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Need-Based Financial Aid

Need-based financial aid includes grants, funds from Federal Loan Programs, Union Loans and part-time on- or off-campus Workstudy. In order to qualify for grant, scholarship, fellowship, or Workstudy assistance, students must be fully matriculated and in full-time attendance; part-time students who are enrolled at least half-time may qualify only for loans. In awarding aid, Union looks first at eligibility for need or merit based grant assistance and recommends loans and work only after grant eligibility has been determined.

Type of Award

Union Grants
Awarded to eligible full-time first-degree students in the M.Div., M.Div. portion of the M.Div./M.S.S.W. dual-degree, and M.A. programs who demonstrate financial need, and range in amount. Eligibility for the Union Grant is limited to six semesters for students in the M.Div. Program and four semesters for those in the M.A. and M.Div./M.S.S.W. programs. These limits coincide with the normal number of semesters required for completion of candidacy.

Federal Loan Program (Subsidized)
Formerly called the Guaranteed Student Loan (GSL) program or the Federal Stafford Loan Program allows students demonstrating need to borrow to help meet their educational expenses. Students may not borrow more than the amount recommended by the Office of Financial Aid, and all applicants must file the appropriate aid application forms. The maximum annual amount is $8,500 and these loans carry interest rates that vary from fixed rates to a variable rate not exceeding 8.25%. Interest does not accrue on these loans, and there is no repayment on them so long as half-time to full-time enrollment status at any eligible institution is maintained; repayment begins 6 months after enrollment ceases and may extend up to 10 years. This loan can be consolidated under the Federal Student loan Consolidation Program.

Federal Family Education Loan Program (Unsubsidized)
Under this program, students may borrow up to $20,500 per year (minus any amount borrowed as a subsidized loan. Interest with rates that vary from fixed rates to a variable rate not exceeding 8.25% accrues during enrollment and may be added to principal by capitalizing. Once at least half-time enrollment has ceased, repayment begins after a six-month grace period, during which interest accrues. This loan can be consolidated under the Federal Student loan Consolidation Program.

Federal Perkins Loans
Formerly called NDSL, these loans carry a 5% interest rate. Interest does not accrue on these loans, and there is no repayment on them so long as half-time to full-time enrollment status at any eligible institution is maintained. Repayment begins 9 months after enrollment ceases. Funds from this program are limited, and are awarded by the Office of Financial Aid to students demonstrating exceptional need. The maximum annual availability is $3,000. This loan can be consolidated under the Federal Student loan Consolidation Program.

Federal Work Study
Part-time jobs through the Federal Work-Study program are awarded to financial aid applicants who show financial need. This employment program typically allows students to earn $8 to $20 per hour for up to 20 hours of work per week. In addition to jobs on campus, students may work at approved off-campus non-profit agencies. Every effort is made to refer students to academically relevant employment opportunities so that their educational experience may be enhanced and enriched.

Union Seminary Loan Program
The Union Seminary Loan program permits students in the Master's-level programs to borrow up to $3,000 per year. The interest rate is currently 8%, and there is no accrual of interest so long as at least half-time enrollment status at the Seminary is maintained. Once enrollment at the Seminary has ceased, repayment begins after a three-month grace period. This loan can not be consolidated under the Federal Student loan Consolidation Program.