Virginia Theological Seminary (VTS) is delighted to announce an expanded and simplified financial aid application and award process that will allow any full-time master's level student with assets less than $200,000 (excluding one’s primary home and any pensions) have the costs of education covered.
In a move that will help ensure the Seminary's goal of making theological education accessible to all, effective immediately all students applying for financial aid with a combined adjusted gross income (single/family) less than $150,000 annually and/or combined assets less than eight times the respective Cost of Residency category (see below) will receive a package that includes:
• The cost of tuition;
• The cost of housing;
• The cost of a meal plan (for single students – three meals weekday, for all others – the lunch-only plan); and
• A maximum contribution of $4,000 towards healthcare cost for those selecting the VTS sponsored health insurance plan.
To qualify, all students must apply for financial aid to be considered for this award package. Assets to be considered for the Cost of Residency requirement are: Cash and Cash Equivalents, Stocks, Bonds, and Real Estate Holdings. Primary Residence and Pension/Retirement accounts will not be considered. Cost of Residency categories are defined as follows:
• Single students: $24,200;
• Students living in a one-bedroom apartment: $34,100;
• Students living in a two-bedroom apartment: $36,500;
• Students living in a three-bedroom apartment or house: $38,900;
• Students that cannot live on the campus and live in rented accommodation off-campus: $41,300.
Any student electing to live off-campus when on-campus housing is available will not be eligible for housing accommodation but will be eligible to receive an award to cover tuition, fees, and meal plan. Each student will be required to present an annual budget of living expenses. This budget should clearly identify the sources that will be used to meet all other financial obligations during residency.
Applications for financial aid should be submitted during the admission application process so that a financial aid decision can accompany the admissions decision.
In addition to a student's personal financial resources and those that may be available from the Seminary, students need to look to their diocese, parish, family, friends, and private scholarships for additional assistance. By being proactive in seeking support, students can ensure they have the resources needed to complete their master's-level education while incurring the least amount of debt, which will allow them to be open to the widest array of ministries following graduation.
Virginia Theological Seminary does not participate in federal Title IV student aid programs and therefore does NOT require the FAFSA to be completed.