Types of Financial Aid

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Virtually every student who applies receives some form of financial aid. The following is a list of the kinds of financial aid available to students at the School of Theology: 
 

1. Tuition Scholarships

All students who apply for financial aid and do not receive a Scholarship for Merit will be considered for a tuition scholarship. These awards are based on need, the availability of funds, satisfactory academic progress, and registration criteria. Scholarships for up to 70 percent of tuition are available to Master of Divinity students, 55 percent to Master of Theological Studies and Master of Sacred Music students, and 45 percent to Master of Sacred Theology and Doctor of Theology students. 

Tuition scholarships are awarded for the academic year, September to May. They are renewable each year upon the annual evaluation of the recipient’s grade point average (2.7 minimum), character, and commitment to ministry. All awards are for a maximum of three academic years of full-time study (two years in the case of the Master of Theological Studies, Master of Sacred Music, and Doctor of Theology). 

2.  Scholarships for Merit

Boston University School of Theology continues a tradition of awarding significant scholarships to students who apply with evidence of high academic distinction. Students applying for the Master of Divinity, Master of Theological Studies, and Master of Sacred Music programs are eligible to be considered for a Scholarship for Merit. All applicants with a minimum 3.3 grade point average are automatically reviewed. Other criteria for selection include letters of recommendation, the personal statement, and the Graduate Record Examination score. Successful candidates are those who demonstrate good scholarship, good character, and commitment to ministry. All Admissions materials must be received by February 1 to be considered for the following Fall.

The amount of the Scholarship for Merit varies. All recipients will receive at least an amount equal to full tuition at the School of Theology. Selected students may receive stipends in the amounts of $2,000, $4,000, $6,000, or $8,000. Stipends must be applied to educational expenses. 

Scholarships for Merit are awarded for the academic year, September to May. They are renewable each year upon the annual evaluation of the recipient’s grade point average (3.3 minimum), character, and commitment to ministry. All awards are for a maximum of three academic years of full-time study (two years in the case of the Master or Theological Studies and Master of Sacred Music.)  Scholarships for Merit are awarded before initial enrollment in the School of Theology. 

 3. Doctor of Theology Fellowship Awards

Students in the Doctor of Theology program are eligible to be considered for a fellowship; selection is made on the basis of previous academic excellence, character, commitment to ministry, and potential contribution to the academic community and life of the church. Only  those students whose Application for Admission to the Doctor of Theology degree program is completed by January 15 of the current academic year will be considered for a fellowship

Fellowships provide full tuition scholarship and, in some cases, an additional stipend of up to $8,000. Doctoral students not selected to receive a fellowship will be considered for a need-based tuition scholarship, which may equal 45 percent of School of Theology tuition. The Federal Direct Stafford/Ford Loan program is also open to students in the Doctor of Theology program. 

. Doctor of Theology students are required to register for at least 8 credit hours per semester to be eligible to receive financial aid. Students receiving tuition assistance will receive aid that covers 12 courses (each course equal to four credit hours). All Th.D. recipients must maintain a minimum grade point average of 3.3. 

4. Federal Direct Stafford/Ford Loans (formerly Stafford) 

The Stafford Loan program is administered by the Boston University Office of Financial Assistance. Eligibility for participation in the Stafford Loan program is determined by the submission of the Free Application for Federal Student Assistance (FAFSA). Students registered for at least 6 credit hours are eligible to apply for a Stafford Loan. 

5. Perkins Loans

This is a federally funded, long-term educational loan program designed to assist students with exceptional need. There are no interest charges on a Perkins Loan until six months after half-time enrollment ceases. At that time, repayment begins and a five-percent simple interest is charged. 

6. College Work-Study

This program is designed to help qualified students meet education expenses through employment. Jobs are available both on campus and in approved nonprofit organizations off campus. 

7. Graduate Assistantships

Available in limited number (primarily to Th.D. and Ph.D. students), these awards may be awarded as tuition or cash stipends. Recipients perform research, instructional tasks, or programming related to their academic or professional programs. 

8. Additional Scholarships, Awards and Loans

Scholarships, grants, and loans are available from a number of denominational, humanitarian, and other agencies. The School of Theology is aware of some outside scholarships for qualified students and assumes that students will apply for any and all outside funds for which they are eligible. In addition, students are expected to indicate on the School of Theology Application for Financial Assistance any awards for which they are applying and to notify the School of Theology in writing of any outside awards received. 

Other Awards and Scholarships

The Alfred Harlow Avery Scholarship in Theology was established in 1992 by the Arthur G. B. Metcalf Foundation at Boston University.  The Avery Scholarship is awarded to one student at the School of Theology in either the Master of Divinity or Doctor of Theology program every three to four years. The Avery Scholarship, which amounts to $25,000 per annum, is awarded on the basis of previous academic distinction and an essay competition. The Scholarship is used to attend Boston University School of Theology, and helps the recipient meet the cost of tuition and fees, books, and other educational expenses. 

The Mary McLeod Bethune Scholarship has been established to provide financial assistance for students from racial minority groups in the United States. Scholarships are awarded annually on the basis of need. 

The Dr. Howard B. Warren Endowment Fund was established to provide eight or more scholarships for needy students preparing for the parish ministry of the United Methodist Church. A maximum of $500 may be given to each student from the dividends of this endowment. Preference is given to first-year students. 

Loan Funds

Students may be eligible for the following loan programs: 

The Board of Higher Education and Ministry of the United Methodist Church offers United Methodist students the opportunity to borrow up to $2,500 per calendar year. Applications are available through the Office of Financial Assistance. 

New England Education Society This organization makes interest-free loans available to students who are committed to full-time church vocations. The maximum amount that can be borrowed in any one year is $1,000. A maximum of $3,000 may be borrowed in the course of any single degree program. Applications may be secured through the Office of Registration and Financial Aid. When applying for this loan the student must understand thata co-signer is required and that current addresses will be given to the New England Education Society by the Registrar and the Alumni Office upon request. However, it is the student’s responsibility to provide current addresses.