The New Seminary provides financial aid guidance as a service exclusively to our students.
Financial aid comes either in the form of grants or as loans. Grants are need-based, and the amounts of the grants will vary depending on many factors. [Please note: A student under the age of 24 and unmarried is classified as their parents’ dependent. Regardless of whether a student is claimed as a dependent on their parents’ tax return, in almost all circumstances this will remain the case.]
The Seminary provides guidance regarding the grants and the loans available in both New York and New Jersey. Federal grants (Pell, and FSEOG) will be the same in all states; state grants vary in amount and are dependent on residency status. Federal grants are available to full time students (12 credits per semester) and prorated grants are available to students that are enrolled at least half time (6 credits).
New York State: Residents of New York State may be eligible for the state-based TAP grant. The TAP grant from the state of New York is also available for part time students.
New Jersey: Residents of the State of New Jersey may be eligible for the state-based TAG grant. The TAG grant from the state of NJ is only available to students that are enrolled full time.
Loans: Student loans come in subsidized and unsubsidized forms. Subsidized loans are only available at the undergraduate level. In many cases, there are enough loans to enable students and their parents to cover the balance of the tuition. Federal loans are available to students in all states. Students in the State of New Jersey have the additional option of obtaining NJ CLASS loans through the State of New Jersey.
Repayment Options: Students should be aware that there are many different repayment plans available to them. In select circumstances, students may be eligible for loan forgiveness. This is dependent on many variables.
Tax Benefits: There are also many tax advantages associated with the cost of education, Students or their parents may be eligible for certain tax credits and/or deductions.
Applicants to the Seminary programs are provided guidance tailored to their specific situations. The Seminary always advises that financial decisions be taken responsibly.