Award Information

Your Award Notice

You should receive an award notice from the Financial Aid Office in your Seminary mailbox. Your award notice may include federal grants (which do not require repayment), Direct Loans (which require repayment), and scholarships (institutional awards from the Seminary).

Your Award Package may also include Federal Work-study. Work-study requires you to be at work and receive a pay check for the hours employed.

Adjustments to your Financial Aid Award

The Office of Student Financial Aid makes every effort to provide you with a timely and accurate refund after all Seminary tuition, fees, and other negotiated commitments (i.e., housing, etc.) are satisfied. The Seminary has up to fourteen (14) business days to process your refund.

New Students

Prior to disbursement of a Federal Direct Loan to a first time borrower:

• You must complete an Entrance Counseling Session; 
  
• You must electronically sign a Master Promissory Note;
• You must be in attendance for at least thirty (30) days from the first date of the semester at New Life Theological Seminary.

Disbursement Procedures

All financial aid funds, except Federal Work Study, are calculated on a thirty (30) week schedule, and are disbursed in two payments (Fall/Spring, or Spring/Summer, or Summer/Fall) to your student account. If your financial aid is in excess of the amount owed to the Seminary, your refund will be placed in an account set up on direct deposit or a debit card from Wells Fargo Bank.  You will be notified by the Business Office via email when your funds have been dispersed.

Payment Plans

If your tuition and fees exceed you financial aid award, the Seminary offers flexible payment plans for your convenience. Please contact our Chief Financial Officer, Mr. Al Witt (awitt@nlts.edu) to set-up a payment plan for the current semester.

Maintaining Satisfactory Academic Progress

All students must attend classes. Aid will be adjusted or canceled for students who fail to attend. Students must also maintain Satisfactory Academic Progress (SAP) to continue receiving financial aid.

Withdrawal

The Seminary understands that students may need to withdraw for various reasons. Withdrawing could result in you having to repay all or portion of your financial aid back to the Seminary or the U.S. Department of Education.