Financial Aid FAQ

Financial Aid Eligibility

Who can receive financial aid at Midwestern?
All students have the opportunity to apply for Federal Student Aid. For more information, please click here. In addition, all students have the opportunity to apply for institutional scholarships. For more information, please see the “Scholarships” section of our Cost & Aid Page. Midwestern will also accept any third-party scholarship or a contribution from a student’s local church.

Do I have to wait until I’m admitted to apply for financial aid?
For federal financial aid, you do not have to be an admitted student to apply. You can apply for federal financial aid online with Federal Student Aid using the FAFSA. However, until you are admitted, we cannot package you for federal financial aid or provide you with a financial aid offer. For institutional scholarships, you must be an admitted student to apply.

How do I apply for financial aid?
To apply for federal financial aid, you can submit a FAFSA online with Federal Student Aid by clicking here. To apply for institutional scholarships, you can submit an application online through our Institutional Scholarship Application by clicking here. Before you apply for federal financial aid or institutional scholarships, please make sure you review your eligibility. Please note that Midwestern Seminary does not encourage, recommend, or require the use of any private or federal student loans to cover a student’s education costs. Loans are accepted and utilized at the discretion of the student.

Which year’s FAFSA should I submit?
The FAFSA follows academic years, not calendar years (i.e., August – August). If you would like to apply for financial aid for the Fall 2024, Spring 2025, and Summer 2025 terms, you will need to complete the 2024-25 FAFSA.

What kind of financial aid will I be offered from completing the FAFSA?
Midwestern Seminary participates in receiving federal student loans, the federal Pell Grant, and the federal Supplemental Education Opportunity Grant from the Department of Education under Title IV of the Higher Education Act of 1965. Students who apply for federal financial aid at Midwestern using the FAFSA will have their eligibility reviewed for these sources of federal financial aid by the Department of Education. Please note that the federal Pell Grant and Supplemental Education Opportunity Grant are only available to eligible undergraduate students.

Can my parents apply for a Parent PLUS Loan?
Parents of dependent students can apply for a PLUS Loan by clicking here. If they are approved by the Department of Education, we will apply the PLUS loan to their student’s account and email their student with any necessary information. Prior to disbursing the PLUS loan to the student, the parent must complete a Master Promissory Note for the PLUS loan, which they can do here. Please note that Midwestern Seminary does not encourage, recommend, or require the use of any student loans, including Parent PLUS Loans, to cover a student’s education costs. These loans are utilized at the discretion of the student and their parents.

Can I apply for a Graduate PLUS Loan?
Graduate students who have reached their Federal Direct Unsubsidized Loan limit or who wish to borrow up to their cost of attendance may apply for a Graduate PLUS Loan by clicking here. If they are approved by the Department of Education, we will apply the loan to the student’s account and email the student with any necessary information. Prior to disbursing the PLUS loan, the student must complete a Master Promissory Note for the PLUS loan, which they can do here. Please note that Midwestern Seminary does not encourage, recommend, or require the use of any student loans, including Graduate PLUS Loans, to cover a student’s education costs. These loans are utilized at the discretion of the student.

How can I apply for a private student loan?
We encourage students to complete the FAFSA to apply for federal student loans before seeking a private student loan. Generally, the Federal Direct Unsubsidized Loan from the Department of Education has better interest rates and repayment options than private student loans. If you are ineligible for federal student loans or you wish to take out a private student loan to cover the cost of your education expenses, you will need to locate and secure a private student loan of your choice. Midwestern will certify your private student loan through the ELM system. Please note that Midwestern Seminary does not encourage, recommend, or require the use of any student loans, including private student loans, to cover a student’s education costs. These loans are utilized at the discretion of the student.

