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Eligibility for federally funded financial aid is established by the United States Department of Education regulations. All Calvary's undergraduate and graduate programs are eligible for Federal Aid. The Free Application for Federal Student Aid (FAFSA) is primarily, but not exclusively, used to determine whether a student qualifies for federal financial aid and how much aid will be received. Step-by-step instructions for FAFSA on the web may be obtained from Calvary's Admissions or Financial Aid Offices; or log onto www.fafsa.ed.gov. Calvary's U.S. Department of Education Title IV Institutional Code is 002450.
When completing the FAFSA on the web, the Department of Education regulations require students and/or their families to report all sources of income (including, but not limited to, employment, Veterans Benefits, interest on investment income, trust income, inheritance, etc.).
After the FAFSA form is evaluated, the applicant is issued a Student Aid Report (SAR) which specifies the student's Estimated Family Contribution (EFC). The EFC is the amount of money the student and/or his family is expected to pay toward the student's educational expenses. Also, the EFC assists in determining the student's eligibility for the federally funded loan programs.
All students seeking Federal Aid must also complete the application process through the Virtual Financial Aid Office (VFAO).
All financial aid funds received through the federal government Title IV assistance program at Calvary are credited directly to the student's account each semester, in compliance with the Department of Education regulations.
Loans
Calvary Theological Seminary participates in the Stafford Loan program, a student loan program under the U. S. Department of Education. Stafford Loans are "NOT FREE MONEY AND MUST BE PAID BACK." Interest rates are low, and repayment begins six months after graduation or if enrolled for less than six credit hours. The amount that may be borrowed and the loan type(s) depend on financial need and seminary classification. The first step in seeking a loan is completing a FAFSA. Once the results are known (student receives the SAR; the college receives a similar form-an ISIR) consult the Financial Aid Office, as additional paperwork is required in order to apply for a loan.
Veteran's Benefits
Calvary is approved for the education of veterans. Veterans should check with the Veteran's Administration regarding eligibility for educational or other VA benefits. The Veteran's Administration may be contacted by calling 1-888-GI-BILL-1 (1-888-442-4551) or looking at the web site at www.gibill.va.gov.
