Types of Financial Aid

Scholarships

Calvin Theological Seminary is pleased to be able to award a variety of merit and need-based scholarships to students in its programs. Generous and faithful donors made it possible to award over 1.2 million dollars in scholarship to Calvin Theological Seminary students for the 2009-2010 academic year.

Incoming students are eligible for scholarship awards ranging from $1,000 to $10,000 for a given academic year.

All students must submit a Calvin Theological Seminary Application for Financial Aid by March 1 each year for full consideration.

For a current list of scholarships see our scholarships page.
Please contact the Financial Aid office if you have additional questions about scholarships.

Loan Funds and Subsidies

In addition to scholarships, we have loan funds available:

Ministry Incentive Program
The Ministry Incentive Program is interest-free, and no repayment is required as long as you are enrolled in school at least half-time in the Master of Divinity or Master of Arts program. Interest on the loan during repayment is 6% simple interest. No interest is accrued as long as you are enrolled at least half-time. If you are working at least half-time in an ordained capacity for the CRCNA, 5% of your principal will be forgiven each year for up to 10 years. Repayment begins 6 months after you cease to be enrolled at least halftime. Payments are made each month and the minimum payment is $25.00. You are set up on a 10 year repayment schedule.

For US citizens, US Permanent Residents and Canadian citizens.
Approximate annual awards of $5000 – $8000

Ministry Incentive Forgiveness Program
Each year for 10 consecutive years after graduation, you will be sent a letter from the financial aid office asking you to indicate where you are employed and in what capacity. This form will require a signature from the recipient and a representative of the Council of the church holding his or her ministerial credentials. The completed form must be returned to CTS by the stated deadline.

If you meet the following criteria, you will qualify for a 5% forgiveness in the original total loan principal each year for ten consecutive years.

  1. Graduated from one of the professional degree programs (MDiv or MA) of Calvin Theological Seminary.
  2. Employed at least half-time, in an ordained ministry position, in the Christian Reformed Church in North America.
  3. Loan repayments to University Accounting Services or any other vendor utilized by CTS must be current.
  4. Zero balance on the Calvin Theological Seminary student account upon graduation or payment arrangements made in writing with the Financial Services Office.

Perkins Loan
The Perkins Loan is interest-free, and no repayment is required as long as you are enrolled in school at least half-time (this is a federal regulation). Interest on the loan during repayment is 5% simple interest. No interest is accrued as long as you are enrolled at least half-time. Repayment begins 6 months after you cease to be enrolled at least halftime.
For loans issued after July 2012, there will be no grace period for the Perkins Loan.  Interest will begin immediately after you cease to be at least-half time.
Payments are made each quarter and the minimum payment is $120.00. You are set up on a 10 year repayment schedule.

The Perkins Loan program is scheduled to be eliminated from the federal budget in 2014.

For US citizens and permanent residents only.
Approximate annual awards of $1000 – $2000

Postman Loan
The Postman Loan is interest-free, and no repayment is required as long as you are enrolled in school at least half-time (this is a federal regulation). Interest on the loan during repayment is 7% simple interest. However, if you are working full-time for the CRCNA, the loan is interest free. No interest is accrued as long as you are enrolled at least half-time. Repayment begins 6 months after you cease to be enrolled at least halftime. You are set up on a 10 year repayment schedule.

For Canadian citizens only.
Approximate annual awards of $1000 – $2000

Unsubsidized Federal Direct Loan

The unsubsidized Federal Direct Loan is not interest-free during in school, grace, and deferment periods. Interest on the loan is fixed at 6.8%. Interest payments may be made periodically, or the interest may be capitalized and added to the principal. Repayment begins 6 months after you cease to be enrolled at least halftime. You are set up on a 10 year repayment schedule.  Awards are not need based and are awarded up to $20,500/year.

For US citizens and permanent residents only.

To apply for a Direct loan, visit studentloans.gov, login, and complete a Master Promissory Note for the subsidized loan.

Detailed instructions on how to apply for a federal loan can be found here.

Due to a dramatic increase in the amount of loan requests, students are now required to complete an online loan repayment calculator when requesting loans in excess of $10,000.  Please visit nslds.ed.gov and log in using your Department of Education login and pin information.  Here you will find your borrowing history.  This information can also be found on the report sent to you after filing your FAFSA.  Once you have that information visit the Loan Payment Calculator and calculate your monthly payment.  To complete the process and certify that you received the information, fill out the Loan Repayment Acknowledgement Form on our website.

Canada Student Loan
These loans are available to Canadian students. The loan amounts are variable and determined by the Canada Student Loan program. The interest rate is determined at the time of repayment. If you plan to apply for a Canada Student Loan, you are encouraged to do so before the beginning of the school year. Canadian students are responsible for obtaining directly all forms that are necessary for loan processing, deferment, confirmation of enrollment, payment schedules, etc. The Calvin Theological Seminary Financial Aid Office does not have such forms in the office.

For Canadian citizens only.

Housing Subsidy
The housing subsidy is money that is awarded to students who demonstrate need and are living in housing owned by Calvin Theological Seminary. This includes our on campus housing, Boerma townhouses, and Englewood apartments. The subsidy is ordinarily $100/month for married students and $50/month for single students.

The student must be receiving a loan in order to qualify for this subsidy.

Doctoral Program Aid

Doctoral students are eligible for tuition scholarships, rental subsidy, living stipends, fellowships and assistantships. PhD students should complete the Application for Scholarship and Financial Aid and submit with the application for admission.

Admissions and funding levels are determined by the Graduate Studies Committee. Application deadline is February 15.

CRC Classical Aid

Classical aid is provided through the Christian Reformed Church in North America. Each classis is responsible for awarding and distributing aid to students who are members of CRC churches in their classis. Each process is different and is administered by the Student Fund Committee. Please contact the committee chair for your classis. The timelines and deadlines vary. Make contact with the chair of the committee as soon as you are admitted.

Click here to find the committee chair for your classis.