I’m transferring from another school. Can I get financial aid at Midwestern?
Maybe! You can receive any federal financial aid you may have left within your annual limits, so if you didn’t use all of your eligibility at your previous school, you are likely eligible to receive that financial aid at Midwestern. Please contact the Financial Aid Office by email at [email protected] if you are a transfer student who has received federal financial aid at your previous school and would like to know more about your remaining eligibility. If you are admitted prior to the final scholarship deadline for your anticipated start term, you can also complete an institutional scholarship application if you are interested in applying for institutional scholarships.

Financial Aid Timeline & Process

I have applied for an institutional scholarship. When will I hear back about my application?
The scholarship committee reviews scholarship applications up to three weeks after the final application deadline. After the committee has reviewed applications and determined who will receive awards, the Financial Aid Office will send emails to all students who submitted an application by the final application deadline that specifies whether they received a scholarship or not. For students receiving a scholarship, they will be able to review their award in the “My Financial Aid” tab of the Student Portal.

Does Midwestern Seminary have a deadline for institutional scholarships?

Yes, institutional scholarship deadlines are published on our Cost & Aid Page. If you intend to apply for institutional scholarships, please make sure you apply before the published deadlines.

I have completed the FAFSA. When will I hear back about my eligibility for federal financial aid?
After students submit their FAFSA online through Federal Student Aid, it will take the Department of Education 3-5 business days, on average, to review their application. After their submission has been reviewed by the Department, it will be sent to Midwestern Seminary for further review by the Financial Aid Office. The Financial Aid Office receives and reviews FAFSAs on a daily basis. When a student’s FAFSA has been received, they will receive a notification via email from the Financial Aid Office.

Does Midwestern Seminary have a deadline for FAFSA applications?
No, we do not have a deadline for students to complete the FAFSA.

What happens if I completed my FAFSA incorrectly?

Students whose FAFSA contains errors, missing information, or was flagged for further review by the Department of Education will receive follow-up communication from the Financial Aid Office regarding their eligibility for federal financial aid after their FAFSA has been received. Until these issues are resolved, we will not be able to provide you with a federal financial aid offer. The Financial Aid Office reviews these situations and works with students to resolve issues with their FAFSA on a weekly basis.

When will I receive a federal financial aid offer?
After a student’s FAFSA submission has been reviewed by the Financial Aid Office and determined to be eligible for federal financial aid, a student will receive an email notification from the Financial Aid Office letting them know that Midwestern Seminary has provided them with a federal financial aid offer that they can review in the “My Financial Aid” tab of the Student Portal. Midwestern Seminary reviews FAFSA submissions and sends financial aid offer notifications to eligible students on a daily basis.

Where can I review my federal financial aid offer?
To review your financial aid offer, click the “My Financial Aid” tab in the Student Portal. To review pending awards for a given semester, please make sure you select the correct semester in the portal.

How do I accept my financial aid offer?
Log in to the Student Portal and click the “My Financial Aid” tab where you can choose to accept or decline each loan offer. Please note that you are not required to accept any loans that you may be offered, and you can choose to decline them if you do not wish to take out any student loans to cover your education costs.

What if I don’t need all the loans offered to me? Can I accept a lower amount?
Yes! We encourage students to borrow conservatively if they choose to utilize student loans. To reduce the amount of your loan, you can complete an Undergraduate/Graduate Loan Modification Form in the “My Financial Aid” tab of the Student Portal.

How can I complete Loan Entrance Counseling?
If you have never completed Loan Entrance Counseling before, you can do so by clicking here. You need to complete this requirement only once.

How can I complete a Master Promissory Note?
If you do not already have a current, unexpired MPN, you can complete a new one by clicking here. If you already have a current and active MPN on file for the type of loan(s) you are receiving at Midwestern, you do not need to complete a new MPN.

How can I buy books using my financial aid?
Once your financial aid is pending on your student ledger, you can complete a Bookstore Voucher Request. This will allow you to charge your book costs directly to your student ledger so that your financial aid can cover the cost of books.

