Financial Aid

Financial aid is available!

It’s easy to apply for financial aid at Elim. Over 95% of Elim students received financial assistance in 2018/2019. There is a very good chance you can too. The financial information below will help you take steps forward. We invite you to call our Financial Aid Office with any questions you have.

International Applicants: There are additional costs and requirements for international applicants.

The FAFSA application is now open for the 2019/2020 year!
Elim seal

Financial Aid Dept. Contact Info
phone: (585) 582-8245
fax: (585) 582-8130
email: financialaid@elim.edu

Federal Aid (FAFSA)

For U.S. citizens, filling out the application for Federal Student Aid (FAFSA) is a critical first step in determining your eligibility for federal aid as well as institutional aid.

Note: The FAFSA school code for Elim Bible Institute & College is 042514.

The FAFSA Process

The Free Application for Federal Student Aid (FAFSA)* is an Application used to apply for Federal Aid. This Application must be completed in order for students (not including International students) to apply for Federal, State, or Institutional Aid.

Step 1
Create an FSA ID (a dependent student’s parent must create an FSA ID, as well).
Watch this short tutorial on how to get started (FAFSA and FSA ID Tips for Parents). Encourage your parents to watch it as well.

Step 2
Complete the FAFSA. On the 2018-2019 FAFSA, a student/parent’s will report their 2016 income and tax information.

Step 3
Complete the Online Interview on Elim’s Virtual Financial Aid Office site.

Step 4
Complete and upload Verification Paperwork to Elim’s Virtual Financial Aid Office under the Forms & Documents tab. Students are emailed if Verification Documents are required.

Types of Federal Aid

Pell Grant

The Federal Pell Grant is available to eligible undergraduate students who demonstrate financial need and who have not yet earned a bachelor’s or a professional degree.

FSEOG Grant

FSEOG is awarded to eligible undergraduate students with the lowest EFCs who have not yet earned a bachelor’s or a professional degree. This Grant is administered on a first come first served basis.

For more information, visit the FSEOG page of the Federal Student Aid website.

Federal Work Study

Federal Work Study offers part-time employment at Elim or through a community service job to undergraduate or graduate students with financial need.

FEDERAL LOANS

The loans offered at Elim Bible Institute and College are the following Federal loans: Direct Subsidized Loans, Direct Unsubsidized Loans, and PLUS Loans. A student loan is money borrowed that will have to be paid back with interest. Click here to learn more about loans.

Eligibility Requirements

To be eligible for Federal Student Aid an applicant/student must:

  • Be a U.S. citizen or an eligible noncitizen;
  • Demonstrate financial need (applicable to most Federal Aid programs);
  • Have a valid Social Security number (with the exception of students from the Republic of the Marshall Islands, Federated States of Micronesia, or the Republic of Palau);
  • Be registered with the Selective Service–applicable to male students between the ages of 18 and 25;
  • Be enrolled or accepted for enrollment as a regular student in the YIS and AAS programs;
  • Maintain satisfactory academic progress in college;
  • Be enrolled at least half-time to be eligible for Direct Loan Program funds;
  • Sign the certification statement on the FAFSA stating that
    1. You are not in default on a federal student loan and do not owe money on a federal student grant and
    2. You will use federal student aid only for educational purposes
  • Show you’re qualified to obtain a college or career school education by
    1. Having a high school diploma or a recognized equivalent such as a General Educational Development (GED) certificate; or
    2. Completing a high school education in a homeschool setting approved under state law (or—if state law does not require a homeschooled student to obtain a completion credential—completing a high school education in a homeschool setting that qualifies as an exemption from compulsory attendance requirements under state law).

New York State Assistance

For U.S. citizens, filling out the application for Federal Student Aid (FAFSA) is a critical first step in determining your eligibility for federal aid as well as institutional aid.

Note: The TAP school code for Elim Bible Institute & College is 0580.

Tuition Assistance Program (TAP)

The New York State Tuition Assistance Program (TAP) is a state-funded grant available to eligible New York residents, to assist them in paying their tuition. Recipients of this grant must be a full-time student enrolled in the YIS or AAS programs.

