Scholarships, Grant Awards, & Financial Aid
This scholarship is available to all students beginning with their second term with TU Online through the completion of their degrees. The scholarship will be based on the student’s GPA from the first semester with Taylor and is renewable each year based on the student’s cumulative GPA.
To be eligible for this scholarship, the student must meet the following criteria:
- Registered for at least six credit hours in the previous semester
- Earned a cumulative 3.5 GPA or above
- Registering for at least six credit hours the following term (NOTE: If the student takes one or more semesters off, he/she will not be eligible for the scholarship the semester he/she returns.)
The award is available to all students who meet this criteria and is renewable with a 3.5 cumulative Taylor GPA. Students are not required to file the FAFSA to receive the scholarship. Taylor employees and their dependents are not eligible for this scholarship.
The scholarship amount will be based on the number of hours a student is registering for in the term the scholarship will be applied, and is as follows:
|Hours Registered||Scholarship Amount|
|6 - 8 hours||$250|
|9 - 11 hours||$375|
|12 hours and above||$500|
This grant allows TU Online to match 100% of a church’s contribution, up to a maximum of $100 per semester. The grant is available to all students who meet the following criteria:
- Seeking a degree from TU Online
- Taking at least six credit hours within the semester
Interested students should download this grant pledge form. This form and payment are due by August 1 for the fall semester, January 15 for the spring semester, and August 1 for the summer semester. Monies received after those dates will be applied to the student’s account without a match from Taylor. Taylor employees and their dependents are not eligible for this grant.
The first step to receive financial aid is to file a Free Application for Federal Student Aid (FAFSA) online at www.fafsa.ed.gov. Step six will ask for the school code of the institution the student attends; the Taylor University code is 001838.
Online students are eligible to receive federal aid including the Federal Stafford Loan, Federal Perkins Loan, and Federal Pell Grant. State aid is not available for online students. The terms for the loans are as follows:
- Stafford Loan terms: 5.045% fixed rate for subsidized (need-based); 5.045% fixed rate for unsubsidized (non-need based); repayment begins 6 months after student graduates or drops below half time status
- Perkins Loan terms: subsidized with a 5% fixed interest rate; available to freshmen and sophomores; repayment begins 9 months after graduation or dropping below half time status
Federal Pell Grant
The Federal Pell Grant is a need-based grant available to students who are enrolled at full-time, half-time, and less than half-time status. Up to $6,095 can be awarded. Need is determined by the FAFSA.
Note: A grant is money for college that does not have to be paid back.
Federal Stafford Loan
The Federal Stafford Loan is awarded to students who file the FAFSA. The loan is distributed in two forms: subsidized and unsubsidized. Students with financial need receive a subsidized loan whereas students who do not demonstrate need have the option of an unsubsidized loan. The difference between the two is who pays the interest on the loan while the student is in school and during the six month grace period after graduation or dropping below half-time status. During this time the federal government pays the interest on a subsidized loan, and the student pays the interest for an unsubsidized loan. For either loan, the student is responsible to pay the interest after the six month grace period.
Freshmen can receive up to $3,500, sophomores $4,500, and juniors/seniors up to $5,500. For the 2018-2019 academic year, the interest rate for the subsidized loan program is 5.045% and the rate for the unsubsidized program is 5.045%.
To apply for the Federal Stafford Loan, please review the messages tab at https://myfa.taylor.edu. Students should apply for the full academic year as the loan will be disbursed in equal parts for the fall and spring semesters.
Current students can view personal financial aid information on the student portal at https://myfa.taylor.edu. The student will need to enter his/her Taylor student ID number and the first eight digits of his/her social security number as the PIN to log in. On the portal, the student will need to complete various steps depending on which loans he/she wants including: apply for the loan, complete entrance counseling, and sign the master promissory note. Aid cannot be disbursed prior to the completion of the appropriate steps.
For more information, please contact the Financial Aid Department at 765-998-5358.