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Monthly payment plan (FACTS)
Student Loans
Pell Grants
Scholarships
Tuition Assistance and VA benefits
Family Education Rights and Privacy Acts
Frequently Asked Questions
FINANCIAL AID -
How do I apply for federal financial aid?
The only way to apply for federal grant, loan, and employment assistance is to complete and submit the Free Application For Federal Student Aid (FAFSA). The FAFSA may be found at www.fafsa.ed.gov and should preferably be submitted prior to April 1 each year. Doing so classifies a student as an ‘on-time' applicant.
How do I apply for a federal PIN?
You (and your parent if you're classified a dependent FAFSA applicant) can apply for a federal PIN before you submit your FAFSA www.pin.ed.gov You can also apply at the time you submit your FAFSA (at www.fafsa.ed.gov).
What is the federal FAFSA code for MBTS?
MBTS’s school code is 002485
I won't qualify for financial assistance. Why should I go to the trouble to submit a FAFSA?
Many families believe their income is too high to receive financial aid. However, low-interest federal loan assistance may be received by a student (and his/her parents) regardless of family income. Also, some scholarship and benefits programs require applicants to also submit the FAFSA, even if they don't qualify for need-based federal aid.
Must I be admitted to MBTS before submitting the FAFSA?
No. The FAFSA should be completed and submitted during February or March, even if you're not yet fully admitted to MBTS.
I didn't submit my FAFSA until May (or June, July or August). Can I still receive assistance?
Yes. Even a late FAFSA applicant still qualify to receive funding from certain federal financial aid programs.
I submitted the FAFSA last year. Why do I have to apply again this year?
Federal regulations require that a student reapply for federal financial aid each year.
My parents and I are taxpayers. Don't I have a right to receive federal financial aid?
No. Eligibility for federal and state financial assistance is based on a student meeting specific eligibility criteria in accordance with federal and state laws.
I didn't enter MBTS's code on my FAFSA. Can I still qualify for financial aid?
Yes. You can provide your FAFSA data to MBTS on-line at www.fafsa.ed.gov using your federal PIN and MBTS's school code of 002485. You can also call 1-800-433-3243 and request that your FAFSA data be provided to MBTS.
I submitted my FAFSA on-line several weeks ago. Why haven't I heard from MBTS? I haven't even received an e-mail acknowledgement.
Did you list MBTS's federal code number of 002485 on your FAFSA? If not, the MBTS Office of Student Financial Assistance won't receive your FAFSA data. MBTS can be added to your FAFSA record at www.fafsa.ed.gov or by calling 800-433-3243.
Have you been admitted to MBTS? If not, you cannot be offered any financial aid. Contact the MBTS Office of Admissions at www.MBTS.edu or 1-800-944-6287
Does MBTS have your current mailing and e-mail address? If not, you may have been notified, but it didn't reach you.
If none of the above are applicable, contact the MBTS Office of Financial Aid for assistance.
My parent(s) didn't claim me as an exemption on their income tax return(s). Can I apply for federal financial aid using only my information?
It depends. Review the seven questions in Step 3 of your FAFSA. An answer of No to all of these questions means that your parent(s) income and asset data must be entered on your FAFSA. An answer of Yes to any of the seven questions means that your parent(s) data should not be entered.
I'm 21 years old and haven't lived with my parents since I was in high school. Why do I have to include their information on my FAFSA?
If a student cannot answer 'yes' to at least one of the seven Student Status questions in Section 3 of the FAFSA, federal regulations require that his/her parents income and asset information be included on the FAFSA.
My parents are divorced (or separated) and neither one has remarried. Whose information do I enter on my FAFSA?
Enter the information about your custodial parent, the one who provided you the most financial support during the last 12 months. This might not be the parent who has legal custody of you or who claims you as a federal income tax exemption. Generally, this is the parent with whom you've resided the most. If you didn't live with either parent (or lived with both parents on equal amount of time), enter information about the parent who provided you the most financial support.
