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Types of Financial Aid at
SUM Bible College

SUM Bible College and Theological Seminary offers low tuition.  Financial aid is available should students need assistance.  Below are some of the financial aid programs available.  For additional types of aid, please also check our scholarship and Veterans Assistance links on this website.

Federal Grants

Unlike loans, grants do not need to be repaid. Two types of Federal grants available are::

Federal Pell Grant
This need-based grant is available only to undergraduate students that demonstrate financial need based on completion of the Free Application for Federal Student Aid (FAFSA).  Award amounts are based on your Expected Family Contribution (EFC), Cost of Education and number of credit hours you are attending as determined by the Financial Aid Office.

Federal Supplemental Educational Opportunity Grant
This Federal need-based grant is available to undergraduate, Pell-Grant-eligible students that demonstrate financial need according to a federal eligibility formula.  Award amounts are based on a student’s Expected Family Contribution (EFC), Cost of Education and number of credit hours.  Funds are  limited funds  and awarded to Pell Grant recipients that demonstrate a high financial need (or have a zero EFC).

Federal Student Loans

Federal Stafford Student Loans
Federal Stafford student loans are a form of financial aid that must be repaid either after a student has graduated or when the student has stopped attending classes at least a half-time (6 credit hours). There are two types of Federal Stafford Student Loans: Subsidized and Unsubsidized. SUM also provides the Parent Loan for Undergraduate Students (PLUS).  ALL FIRST-TIME BORROWERS AT SUM MUST COMPLETE A MASTER PROMISSORY NOTE AND COMPLETE LOAN ENTRANCE COUNSELING AT: www.studentloans.gov.

Federal Subsidized Stafford Loans are:

  • Low-interest borrowed funds that must be repaid by the student.

  • Interest-free while you are enrolled at least half-time (6 credits) in a degree-seeking program (undergraduate or graduate).

  • Borrowed directly from the federal government.

  • To be used for education-related expenses such as tuition, fees, books, living costs, transportation, and child care.

  • Payments are deferred for six months after the student graduates, leaves school, or enrolls in fewer than 6 credits. The maximum repayment period is 10 years or longer if consolidated. Loan fees apply.  Please see www.studentloans.gov for more information.

  • First time borrowers of Stafford Loans at SUM are subject to a 30 day hold of their first loan disbursement.

Federal Unsubsidized Stafford Loans:

  • Accrue interest while a student is enrolled in school (and during the repayment period).

  • Are borrowed directly from the federal government.

  • Can be used for education-related expenses such as tuition, fees, books, living costs, transportation, and child care.

  • Payments are deferred for six months after the student graduates, leaves school, or enrolls in fewer than 6 credits. The maximum repayment period is 10 years or longer if consolidated.  Loan fees apply.  Please see www.studentloans.gov for more information.

  • First time borrowers of Stafford Loans at SUM are subject to a 30 day hold of their first loan disbursement.

Federal Stafford Student Loan Eligibility Requirements
To be eligible for a Federal Stafford Student Loan, you must:

  • Complete a FAFSA, and all requested documents to complete your file at SUM.

  • Be enrolled in a financial-aid-eligible degree and/or certificate program and taking six or more credit hours.

  • Must be making Satisfactory Academic Progress per the SUM Policy (as listed on this webpage)

First-time borrowers must complete the Direct Loan Entrance Counseling session and the Direct Loan Master Promissory Note.

Federal Student Parent PLUS Loan
The Federal student PLUS loan can be borrowed by parents of dependent undergraduate students or graduate students to help pay for the student’s education

PLUS Loans:

  • Are offered one academic year at a time.

  • Applications must be processed through the Department of Education who will approve or deny the application based on a review of the parent or graduate student borrower’s credit history.

  • If a parent PLUS loan application is denied, the dependent student usually becomes eligible to borrow up to $4,000 in additional unsubsidized Stafford loan funds. This additional Stafford loan cannot exceed the student’s cost of attendance minus all other aid (including other loans). Unsubsidized Stafford loans accrue interest while the student is in school.

  • Parents: Apply for a Parent PLUS loan by completing an online Parent Plus Loan Application at www.studentloans.gov.

Work-Study

Federal Work-Study (FWS)
FWS is a need-based financial aid program designed to assist students with employment opportunities on campus or within the community. Funds are limited.  This is a regular paid position in which a student will receive a bi-weekly paycheck. The FWS earnings are taxable; however, are excluded in the need calculation on the FAFSA.

Requirements for the Federal Work-Study program:

  • To be eligible for a FWS work-study award, applicants must complete a FAFSA, demonstrate financial need after all other aid applied and be enrolled in six or more credit hours. 

  • Applicants must have a minimum 2.0 cumulative grade point average and be in good academic standing

  • Students cannot begin work until all personnel paperwork has been completed (I-9, W4, etc.)

  • Students cannot work more than 20 hours a week while classes are in session

  • Students must remain enrolled in at least six credit hours during the time that they are employed

  • Students must submit accurate time sheets on a regular and timely basis

  • Student cannot exceed their work-study award