Financial Aid Possibilities

Unless otherwise indicated, financial aid applies to the 2019-2020 academic year and is subject to change.

School of Graduate Studies Discounts

Messiah College offers many graduate program discounts to graduate degree and certificate seeking students.  Visit the School of Graduate Studies Discount webpage for a current list of discounts.  The Graduate Programs Discount Application must be submitted and renewed for most discounts each academic year for the discount to be applied to the student’s account.

TEACH Grants

Messiah College participates in the Federal Teacher Education Assistance for College and Higher Education (TEACH) Grant Program which provides grants of up to $4000 a year to students who intend to teach in a "high-need" field at a public or private elementary or secondary school that serves students from low-income families.

However, in order for the TEACH Grant to remain a grant and not convert to a Direct Unsubsidized Loan, the student must serve as a full-time teacher, in the TEACH Grant-eligible program for which they receive TEACH Grant funds, for a total of at least four academic years within eight calendar years of graduation. The student must also meet the minimum GPA requirement of 3.25 in the year preceding the awarding of the grant monies.

Award amounts for any TEACH Grant first disbursed on or after Oct. 1, 2018, and before Oct. 1, 2019 is $3,752.

Award amounts for any TEACH Grant first disbursed on or after Oct. 1, 2019, and before Oct. 1, 2020 is $3,764.

To apply for the TEACH Grant, follow these steps:

  1. Review requirements and terms and conditions here. 
  2. Complete the FAFSA (each academic year) 
  3. Complete TEACH Grant Counseling and TEACH Grant Agreement to Serve (each academic year)

Loans

A loan is a form of financial assistance that requires repayment. Repayment of principal typically begins six months after the student is no longer attending school. Graduate students have a variety of loans available to them. Most students find that their financial obligations can be met by unsubsidized Direct Loan eligibility, but below is information about other loans as well.

Federal loans

Two types of non-need based federal loans are available to graduate students enrolled at least half-time. Both loans accrue interest while in school, with payments deferred until after the grace period (6 months after you become enrolled less than half-time or graduate).  Messiah College defines half-time as 3-5 credits per semester.

Interest begins accruing as soon as each loan is disbursed.  It is recommended that accrued interest be paid while you are in school, as this will greatly reduce your long-term loan debt. 

In addition to the fixed interest rate, Direct Loans charges an origination fee that reduces the net amount of loan disbursed onto the student’s account.  Federal loans generally offer lower interest rates than private loans, are guaranteed by the U.S. Government, and offer flexible repayment plans and loan forgiveness programs. To apply for one or both loans, see How to Apply for Aid. Additional information about federal student loans is available at https://studentaid.ed.gov.

1. Unsubsidized Direct Loan

The fixed interest rate for unsubsidized Direct Loans for the 2019-2020 academic year is 6.08% with a 1.062% origination fee.  After 10/1/19 the origination fee will be 1.059%.

Eligible full-time students may borrow up to $10,250 per semester with an aggregate limit of $138,500, which includes any Direct Loans borrowed while obtaining an undergraduate degree.

Since interest rates and fees are lower on unsubsidized Direct Loans, students are encouraged to take advantage of this loan before taking a Graduate PLUS loan.

2. Graduate PLUS Loan

The fixed interest rate for Graduate PLUS Loans for the 2019-2020 academic year is 7.08% with a 4.248% origination fee.  After 10/1/19 the origination fee will be 4.236%.

 Eligible students may borrow up to the cost of attendance for the year – which can include some living expenses – minus other aid received.  A simple credit check is required. 

Most students find the unsubsidized Direct Loan meets all their financial needs.  The Graduate PLUS Loan is helpful to students who have reached the aggregate limit of $138,500, or those with educational expenses that exceed $10,250 each semester.

Private student loans

Some private loan providers offer rates that are competitive with the Graduate PLUS Loan for applicants with excellent credit.  There are also loans specific to MBA and health professional graduate students that may be worthwhile to research.