Should I complete and submit my FAFSA in January, even if my parent's tax return hasn't yet been completed?
No. MBTS's FAFSA priority submission date is April 1st. Therefore, its best to wait until February or even March (after you/your parents federal income tax returns have been prepared) before completing and submitting your FAFSA. By so doing, you'll still be considered an on-time applicant and can complete your FAFSA much more accurately.
I'm a home-schooled student. Will I have any trouble qualifying for federal financial aid?
Not usually. To be considered to receive federal financial aid to attend MBTS, you must be fully admitted by the MBTS Office of Admissions as a degree-seeking student.
Does MBTS need copies of my family's tax returns?
Sometimes. If your FAFSA data is selected to undergo Verification you'll be required to submit photocopies of your (and often your parents) federal income tax returns.
Can I receive federal financial aid if I enroll less than full-time?
Yes. The minimum hours you must take is 6 for undergraduate and 6 for graduate.
What is my Cost of Attendance?
Your assigned Cost of Attendance is an amount which represents the total average cost most undergraduate or graduate students incur to attend MBTS. This amount is composed of several federally-mandated allowances (tuition, fees, housing, meals, books, supplies, transportation, etc.). Its neither your exact total cost nor is it an amount you owe to attend MBTS. It's simply an estimate of your total expenses at a low to moderate standard of living.
Why is my Cost of Attendance amount greater than what it really costs to attend MBTS?
Your Cost of Attendance is comprised not only of the average charges most students incur for tuition, fees, books, supplies, housing and meals, but also some required miscellaneous allowances. Your financial aid eligibility is calculated using your Cost of Attendance amount, even though your actual cost of attending MBTS is usually less.
What is my Family Contribution?
Your Family Contribution is determined from the income and asset data you entered on your FAFSA. This amount is a reflection of your family's financial strength, an estimate of the amount you are expected to make available to spend on higher education expenses. Your calculated Family Contribution is subtracted from your Total Expenses amount to obtain your Need. The MBTS Office of Financial Aid then awards you a package of scholarship, grant, loan and/or employment assistance to help meet your Need.
How do I find out how much financial aid I'll receive? Since each student is different, you will need to look at your own budget and determine how must aid you will need. You can get an idea of what school will cost by completing a Cost of Attendance worksheet and comparing it to your personal budget.
Does receiving a scholarship affect my federal financial aid eligibility?
Sometimes. A student is not permitted to receive financial assistance greater than the total cost of attending MBTS. Therefore, if you qualify for a scholarship after having been awarded federal financial aid, some of your federal assistance (usually loan eligibility) may have to be reduced. If this occurs, you'll be notified immediately.
How do I pay my tuition, housing, and other MBTS charges using the financial aid I'll be receiving?
The scholarship, grant and loan assistance you've been approved to receive is credited to your MBTS account once you're enrolled for the required number of credit hours and have satisfied all disbursement requirements.
The total amount of financial aid I'm receiving is greater than my MBTS charges. Will I receive this extra money?
Yes. Only if there is a credit on the student's account after all MBTS expenses are paid will funds be dispersed to the student in a form of a check. Requests for release of funds should be made through the Business Office no earlier than one week after the first day of class. Please allow about one week to process the check request.
I've been selected for Verification three years in a row. Am I doing something wrong? Why do I keep being chosen?
Most FAFSA applicants are randomly selected to undergo the FAFSA Verification process. However, selection can also occur if the information entered on the FAFSA appears to be erroneous or inconsistent.
I was selected for Verification, but my parents don't want to submit a photocopy of their federal income tax return. Does MBTS have the right to ask for them?
Yes. If a student is selected for Verification by the national FAFSA processing agency, or by MBTS, federal financial aid regulations require that documents proving the Adjusted Gross Income, Tax Paid, and other income/benefit amounts be submitted to MBTS. If a family chooses not to do so, no federal assistance can be authorized for the student.
All of my classes at MBTS are being taken on-line. How will this impact the assistance I can receive?
