Financial aid is available both through constituent denominations and through the ITC's Financial Aid Office. All students interested in receiving financial aid should file an application with their administrative dean and the ITC Financial Aid Office before April 1 of the year preceding expected enrollment.  Delay beyond this date may hinder the receipt of financial aid.

Approved financial aid, grants and scholarships are credited to a student's account with the Business Office and are first applied against institutional charges such as tuition and mandatory fees.  Awarded aid is subject to proportional adjustment should a recipient drop a course, withdraw from the institution and/or receive additional financial aid after acceptance of an award letter.

Financial aid is awarded on the basis of full-time/part-time status.  A full-time student must carry at least twelve credit hours.  A part-time student is regularly enrolled for fewer than twelve credit hours.  However, a part-time student must carry at least six credit hours to be eligible for financial aid. A student must demonstrate satisfactory progress to be eligible for any type of federally and institutionally granted financial assistance.

It is the aim of The ITC to provide financial assistance to every eligible student.  Aid is awarded on a first-come, first-served basis.  Financial assistance is made within the Center's resources together with those from federal and private agencies.

The federal government provides the major forms of financial aid to ITC students.  These programs are Federal Work Study, Federal Perkins Loan, and William D. Ford Federal Direct Loan Program (formerly Federal Direct Loan Program).

Application

Students who wish to receive financial assistance must timely complete the Free Application For Federal Student Aid (FAFSA) form (April 1) and mail it directly to Federal Student Aid Programs in the envelope provided in the FAFSA application.  Also, annually, the ITC Student Financial Aid Form is to be completed and returned promptly to the Financial Aid Office.  Once fully completed and processed, the application and the Financial Aid Form will be reviewed by the Director of Financial Aid.  Students who qualify for financial aid will be sent an award letter indicating the amount and type of assistance available.  The award letter will be made available prior to registration so those students can have a clearer picture of their financial situation prior to the beginning of the academic year.

A decision for financial assistance on a new student's application is made after admission has been approved by the Center.

Receipt of financial aid in one academic year does not automatically guarantee financial assistance will be given the following year.  A student must complete an FAFSA application and the ITC Financial Aid Form each year.

Types of Assistance

FEDERAL WORK STUDY:

This program provides part-time employment at The ITC as well as off-campus community-service employment.  It is designed to assist students with their school expenses.  The rate of pay varies but is at least equal to the minimum wage set forth in the Fair Labor Standards Act.

WILLIAM D. FORD FEDERAL DIRECT LOAN PROGRAM: (formerly the Federal Direct Loan Program)

Loan funds for this program are received directly from the U.S. Department of Education to assist eligible students in the financing of their seminary education.  A student may apply if enrolled or accepted for admission as at least a half-time student.

FEDERAL PERKINS LOAN: 

This program is funded by the federal government. Funds are available to both new and returning students.  A student must be enrolled or have been accepted for enrollment in full-time or at least half time studies and must demonstrate financial need.  There are deferment and cancellation advantages with this program. 

INSTITUTIONAL AID: 

Denominational gifts and grants are available through the respective denominations.  Please file an application with the respective administrative dean of the seminary in which you plan to enroll.

HARRY V. AND SELMA T. RICHARDSON SCHOLARSHIP: 

This need-based scholarship is used to decrease the amount of educational loans given to a student. It is given to non-constituent students and is awarded based on the amount of other grants and loans the student may have received.

UNITED NEGRO COLLEGE FUND ASSISTANCE: 

Every student who has completed the Free Application For Federal Student Aid form and has a minimum grade point average of 2.50 is eligible to receive funds from this source.  A list of eligible students with unmet educational needs is submitted to UNCF twice a year.  Recipients are selected by UNCF from the submitted list.

PERSONAL FINANCIAL ASSISTANCE RESEARCH: 

Many scholarship dollars remain unused because the giving hands and the asking hands fail to touch. Therefore, the Office of Financial Services has established a Financial Resource Center equipped with financial aid directories and pamphlets. Students are encouraged to utilize the Resource Center to secure additional grants and scholarships.  The directories may be checked out each Friday after 4:30 p.m. and returned the following Monday morning at 8:00 a.m.

Payment Plan

A student can also pay for a theological education through the use of the Center's sponsored payment plan.  This plan allows a student who is taking at least six credit hours to pay for educational expenses in installments.  The payment plan is applicable for first and second semesters only.  The cost to utilize the plan is $30.00 per semester.

Refunds And Withdrawals

Students who officially withdraw, voluntarily or involuntarily, from The ITC within the time specified after the scheduled registration date may receive refunds. Student services fees and all other special fees are non-refundable.  Formal application for withdrawal must be made to the Registrar and permission granted by the Executive Vice President for Academic Services and the Vice President of Financial Services before students may withdraw from The ITC at any time during the semester.  Students, who withdraw at any time during the semester, unofficially and without prior authorization from the appropriate officers, will be charged for the entire semester.

Whenever a student is considered withdrawn, Title IV payments and/or refunds to the Title IV programs are based on the student's actual last day of attendance. Therefore, when a student withdraws within the time specified, all unused financial aid will be returned to the appropriate federal and non-federal program sources and not refunded to students.  Upon official withdrawal from The ITC or dropping a course, a refund of tuition and other refundable charges will be made in accordance with the refund policy.

Refunds for first-time students who withdraw on or before the 60 percent point in the enrollment period, will be governed by the pro rata calculation.  Therefore, the refund will be based on the percentage of time remaining in the program after the student's last recorded day of attendance.

Refund Schedule

First and Second Semesters

Percentage Refunded or Canceled

Summer Session 

Percentage Refunded or Canceled

No deduction or refund is made for courses dropped after close of registration for the semester or summer session.