Financial Aid

The Application Process

ALTS has entered into a cooperative arrangement with Concordia Theological Seminary, Fort Wayne (CTSFW).  Because CTSFW is accredited, ALTS students are eligible for a variety of grants, fellowships, and gift aid, as well as federal educational assistance. The terms of our agreement with CTSFW require ALTS students to apply for financial assistance through CTSFW's Financial Aid office.

In order to be eligible either for gift aid or federal Stafford loans you must be enrolled at least half time in a term. Students in programs such as S.T.M., M.A. and Ph.D. are eligible for federal Stafford loans and Federal Work Study, but should contact the dean of their program for information about any grants, scholarships or graduate assistantships that may be available.

For additional information, please visit the Financial Aid section of Concordia Theological Seminary, Fort Wayne web site.

NOTE: ALTS students should be aware that some of the scholarship resources available to LCMS students will not be available to TAALC students.  This is expected, and is as it should be.  Other scholarship resources that may be available are discussed below.

Outside Scholarships, Fellowships, Grants

Congregational Fellowship.  Administered by the Fund for Theological Education (FTE).

Description: The Congregational Fellowship enables a congregation to provide significant financial aid for a student entering the first year of a Master of Divinity program. This matching grant program doubles a congregation's investment in the theological education of a young person whose call to ministry it has helped to cultivate. To be considered, a student must be nominated by a congregation.

Here is how the program works

• The nominating congregation commits $2,000 - $5,000 toward the cost of the student's first year.
• FTE matches the congregation's commitment.
• FTE works with the student's seminary to secure additional financial aid.

The fellowship substantially reduces the cost of a student's first year in seminary, covering tuition and most living expenses. More importantly, it enables a congregation to provide a tangible expression of abundant support and confidence in a young person's calling as he or she takes a significant step toward becoming a minister.  To apply, read and follow carefully the instructions on the organization’s web page: http://www.thefund.org/programs/congregations_fellowships.phtml.

NOTE: The application for this program is submitted jointly by the congregation and the student.

Ministry Fellowship.  Administered by the Fund for Theological Education (FTE). 

Description: For the outstanding student entering a Master of Divinity program, FTE's Ministry Fellows Program provides the support needed for a serious exploration of ministry over the summer following the first year of seminary. The program encourages initiative and independent learning opportunities not routinely included in the seminary curriculum. It provides a network of mentoring support and guidance during the first year of seminary, culminating in a summer project of the seminarian's own design - offering an early opportunity for creative preparation for ministry that is often not otherwise available so early in the journey. To apply, read and follow carefully the instructions on the organization’s Web page: http://www.thefund.org/programs/ministry_fellowships.phtml#.

NOTE: This is not technically a scholarship, but funds a summer ministry program between the first and second year of seminary.

Undergraduate Fellowship.

Description: For gifted, self-aware, imaginative students considering going into the ministry, FTE's Undergraduate Fellows Program can provide both financial help and a nurturing network of support. How much difference does this make? A lot. Many students say the one-on-one mentoring, conferences and guidance they've received from program staff and other participants have inspired, informed and kept them going at critical times. This network of support helps them realize they aren't alone as they explore and respond to a special calling. 

Criteria: To apply for this program, you must be a current sophomore or junior in an accredited undergraduate program at a North American college or university. You must be considering ministry as a career (although it isn't necessary to have decided.) You must have a GPA of at least 3.0. You must be a U.S. or Canadian citizen. For information and application materials, visit the organization’s Web page: http://www.thefund.org/programs/undergrads_fellowships.phtml. 

International Order of the King's Daughters and Sons.

Description: Interdenominational organization with a religious, educational and philanthropic program. Criteria: Full-time M.Div. students who are U.S. or Canadian citizens. 3.00 GPA. Don’t overlook this excellent potential resource. To apply, read and follow carefully the instructions on the organization’s Web page: http://iokds.org/scholarship.html.

 

Siebert Lutheran Foundation.