As a student taking on-line classes, your total financial aid eligibility will include only your costs for tuition, fees, books and supplies. Your living expenses and transportation costs cannot be included.
How do I find a part-time job?
Student job opportunities on campus are posted online at www.mbts.edu and off campus opportunities are posted in a bulletin board in the class room building.
Is financial aid available during the summer session?
No.
Can the grades I earn affect my federal financial aid eligibility?
Yes. In order to continue to be eligible to receive federal assistance following completion of your initial school year of class work, you must meet the MBTS Standards of Satisfactory Academic Progress.
I've received all the financial aid I'm entitled to, but it's still not enough for me to attend MBTS. Do I have any other options?
Perhaps. If you need additional assistance to satisfy your educational and living expenses, you may wish to consider borrowing private educational loan funds. One of the most popular programs is the CASHLoan, offered by MOHELA. Also, if you're classified a dependent financial applicant, your parents may be able to borrow Federal PLUS Loan funds on your behalf.
My parents and I have managed to save quite a bit of money for my education. Now, it seems we're being penalized, since I don't qualify for much financial aid. This doesn't seem fair.
No, it doesn't seem fair. However, you and your parents are to be commended for planning so carefully for your educational expenses. The philosophy of the U.S. government regarding the federal financial aid programs has always been to evaluate a family's eligibility at the point of application, using verifiable income and asset data. In addition, it's important to realize that the primary objective of the federal aid programs is to help students pursue a post-secondary education, when they wouldn't otherwise be able to financially do so. The aid programs are supported by all taxpayers for the benefit of those eligible citizens who could not receive an education if the programs did not exist.
I have a brother and a sister who also attend college. Does this impact my federal financial aid eligibility?
Yes. Your eligibility for federal assistance, as well as the eligibility for both your siblings, is adjusted due to your family having more than one dependent child attending college.
A trust fund has been set up for me but I'm not permitted to have the money until I'm 21. Must I report the current value of this fund as an asset on my FAFSA.
Yes. In accordance with federal financial aid rules, a trust fund is defined as a portion of a student's financial strength. The value of the fund, therefore, must be reported under 'Investments' on your FAFSA.
What is Entrance Counseling?
Federal financial aid regulations require that a first-time borrower of federal student loan assistance at MBTS fully understand the rights and responsibilities of borrowing federal loan funds. Entrance Counseling is completed at www.dl.ed.gov
Can I make payments on my Federal Stafford Loan while I'm still in college?
YES! You can pay a portion (or all) of your Stafford Loan obligation while you're still pursuing your education, with no pre-payment penalty.
My parent(s) have an adverse credit rating and are not eligible to borrow Federal PLUS loan funds. How can I pay my MBTS expenses?
You have two options. The first is to obtain a credit-worthy individual willing to endorse your parent(s) PLUS loan application. The other option is for you to borrow additional Federal Unsubsidized Stafford Loan funds in your own name.
I need to drop a class. If I do, will my financial aid be affected?
It depends. According to the date you drop your class(es), how many credit hours you drop, and the last date you attended the class(es) you drop, you may be required to repay some of the grant and/or loan assistance that was credited to your MBTS account for the semester.
I'm planning to withdraw from all of my MBTS classes. How does this impact my financial aid? According to the date you withdraw (and your last date of class attendance), a portion (or all) of the federal grant and loan assistance that was credited to your MBTS account for the semester may have to be returned to the U.S. Treasury. If this required action leaves you with a balance due MBTS, you'll be responsible for making arrangements with the MBTS Office of Accounts Receivable to satisfy this obligation. There is no appeal to this federal regulation.
I've received scholarships from my local church, as well as from my employer. Do I need to report these to MBTS?
Yes. Provide the MBTS Office of Financial Aid with photocopies of any scholarship certificates or other correspondence you receive. In addition, asked the donors to make your scholarship checks co-payable to you and to Midwestern Baptist Theological Seminary.
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