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External Support

Funding from external sources such as churches, foundations, and denominational offices should be vigorously pursued. The Student Financial Planning Office will assist you in seeking resources within your denomination. Outside grants often serve to reduce the loan burden students would otherwise have. Students who are inquirers or candidates with the PC (USA) may apply for Presbyterian study grants and racial ethnic leadership supplemental grants through the Office of Student Financial Planning.

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The Seminary participates in the Federal Direct Loan Program. Eligible students may borrow up to $8,500 per year through the subsidized Direct loan program. Additional loans are available to eligible students through the unsubsidized Direct loan program. These loans are repayable after graduation, withdrawal or less than half-time enrollment status. Payment begins after a six-month grace period following graduation or withdrawal. An entrance interview is required for students borrowing under the Direct Program.

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McCormick’s need-based tuition grant program represents the largest amount of aid given to students. These grants are made possible by the generosity of many individuals and organizations, including those listed below, and awarded to students of all denominations on the basis of financial need. Contact the Student Financial Planning Office for information about your eligibility. To receive first consideration for grant assistance, complete a financial aid application as early as possible and well in advance of the beginning of your enrollment.

While many students are able to finance their program without financial assistance, others need access to financial aid. Students develop a financial plan which typically includes a combination of denominational, church, family, foundation and other outside support, part-time employment, seminary grant funds, and, if necessary, loans.

Financial Planning admin 12-14-2010
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McCormick’s Student Financial Planning Office exists to assist all students in the financial planning of their seminary education. Students of all denominations are served by the office. The first step in financial planning for your seminary education is to determine educational and living costs for you and your family. The following budgets serve as estimates of expenses for nine months for full-time masters level students entering in the fall of the 2010-2011 academic year.

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Refunds When Dropping a Course

Students are entitled to refunds upon dropping a course subject to the following schedule:

Fall and spring semesters
By the end of the:
- Second week (until 4 p.m.) 100%
- Fifth week (until 4 p.m.) 33%
After the fifth week of the semester, no refund will be made except in the case of serious illness. A written doctor’s statement will be required in such a case.

Summary
Financial information for the Masters level studies program
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Payment Policies and Procedures
It is McCormick Theological Seminary’s policy that all tuition charges are due and payable at the time a student registers for courses. No student may register for a course until all previous charges due to the Seminary are paid in full.

Students have up to 30 days to pay tuition charges and fees without penalty. After the 30-day grace period, a service fee of 1 percent per month on the outstanding balance will be charged.

McCormick Theological Seminary does not have payment plans. However, as an alternative to paying in full, students may establish a payment plan with Academic Management Services.

Academic Management Services (AMS) provides high-quality, low-cost innovative solutions to assist students in paying for their seminary education. For those unable to pay their educational costs at the beginning of each quarter, AMS offers a simple and convenient payment plan. There is an annual participation fee of $65, but no other service or interest charges. The Student Financial Planning Office will assist students in determining their annual expenses. We will require those students living in seminary housing to include rent in their payment plan.

In addition to offering manageable and convenient monthly payments, AMS provides automatic life insurance to cover the balance of the budgeted amount and a toll-free number for inquiries. An automatic check withdrawal and a credit line are also available.

If charges are to be paid to the Seminary by a church or agency rather than by the student, the student is responsible to see that the church or agency makes payment when due. Failure of the church or agency to pay the charges does not relieve the student of responsibility for
payment of such charges.

The Finance Office will issue monthly statements listing charges (courses, fees, housing), payments, grants, and the total amount due to those students with an amount due, with credit balances sent every other month. Regardless of when statements are issued, students are responsible for prompt payment of all charges to their account.

Students who fail to pay account balances or are not current in their AMS payment plan may not register, attend classes, or receive a transcript until all charges have been paid. All tuition, rent, fees, and any other charges, including those owed to the JKM Library, must be paid in full before a candidate is approved for graduation.

Payment Policies and Procedures

It is McCormick Theological Seminary’s policy that all tuition charges are due and payable at the time a student registers for courses. No student may register for a course until all previous charges due to the Seminary are paid in full.

Students have up to 30 days to pay tuition charges and fees without penalty. After the 30-day grace period, a service fee of 1 percent per month on the outstanding balance will be charged.

Summary
Information on tuition, fees and financing for your D.Min education
Page Intro
Information on tuition, fees and financing for your D.Min education
Financial Policies admin 07-01-2009
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Payment Policies and Procedures

It is McCormick Theological Seminary’s policy that all tuition charges are due and payable at the time a student registers for courses. No student may register for a course until all previous charges due to the Seminary are paid in full.

Students have up to 30 days to pay tuition charges and fees without penalty. After the 30-day grace period, a service fee of 1 percent per month on the outstanding balance will be charged.    

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Responsibility for meeting the costs of this program belongs primarily to the student, the congregation or agency served, and the denomination of which the student is a member. Continuing education funds, congregational or agency grants, and local, regional, and national denominational scholarship programs are all sources of funds. The Student Financial Planning Office will help students determine their annual expenses and assist with locating sources of scholarships and grants.

For more information about financial aid, please contact Tabitha Hightower at 773-947-6309 or thightower@mccormick.edu.

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Responsibility for meeting the costs of this program belongs primarily to the student, the congregation or agency served, and the denomination of which the student is a member. Continuing education funds, congregational or agency grants, and local, regional, and national denominational scholarship programs are all sources of funds. The Student Financial Planning Office will help students determine their annual expenses and assist with locating sources of scholarships and grants.