How to Apply

Eligibility

To be eligible for TAP an applicant/student must:

  • Be a legal resident of NYS and have resided in NYS for 12 continuous months
  • Be a U.S. citizen or eligible noncitizen
  • Have graduated from high school in the United States with a high school diploma or earned a high school equivalency diploma by passing the Test Assessing Secondary Completion (TASC) formally known as a GED
  • Be enrolled full-time in either Elim’s Launch Program or AAS Program*
  • Meet income eligibility limitations
  • Be in good academic standing
  • Not be in default on any state or federal student loans and not be in default on any repayment of State awards

*Credit-bearing courses in the student’s minimum full-time course load (12 semester hours or the equivalent) must consist of courses applicable to the student’s program of study as a general education requirement, major requirement, or elective.

Enhanced Tuition Awards Program (ETA)

The Enhanced Tuition Awards (ETA) program provides tuition awards to students who are New York State residents. Recipients will receive $6,000 through a combination of their TAP award, ETA award and a match from their private college. Recipients must be a full-time student enrolled in Elim’s AAS program.  A recipient must live in New York for two years after completing Elim’s AAS program. Failure to do so will result in the ETA award to a no-interest loan.

How to Apply

Eligibility

To be eligible for ETA an applicant/student must:

  • Be a resident of NYS and have resided in NYS for 12 continuous months prior to the beginning of the term
  • Be a U.S. citizen or eligible non-citizen
  • Have either graduated from high school in the United States, earned a high school equivalency diploma, or passed a federally approved “Ability to Benefit” test, as defined by the Commissioner of the State Education Department
  • Have a combined federal adjusted gross income of $110,000 or less
  • Be enrolled in Elim’s AAS Program at least 12 credits per term and complete at least 30 credits each year applicable toward his or her degree program, through continuous study with no break in enrollment except for certain reasons that can be documented
  • If attended college prior to the 2018-19 academic year, have earned at least 30 credits each year (successively), applicable toward his or her degree program prior to applying for an Enhanced Tuition Award
  • Be in a non-default status on a student loan made under any NYS or federal education loan program or on the repayment of any NYS award
  • Be in compliance with the terms of the service condition(s) imposed by any NYS award(s) that you have previously received
  • Execute a Contract agreeing to reside in NYS for the length of time the award was received, and, if employed during such time, be employed in NYS

Institutional Aid

Institutional Aid is awarded based on a student’s need and on a first come first serve basis. We cannot guarantee availability of Institutional Aid for Financial Applications received after Financial Deadlines. Financial Aid does not apply to fees or any direct costs to EBIC such as room and board costs while at the NYSUM internship in New York City.

Please reference Elim’s Institutional Financial Aid Policy for the complete Financial Aid terms and conditions.

Types of Institutional Aid

Institutional Financial Aid includes a combination of scholarships and/or campus employment. Additional Institutional Aid may be given to children whose parents are pastors or missionary. If a student fits this criteria, please email the Financial Aid Office at financialaid@elim.edu and indicate the student’s eligibility.

Campus Employment

Campus Employment funds earned through part-time employment on the Elim Campus.  Students awarded this position as part of their Institutional Financial Aid are typically awarded between 60 to 150 hours for one semester at the prevailing student wage. For more information, visit our Campus Employment page.

Endowed Scholarships

Elim Bible Institute and College has several endowed scholarships which are made possible through generous donations from alumni, family, and friends who support Elim’s mission. For more information, see the Endowed Scholarships tab above.

RA Scholarship

Students who are selected for the position of RA are awarded $1,000 per academic year.

Applied Ministry Certificate Scholarship

Students enrolled full-time in our Applied Ministry Certificate Program receive approximately 50% off their Tuition and Room and Board costs.

Endowed Scholarships

Elim Bible Institute and College has several endowed scholarships which are made possible through generous donations from alumni, family, and friends who support Elim’s mission.

Endowed scholarships are funds that create a permanent legacy for Elim students. Endowed gifts are placed in a permanent fund and a portion of the income earned from that fund provides scholarship assistance to students, both on a need and merit basis.