Criteria: Members of congregations in the state of Wisconsin, including North Wisconsin District congregations located in the Upper Peninsula of Michigan. For information and application materials, visit http://www.siebertfoundation.org/announce.htm.

 

William A. Heath Educational Fund
Bank of America
Third Floor
600 Cleveland Street
Clearwater, FL 33755

ELIGIBILITY: Male seminary students from the southeastern United States who are under 35 years of age and are studying for ministry or missionary activities. Graduates from a Southeastern US High School (AL, FL, GA, KY, LA, MD, MS, NC, SC, TN, VA, WV)

DEADLINE: June 30

International Lutheran Deaf Association Scholarship
Charles J. Kotal
Scholarship Committee Chairman
13100 Melanie Lane #26
Westminster, CA 92683-8205

ELIGIBILITY: Students entering the deaf ministry upon
graduation.

Justin Haruyama Ministerial Scholarship Fund
Japanese American United Church
255 Seventh Avenue
New York, NY 10001

ELIGIBILITY: Full-time Japanese-American student
enrolled in accredited Protestant seminary in the United
States preparing for a ministerial degree and intending to
serve Japanese-American congregation in the United
States.

DEADLINE: May 3

Sequoyah Graduate Fellowships
Association on American Indian Affairs, Inc.
http://www.indian-affairs.org

Assistance is available to American Indian and Alaskan Natives who are pursuing a graduate degree. Applicants must be minimally 1/4 degree Indian blood from a federally recognized tribe and must be enrolled full-time in a graduate program.

DEADLINE: July 20

W.B. Small Trust
2709 Fairlane Avenue
Waterloo, IA 50702
(319) 234-9991

ELIGIBILITY: Applicants must have an Iowa family connection and be full-time students working toward the M.Div. degree.

DEADLINE: May 1

 

Loans

 

Indiana Secondary Market for Education Loans, Inc. (ISM)
http://www.ismloans.org/index.html

ISM Educational Loans, a source for Origination Free® Stafford Loans, is Indiana’s only designated secondary market for education loans. ISM pays up-front fees on student loans and lowers interest rates during repayment, enabling families to save thousands of dollars. Start to finish, all application processing, information exchanges with schools and families, disbursements for borrowers and follow-up (such as refunds and cancellations) will be done in Indiana.

 

Bill Raskob Foundation
Bill Raskob Foundation
PO Box 507
Crownsville, MD 21032-0507
http://www.billraskob.org

ELIGIBILITY: Must be an American citizen.

DEADLINE: MAY 1 (application must be requested between January 1 and April 1)

AMOUNT: $1000-$3000

Loans are interest free. Repayment begins six months after graduation or studies are terminated.

 

Alternative Loans

 

Alternative loans are loans that are designed for students but not guaranteed by the federal government. Alternative loans are offered directly to the student by private lenders. Just like other student loans, alternative loans must be repaid!

Most students can meet their educational costs by a combination of awarded federal aid and family resources. It is only when all resources do not meet educational costs that a student should consider an alternative loan. A student should exhaust all of their Stafford Loan eligibility before considering alternative loans since interest rates and origination fees are usually lower for Stafford Loans.

Alternative loan requirements vary according to the lender, but some of the most common requirements are:

Ability to pass a credit check, or having a credit-worthy co-signer.
Loan amount plus all other aid cannot exceed the cost of attendance.
Enrolled at least half-time (some lenders require full-time enrollment).
Making reasonable academic progress.
Compare loan terms, interest rates, finance charges, and repayment schedules as you would with any other personal loan. It is almost impossible to keep a list current showing specific lenders and loan terms, but here is a list of some sources for private loans with websites where you can check out products yourself and even apply online:

Bank of America (800) 344-8382

Citibank (800) 967-2400

MOHELA (800) 666-4352

Sallie Mae (800) 695-3317

Wells Fargo (800) 658-3567

National City (800)622-5097

 

Additional resources will be added as they are discovered or become available to us.

 

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