Financial Aid Awareness
Financial Aid can be an intimidating topic. It doesn’t have to be! You can be informed about what resources are available to you to pay for your education, and use that information to help others navigate the seemingly complex world of Federal Aid.
February was Financial Aid Awareness month. Nazarene Bible College strives to keep our student community informed along their educational journey, from start to finish! NBC is reaching out with information and data about the many components of Federal Student Aid.
Wondering where to start?
File the FAFSA® – Free Application for Federal Student Aid
Even if you think you will not qualify for any student aid, apply! This gives us a place to start communicating with you about any resources you are eligible to receive if you enroll at Nazarene Bible College. FAFSA® determines your eligibility for the Federal Pell Grant (free money to go to school) and opens the door for the offer of a student loan, if desired. NBC’s school code is #013007. Electing to transfer your IRS Data to the FAFSA® will make the application process easier. You will renew your FAFSA® on an annual basis, and NBC has no deadline required for FAFSA® completion.
Discuss your FAFSA® results/Financial Aid Offer with the Financial Aid Office
Understanding the results of your FAFSA® application and the resulting Financial Aid Offer from Nazarene Bible College may take some extra communication with the Financial Aid Office. Don’t be afraid to ask questions! Be knowledgeable about the cost of attending NBC.
Consider your income situation now in comparison to the income reflected on the tax return you used to complete the FAFSA®.
Has your income changed substantially? Examples include a reduction of hours at your job, complete loss of income, divorce/separation, or other special circumstances. If you have experienced a significant change in household income, you may request a Professional Judgement consideration. This is a review process performed by Nazarene Bible College to determine if your change in circumstances would authorize the Financial Aid Office to adjust your Federal Aid offer to reflect your current situation.
Decide whether a student loan is right for you.
Each Financial Aid Offer will include a student loan designed to make sure your direct costs are covered. Tuition/fees and a book allowance will be included for each term of enrollment. Nazarene Bible College will offer a Subsidized student loan (government pays the interest on this loan as long as you are enrolled half time) up to your eligibility as determined by FAFSA®, and will offer an Unsubsidized student loan (interest is accruing as soon as the funds are disbursed to the school) for any remaining direct costs.
Are you able to pay for your books on your own? Are you able to make a payment (no matter how small) each term?
Look for other resources to help you cover your direct costs.
Nazarene Bible College offers Institutional Scholarships. Students should apply once per year, typically in June, for the upcoming academic year.
Nazarene Bible College offers the Alumni Matching Grant. Students who attend a Nazarene church are eligible for this grant, if the church sends funds to the college towards the student’s account. The grant is available once per term, up to $150.
Nazarene Bible College advertises occasional outside scholarship opportunities via the NBCommunicator which is sent out by email and also posted to the “News and Events” section of our website, linked from the home page https://nbc.edu/
The Financial Aid Office will also send direct emails to students upon receiving information about any outside scholarship opportunities that might be for specific majors or groups of applicable students.
Be alert for resources that you might not think about, such as employer tuition remission (many employers have education benefits available), Veterans Benefits, your banking institution or insurance provider. There are many resources available if you start looking diligently! Be aware of scams! You should never pay money to apply for Federal Aid, apply for a scholarship, or receive a scholarship.
Create a budget
Easy to say, hard to do. Even harder to stick to it! There are many resources online to help you create a budget while you are a student. Out of the many websites online, one that might help you from a Biblical background is the Learn to Budget Like Dave Ramsey page.
Know where you are…all along the way!
Are you aware of how much student loan debt you currently have? Did you know that there is a lifetime limit for Pell Grant eligibility? Do you know how close you are to that limit? Be proactive; you can know and stay informed by reviewing your “My Aid” section of StudentAid.gov. You can also calculate your estimated student loan payment by using the Loan Simulator
Take advantage of education tax credits on your income tax return
Currently, there are two tax credits available for eligible taxpayers: American Opportunity Tax Credit (AOTC) and Lifetime Learning Credit (LLC). Since Nazarene Bible College does not give tax advice, we recommend that you read information about Tax Benefits for Education on the IRS.gov website.
Interest on student loans may also be a tax deduction for certain taxpayers while in repayment. This is also discussed on the IRS.gov website.
Plan and Prepare for loan repayment after you complete your degree
The government offers multiple repayment plans to fit most budgets. It is best to set up your repayment plan as soon as you graduate (or drop below half-time enrollment) so you are aware of all expectations and ready to begin payments on your student loan. Establishing contact with your loan servicer is a helpful step, even when you are still enrolled. You can find your loan servicer through the “My Aid” section of StudentAid.gov
Many Nazarene Bible College graduates can benefit from Public Student Loan Forgiveness, but not all repayment plans qualify for the program. Be sure to review your repayment plan for this qualification if you plan on applying for PSLF after making 120 qualifying monthly payments.
Graduates who are in full time ministry in the Church of the Nazarene should look into The Compass Initiative. This is a wonderful program that can assist ministers struggling with personal debt by incorporating the local church and grant funding. There are also many free resources on their website dealing with financial management.
Mrs. Jan Edwards, NBC Financial Aid
Published: 03/16/2023
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