The Founder’s Heritage Scholarship

Ivan Q. Spencer received a vision from God with a one-word message inscribed in fire: “revival.” His heart was sparked for worldwide revival ministry and the training of young people, leading to Elim Bible Institute’s conception in 1924. As the baton has been passed down throughout generations, Elim’s mission continues to center around the importance of “preparing Christian leaders and workers for revival ministry worldwide, who manifest the character of Christ and who minister in the supernatural power of the Holy Spirit.” The Founder’s Heritage Scholarship is awarded to a student who shares that zeal.

When adequate funding levels are reached, this scholarship shall be given annually to qualifying students.

ELIGIBILITY

  • Given to a student who demonstrates and shares the same vision and zeal as Ivan Q. Spencer

Hugh and Evelyn Seager Memorial Scholarship

Hugh Seager served Elim Bible Institute for many years as a member of the Board of Directors and had a passion for missions. This fund was established by his family to assist in preparing young men and women for worldwide ministry service.

When adequate funding levels are reached, this scholarship shall be given annually to qualifying students.

ELIGIBILITY

  • Given to an international student or a student preparing for missionary service.

Veteran Benefits

Elim Bible Institute and College is approved by the New York State Division of Veterans Affairs and Bureau of Veteran’s Education, for the training of veterans and other eligible persons.

If you are eligible for Veteran Benefits, please contact the Financial Aid Department at financialaid@elim.edu.

Federal Loans

The loans offered at Elim Bible Institute and College are the following Federal loans: Direct Subsidized Loans, Direct Unsubsidized Loans, and PLUS Loans. A student loan is money borrowed that will have to be paid back with interest.

Complete a Master Promissory Note (MPN). This must be completed by all first-time borrowers before loans are disbursed. Upon graduation/withdrawal from Elim, students who take out a loan must complete Exit Counseling on the Federal Student Aid website. After Exit Counseling is completed, student then meet with the Financial Aid Officer to review loan repayment information.

Subsidized Loans

Loans available to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college.

Here’s a quick overview of Direct Subsidized Loans:

  • Direct Subsidized Loans are available to undergraduate students with financial need.
  • Your school determines the amount you can borrow, and the amount may not exceed your financial need.
  • The U.S. Department of Education pays the interest on a Direct Subsidized Loan
    • while you’re in school at least half-time,
    • for the first six months after you leave school (referred to as a grace period*), and
    • during a period of deferment (a postponement of loan payments).

*Note: If you received a Direct Subsidized Loan that was first disbursed between July 1, 2012, and July 1, 2014, you will be responsible for paying any interest that accrues during your grace period. If you choose not to pay the interest that accrues during your grace period, the interest will be added to your principal balance.

For more information, visit the Direct Subsidized and Unsubsidized Loans page of the Federal Student Aid website.

Unsubsidized Loans

Loans available to eligible undergraduate, graduate, and professional students. A student does not have to demonstrate financial need to be eligible for this loan.

Here’s a quick overview of Direct Unsubsidized Loans:

  • Direct Unsubsidized Loans are available to undergraduate and graduate students; there is no requirement to demonstrate financial need.
  • Your school determines the amount you can borrow based on your cost of attendance and other financial aid you receive.
  • You are responsible for paying the interest on a Direct Unsubsidized Loan during all periods.
  • If you choose not to pay the interest while you are in school and during grace periods and deferment or forbearance periods, your interest will accrue (accumulate) and be capitalized (that is, your interest will be added to the principal amount of your loan).

For more information, visit the Direct Subsidized and Unsubsidized Loans page of the Federal Student Aid website.

PLUS Loans

A loan available to graduate students and parents of dependent undergraduate students for which the borrower is fully responsible for paying the interest regardless of the loan status.

Here’s a quick overview of Direct PLUS Loans:

  • The U.S. Department of Education is your lender.
  • You must not have an adverse credit history.
  • The maximum loan amount is the cost of attendance (determined by the school) minus any other financial aid received.

For more information, visit the PLUS Loans page of the Federal Student Aid website.

Note on Loans: As a student or parent borrower, your Federal loan information is submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and schools determined to be authorized users of the data system.

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