How can I pay for my campus housing using my financial aid?
Your financial aid can pay for your housing and meal plan charges that are on your account at the time of disbursement. Future rent charges will not be taken out of your financial aid unless you complete an Authorization to Hold Funds Form.

How and when will I receive my financial aid at Midwestern?
Midwestern will credit your student account, generally during the third week of each online term in the semester. Students must have the required attendance in their enrolled courses in order to receive their financial aid disbursement. Allowable ledger charges will be taken out of your financial aid, and any additional financial aid will be issued to you as a refund via check.

When will my refund check be ready?
Refund checks are mailed within 14 days of the date the funds are officially disbursed (posted) to your student account. If you are on the list to pick up your check in the Financial Services Office, you will get an email to your student email address letting you know when your check is ready.

Can I use financial aid for summer and/or winter classes?
Yes! The winter term is connected to the spring semester for financial aid purposes. This means your enrolled hours are added together, but your disbursement happens with the spring disbursements. Summer is considered a trailer to the academic year, so you can receive a loan disbursement if you have not already borrowed your annual loan limit. Prior to the summer term, the Financial Aid Office will send out email communication to students about utilizing federal student loans or the federal Pell Grant, if they are eligible, to help pay for the cost of their summer courses.

How can I get my loans deferred while I’m in school?
You can obtain an in-school deferment form from your loan servicer. Fill out your portion, sign and date the form, then scan and email it to [email protected]. A member of our Financial Aid Office will review your form and complete their portion before sending it back to you.

Financial Aid Limits

I am an undergraduate student. How much can I borrow in federal student loans each year?
Please see the undergraduate federal student loan limits below as determined by the Department of Education. For more information about loan limits, please click here.

Undergraduate Students	Dependent	Independent
Freshmen	$5,500	$9,500
Sophomores	$6,500	$10,500
Juniors and Seniors	$7,500	$12,500

*The above numbers represent a combination of subsidized and unsubsidized loan funds.

I am a graduate student. How much can I borrow in federal student loans each year?
Graduate students can borrow up to $20,500 annually in federal Direct Unsubsidized Loans as determined by the Department of Education. For more information about loan limits, please click here.

Undergraduate Students

What is the definition of full-time student and half-time student?
Full-time enrollment for undergraduate students is defined as 12 or more credit hours per semester. Half-time enrollment for undergraduate students is defined as at least 6 credit hours per semester. These definitions are for fall, spring, and summer semesters, not online terms.

Why is my federal Pell Grant less than my FAFSA said it would be?
The federal Pell Grant estimation provided to you when you completed the FAFSA was calculated under the assumption of full-time enrollment based on your SAI. If your SAI changes due to a correction to your FAFSA by you or the school, your Pell Grant eligibility may change. If you are enrolled less than full-time during the school year, you will receive an amount that corresponds to your number of credit hours enrolled. At Midwestern, we initially package you for a full-time Pell Grant award. However, if you are enrolled less-than-full-time, we will reduce your Pell Grant before we disburse it to your account.

What is the difference between a subsidized loan and an unsubsidized loan?
Subsidized loans are offered to students who have financial need as determined by the Department of Education. You are only responsible for paying interest on your subsidized loan during repayment periods. Unsubsidized loans are offered to students regardless of whether they have financial need as determined by the Department of Education. However, you are responsible for paying interest on an unsubsidized loan from the time it disburses to you. For more information about federal student loans, please click here.

Graduate Students

Can I receive the federal Pell Grant?
No, the federal Pell Grant is only available to undergraduate students who have financial need as determined by the Department of Education.

Can I receive a subsidized loan instead of an unsubsidized loan?
No, subsidized loans are only available to undergraduate students who have financial need as determined by the Department of Education.

What is the definition of full-time student and half-time student?
Full-time enrollment for a master’s student is defined as 9 or more credit hours per semester. Half-time enrollment for a master’s student is defined as at least 5 credit hours per semester. These definitions are for fall, spring, and summer semesters, not online terms.