Students that receive financial aid exceeding their actual COA may result in a reduction of previously offered/disbursed financial aid. For example: Student A is offered a ULS Full-Tuition Scholarship, but only enrolls in a single course—The previously offered scholarship would be reduced to cover one course.

Donors wishing to designate funding for housing, living, books, etc., would simply needs to indicate this when submitting payments to the Student Billing Office, so it may be properly designated. We strive to be good stewards of our Full Tuition Scholarship funds, and so please kindly note that outside (non-ULS) funding that is not designated towards a specific cost of attendance item will be applied towards students’ tuition charges*. Our aspiration in inviting additional tuition funding for the seminary is to ensure that the maximum number of enrolled students can benefit from all the financial aid we can offer.  Receipt of additional financial assistance such as scholarships, congregational/synod payments, or vocational rehabilitation grants may change eligibility for offers that have already been processed.  All scholarship aid is disbursed to students’ accounts once the drop/add deadline has ended for each semester, so that ULS can verify students’ accounts before disbursement. Please refer to the Academic Calendar on the Registrar’s Office for specific semester dates and deadlines. ULS Scholarship funds, and Federal Loans may be decreased or canceled for students that receive outside assistance after financial aid funds have disbursed to their student account.

ULS supports Veterans of the United States military, and spouses or dependents of veterans, and is recognized by the U.S. Department of Veteran Affairs (VA) to offer VA Educational Benefits (GI Bill) to eligible individuals enrolled in approved programs. ULS students eligible for benefits through Chapter 30 (Montgomery G.I. Bill), Chapter 33 (Post-9/11 G.I. Bill),Chapter 35 (Survivors’ and Dependents’ Education Assistance Bill), or other programs sponsored by Veterans Affairs, must complete both of the stepsbelow. Please visit benefits.va.gov/gibill/ for more information about all available and programs and benefits.

1. Visit va.gov/education/ to apply for benefits.
‍2. Submit a copy of your Certificate of Eligibility (COE) to the ULS Registrar’s Office at registrar@uls.edu to establish a file and to verify your enrollment to VA.

• Federal Graduate Direct Loans
  Students that indicate ‘No’ but would later like to be considered for a Federal loan, must email their request to financialaid@uls.edu.
  Prior to the disbursement of a loan that has been accepted on Henry, students must complete:
  1.  Master Promissory Note
  2. Loan Entrance Counseling
  3. Loan Acknowledgement
  Loan offers are subject to annual and aggregate loan limits. Students may visit www.studentaid.gov to review outstanding Federal loan balances, and for more detailed information on the different Federal student loan programs available. The interest rate for Federal Loans is set by the government and begins accruing immediately. For loans disbursed during the 2020-21 academic year, the interest rate was 6.08% with an origination fee of 1.062% (the origination fee is deducted from the loan before the funds are disbursed to the school). 
  ULS students on internship, project, dissertation, or that are completing other non-credit requirements to graduate will be considered as being at least half-time, and will be eligible for Federal student loans.
• Federal Graduate Unsubsidized Loans
  Eligible students that indicate interest in Federal loans will be offered a maximum academic year amount of $20,500 ($10,250/semester). It is recommended for students to only accept the amount that they need for educational expenses, since it is not required for the maximum amount to be accepted. If a student accepts an amount lower than what they have been offered, they may contact the Financial Aid Office to request an increase in their originally accepted loan amount.
• Federal Graduate Plus Loans
  This is a credit-based loan, to be used when a student has exceeded their Unsubsidized Loan eligibility. The PLUS Loan interest rate is generally higher than that of the Unsubsidized Loan, and the borrower is responsible for paying all interest. Students may request a PLUS loan on-line by visiting studentaid.gov.

Enrollment Census occurs after the registration drop/add deadline for each semester. After this point in time, the Financial Aid Office works in consultation with the Student Billing Office, to verify student registrations and eligibility for offered funding.  On or about the second week following Enrollment Census, financial aid is disbursed to students’ accounts. Students with remaining balances after disbursement, may make payments through Henry, or directly to the Student Billing Office.
Refunds
Remaining credit balances from Federal student loans, if any, will be refunded to eligible students within two weeks from the point that loan is applied to students' accounts. Not all students will have a credit balance and not all anticipated credit balances will occur at the same point in the term. Types of aid as well as tuition and fees, books and supplies, room and board, and other miscellaneous student account charges will vary from student to student based on enrollment, on‐campus purchases, and housing/meal plans, if living on campus. Please monitor your financial aid and refund status via Henry.