the application process and is granted in proportion to demonstrated need, number of hours taken and other aid available to the student.
WTS EMERGENCY LOANS: The Emma Kreger Student Loan Fund is available to make small, short-term loans to students when emergencies arise. Loans are interest-free and are payable beginning three months after graduation or as other arrangements are made at the time of the loan. Students using the emergency loan fund are encouraged to contribute to the principal of the fund for the benefit of other students as an expression of appreciation for receiving the interest-free loan.
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