For most students, one of the major concerns in attending college or seminary is that of finances. BLI makes a determined effort to see that every student who qualifies for admission to a degree program has the opportunity to engage in theological education. Classic track students may be eligible for grants and scholarship. Navigate the options below to learn more. Questions should be directed to the Financial Aid Office by calling 800.440.6227.
Download: Step-by-Step Instructions on How to Apply for Financial Aid (Note that you will be connected to documents of our partner school, Sioux Falls Seminary, who handles all financial aid)
Federal Financial Aid
Due to the termination of the federal loans subsidy (“Subsidized Loans”) at the graduate level (per the Budget Control Act of 2011), the Federal Direct Unsubsidized Loan program (Title IV) remains the most popular student loan program available for graduate-level students. Unsubsidized loans are available to every student who completes a FAFSA. Interest begins accruing 120 days from the time of disbursement. However the student is not required to make any payments while in deferment status. These low-interest loans are provided by banks which are subsidized by the Federal Government.
- Interest Rate and Fee Information
- Eligibility based on completion of the FAFSA and subject to annual Cost of Attendance budget limitations
- Graduate-level limit of $20,500 per academic year
- Payments deferred while enrolled at least half-time (5 credits/semester)
- No prepayment penalties
- 6-month repayment grace period upon leaving school or dropping below half-time
How to Apply
To apply for student loans, students must complete the Free Application for Federal Student Aid (FAFSA). Individuals may apply online at www.FAFSA.ed.gov or through the Sioux Falls Seminary Financial Aid Office (our partner).
Students applying for Federal Aid must fill out a Master Promissory Note (MPN) and complete entrance counseling before funds can be received. In addition, students must complete exit counseling before graduation or dropping below half time status.