Financing Your Education

To be considered for institutional financial aid you must be enrolled in at least eight credit hours for full award. If enrolled less than full time (8 hrs.), awards will be prorated. You must be enrolled in at least four credit hours to be eligible for any type of financial aid, including Federal Student Loans.

Federal funds awarded are contingent upon congressional appropriations. Students must be making [satisfactory progress] in order to remain eligible for financial aid. Other forms of financial assistance, i.e., outside scholarships, jobs, etc. must be reported to the Financial Aid Office.

All financial aid will be applied first against institutional charges. Any excess funds will subsequently be paid to the student. The student may be required to return a portion of federal student loan funds or institutional financial aid if they drop below half-time status or withdraw before the end of an academic term.

Non-degree and Certificate students are not eligible for Federal financial aid. They may, however, receive financial assistance through their churches and denominational bodies. In The United Methodist Church, for example, the Ministerial Education Fund has provided resources through which many Annual Conference Boards of Ministry are supporting continuing education for ministers. Non-degree and Certificate students are also eligible to apply for private Alternative Student Loans. Contact the Financial Aid Office for more information.

Students must reapply for financial aid each academic year by completing the Free Application for Federal Student Aid (FAFSA).

MATCHING SCHOLARSHIP PROGRAM

Iliff’s Matching Scholarship Program is an important component of Iliff’s commitment to reducing student debt. Whether your intention is to lead in a nonprofit organization, congregation, or other context, financial literacy and skills are critical. Financial resiliency entails managing finances, cultivating donors, and developing philanthropic vision, along with having a personal orientation towards finances that is healthy and sustainable.

In light of this institutional value, Iliff has developed a Matching Scholarship Program that seeks to foster these skills and values. This program makes up a significant portion of our Institutional aid and we encourage all students to seriously engage in this innovative program.

EMPLOYMENT

In a metropolitan area of more than two million people, numerous opportunities for part-time employment may be found in Denver. Iliff maintains some job listings in various categories through the Iliff Professional (In)Formation Network. Students wishing appointments as sole pastors usually need to contact area judicatory officials.

CHURCH AND AGENCY SUPPORT

Local churches, denominational bodies, and a number of service, benevolent, and fraternal organizations offer scholarships and grants to students preparing for religious leadership. Students are encouraged to seek financial assistance from these sources.

OUTSIDE AID PROGRAMS

You may be eligible for financial assistance through agencies such as the Veterans Administration, Social Security Administration, or the Bureau of Indian Affairs. If you qualify under any of these programs, you will need to contact the agencies directly. United Methodists are particularly urged to seek aid from annual conference Boards of Ministry through their Ministerial Education Fund income and from the Scholarships Committee of the General Board of Higher Education and Ministry (http://www.gbhem.org). Deadlines for outside aid are determined by the individual agencies, and some deadlines are as early as January 15 preceding the school year you plan to attend.

FEDERAL PROGRAMS

All Federal aid programs require applicants to be a U.S. citizen or permanent resident, degree-seeking, attend at least one-half time, maintain satisfactory academic and incremental progress. To be eligible for any form of federal aid, you must complete the free application for federal student aid (FAFSA).

Federal Work-Study

Iliff School of Theology participates in the Federal Work-Study program and has a number of jobs available for students who meet the Federal eligibility requirements. These positions are part-time employment at on-campus jobs with varied pay scale. From time to time there may be a limited number of off-campus, community service positions. Positions are funded by both federal and institutional monies. Once you have completed your FAFSA, apply for positions through the Iliff Financial Aid Office.

Federal Direct Unsubsidized Student Loans

These are loans from the Federal government. Subsidized loans for graduate and professional students were eliminated with signing of the Budget Control Act of 2011 for all loans for periods beginning on or after July 1, 2012. Students may borrow up to $20,500 per academic year with an aggregate loan maximum amount of $138,500, including any loans made to you before you became a graduate or professional degree student or loans obtained at another institution. To be eligible:

• Complete a free application for federal student aid (apply online at www.fafsa.ed.gov).
• Complete a master promissory note (https://studentloans.gov)
• Complete entrance counseling online (https://studentloans.gov).
• No loans will be approved for students with prior loan defaults.

Interest Payments: In passing the Budget Control Act of 2011, Congress and the President have eliminated the interest subsidy on these loans effective July 1, 2012. The Federal government does not pay interest on your behalf. You must pay for all of the interest that accrues on your unsubsidized loan during the time you are enrolled in school, during the grace period, and during any periods of deferment or repayment. There are two ways for you to pay interest while you are in school, your grace period, or a period of authorized deferment: (i) you may make monthly or quarterly payments to your lender or (ii) you and your lender may agree to add interest to the principal of your loan, but no more frequently than quarterly. (This is called capitalization.) If you do not make an interest payment as scheduled while you are in school, in grace period, or during a period of authorized deferment, your lender may automatically capitalize the interest every three months. During other periods, you must pay this interest to your lender, unless your lender agrees to grant you forbearance, as explained in your promissory note.

Federal PLUS Loan for Graduate and Professional Students

If your Federal Unsubsidized Loan isn’t enough, the Federal PLUS Loan for graduate and professional students can help you cover the rest of your expenses. Graduate students enrolled at least half-time at an eligible school, are U.S. citizens, U.S. national or permanent resident may apply. Apply on-line at https://studentloans.gov. No loans will be approved for students with prior loan defaults.

EMERGENCY LOAN POLICY

The Iliff School of Theology recognizes there may be times when unexpected financial emergencies may cause undue stress and hardship on our students. To assist those who encounter financial emergencies while enrolled, the Iliff School of Theology has established an emergency loan fund that is governed by the policies listed below: (Please note that poor budget planning does not constitute an emergency.)

• An applicant must be enrolled as a degree-seeking student at Iliff to apply.
• Student must complete a written request for emergency funds.
• The Director of Financial Aid is the designated emergency loan officer. If the designated officer is unavailable, students may contact the Chief Financial Officer in the Business Office. The emergency loan officer is authorized to approve loans up to $1,500 per quarter. Only one advance per quarter will be approved.
• Additional emergency loan funds in a succeeding quarter will be approved only if the loan for the preceding quarter has been repaid.
• No loan will be approved if the student (a) has an outstanding account with the School that will not be covered by approved financial aid, i.e. grants, scholarships or student loans; (b) has repeatedly written insufficient checks to the School.
• Loans are due and payable the first day of the quarter following the quarter in which the emergency loan was received or the last day of the academic year, whichever occurs first, unless the Director of Financial Aid approves special arrangements. Interest will be charged at the rate of 12% per annum. The student may prepay any part of the principal without penalty.