The terms and conditions of private student loans vary greatly. We recommend that you pay close attention to the eligibility criteria and terms, and be aware that not all private loans are available to graduate students.  This link to Elm Select provides a list of lenders other students have used.

Credible - You may also use this comparison site to see which lenders you qualify for and at what rates.  Credible is a unique marketplace of student loan lenders, providing personalized, prequalified rates from multiple lenders. Credible allows you to compare loans from multiple providers side-by-side in under 2 minutes, including eligibility rules, rates, and terms.

Credible is not a lender or bank — Credible partners with student loan lenders so they can provide you with a variety of competitive options, enabling you to find the right loan product for your needs. Best of all, Credible is completely free! You can find out more about Credible and begin your process @ www.credible.com or call 866.540.6005.

Income Sharing Agreements

Messiah College will be offering an Income Share Agreement (ISA) program for the 2019-2020 academic year.  There will be a limited amount of funds for eligible students.  Messiah College is hopeful that the program will grow and develop over several years to help students reduce their loan debt.  Messiah College will contact eligible students directly with more information and directions to apply.
An ISA is a contractual agreement in which a student receives education funding.  In exchange, the student agrees to share a fixed percentage of post-graduation income over a defined number of years.  ISA payments adjust according to levels of income.  The ISA is completed when the first of these events occur:  1) complete the required number of payments, or 2) hit the payment cap, or 3) the payment window ends.  

 
Student Employment

There are limited opportunities for graduate students to be employed by Messiah College at its Mechanicsburg, PA campus.

Student work study positions

When funds and positions are available, work study assignments can be awarded to graduate students. To be considered for a work study position students must be:

  • Degree-seeking,
  • Enrolled full time,
  • Available to work at the Mechanicsburg campus (hours vary with assignment).

If a student is interested in work study please review the Student Employment webpage for information on job eligibility, locating available jobs, obtaining a job and all other payroll-related items.

Graduate assistantships in higher education

Messiah College has a limited number of  graduate assistantships for full-time degree-seeking students in the Master of Arts in higher education program. Graduate assistantships offer students the opportunity to put the theories, gained through classroom instruction, into practice through supervised, real-world experience. Each graduate assistantship offers a financial stipend commensurate with the expectations associated with the position. A graduate assistantship consists of 20 hours per week with an academic year stipend that equals tuition charged for 18 credits. Start and ending dates vary among assistantships. Students who receive graduate assistantships also pay full tuition, that is, tuition is not waived. Graduate assistants are eligible for student health insurance. To be eligible for a graduate assistantship, students must be enrolled full-time (15 academic units per calendar year) in the master's in higher education program and maintain a minimum GPA of 3.0.  Please click here to learn more.

Tuition Reimbursement/Employer Assistance

Graduate students who are eligible for employer reimbursement can defer payment of their reimbursed charges until the end of the semester.  The Deferred Tuition Payment Agreement must be completed by the student and employer.  This is an agreement between the student and Messiah College. Federal regulations require students to notify the college of any reimbursement they will receive.  These funds are considered when calculating financial aid eligibility for federal loans. 

Veterans' Benefits

Messiah College is happy to welcome veterans and/or their family members to our community. Veterans’ benefits may be used by those who have served in the U.S. Armed Forces, their spouses and dependents, and/or their surviving family members. Graduate students who plan to receive veterans' benefits to help pay for educational expenses should take the appropriate steps to confirm their eligibility with the VA. Most students will be able to apply for their benefits on the GI Bill Website. Once a student has received confirmation, they must submit a copy of their Certificate of Eligibility from the VA and a completed Veterans' Benefits Reporting Form to the Financial Aid Office.

Private Scholarships

A scholarship is a form of financial assistance that does not need to be repaid. Visit the Messiah College Scholarship Search Engine to locate available private scholarships.  Students who are awarded private scholarships should notify Student Financial Services with the details of their scholarship.