Planning Your Finances

As you are attending Dallas Theological Seminary, one of the biggest challenges you will face is financial management. In light of this, we in the Student Financial Services (SFS) have an Eight-Point plan for you to consider.

1. Secure a job that will match your financial requirements and your available time.
To view on-campus positions as well as positions in the Dallas area, visit the employment webpage. You may also view the employment pages of the Dallas Morning News. This will give you a better understanding of the job market in Dallas. Here is a guideline for projecting your income: A student can normally work 20 hours per week at an hourly rate between $8 and $12, depending on skills and opportunities. This results in a monthly income between $700 and $1100. (For a single student, the average cost for room, board, tuition and fees for nine months is $19,600.)

2. Obtain housing that matches your budget and location needs. 
Dallas Seminary is committed to providing quality campus housing that is economical and convenient and that encourages an atmosphere of community.

The Swiss Tower apartment complex contains 159 apartments which are available for married students and their families, and single women. This ten-story complex is located on campus directly across the street from the Turpin Library. It offers one-bedroom apartments, which have a study, and two-bedroom apartments. Amenities include adult and child swimming pools, a community room featuring a small kitchen for social functions, game and conversation areas, and a small playroom for residents’ children. Laundry facilities are available on each floor. 

Our new apartment complex for single students will open Fall 2008. 

The Housing Office also maintains a large database of off-campus housing opportunities. For more information, please contact the Housing Office.

3. ‘Cut the Fat’ out of your present budget.
Many times students who are in financial trouble can help themselves by reviewing their budget. As you look at your budget, ask yourself, ‘Where can I trim?’ For example, buy less expensive food at the grocery store (cut $25 a month and save $300 a year), get rid of magazine subscriptions, give up the $8.00 lunch you have once a week (cut $32 a month and save $384 a year!)… Do whatever it takes to make your budget fit. Your new budget may not be overly comfortable, but consider it a short-term sacrifice in order to accomplish the goal of finishing Seminary!

4. Pursue financial help (of any amount) from your family, friends, and/or church.
You may want to investigate Student Ministries, Inc (SMI). SMI allows your friends and family to contribute tax-deductible gifts to your ministry. They send their check to SMI, which in turn send you a monthly check of what has been collected for your ministry. SMI enables you to receive between $14 and $28 per hour for your ministry involvement. For further information, contact SMI. Be sure you understand all of the policies and procedures of the organization if you choose to go this route. 

You may still receive financial assistance from family and friends if you decide not to pursue SMI, although it will not be tax-deductible for them. We suggest you write out your anticipated budget and categorize your monthly expenses and income. Present this to your potential financial supporters, so that they will know exactly what your needs will be. Those who want to contribute to your DTS student account should send their checks to the Business Office along with a note stating your student ID number and how the contribution should be used (i.e. for tuition, books, living expenses, etc.). You may also want to let your financial needs be known to your church. Many churches have scholarship programs. People Raising: A Practical Guide to Raising Support by William P. Dillon is a great resource for more help on fund raising!

5. Apply for the need-based scholarship from the SFS Office. 
Student Financial Services awards scholarships of $1000+ a semester to as many new students as possible who show a financial need. The SFS office also maintains a list of additional outside scholarship sources, which you may want to contact once you are accepted. Whether you were granted a scholarship for the first semester, you may still apply for a scholarship for the following semesters. The Seminary has several scholarship categories which include General, Minority, International, Mexican, and Canadian scholarships. Every student will fall under one of these categories. Also, current students will want to watch their email for the Good Steward Newsletter. This publication will announce the deadlines for various scholarship opportunities. (For current students, applications are typically accepted in September for the Spring and February for the Fall.) To apply for the need based scholarship, print the Financial Aid Application available from Financial Aid. 

6. Use TMS, the interest-free monthly payment plan.
Tuition Management Systems (TMS), allows you to borrow funds at no interest for tuition and fees. During fall registration, a payment plan may be taken out for the semester (five-month plan), or the entire academic year (ten-month plan). Five-month plans are also available in the spring. Summer/Winter school must be included in the previous semester or yearly payment plan. Nearly all students are eligible for this payment program. Using TMS is an excellent way to pay your school bill and graduate without debt. Sign up will be held on-line prior to each semester. 

7. Consider applying for a Stafford Loan.
Graduate students taking at least 6 hours in a degree program at the Dallas campus may currently borrow up to $8,500 a year for living expenses and tuition. Most students qualify for the subsidized government loan, which means the government will pay the interest on the loan while the individual is a full-time student. Repayment begins after graduation, on a ten-year basis, at an interest rate of 6.8 percent. The process for the Stafford Loan generally takes around four-six weeks. The SFS Office does not recommend that students become heavily in debt, hence, all borrowers, will be able to borrow a maximum of $22,000 while attending DTS. Students may want to consider using the Stafford Loan program as a variable payment plan. When used with moderation, the Stafford program can work well in conjunction with the previous points. To obtain more information visit Financial Aid.

8. Accept help in an emergency.
The SFS Office has funds available for emergencies that arise, such as emergency medical bills, car repair, groceries, etc. Normally requests are between $300 and $500.

EXAMPLE
Here is a possible scenario for a student at Dallas Seminary: The student has obtained a job and a place to live. His/her tuition and fees are approximately $4,000 per semester. Family, friends, and church have agreed to provide the student with $1,000 total each semester. The student deducts the $1,000 from the $4,000 leaving $3,000 per semester to be paid. The student applies for scholarship through the Seminary and receives $1,500. This leaves a balance of $1,500 per semester or $3,000 for the year. The student can afford a monthly payment of $300, so he/she takes out TMS for $3,000 and he/she will finish the first year without any debt!  

FOR MORE INFORMATION
For further information or financial counseling, contact the SFS Office at 800-DTS-WORD, ext 3601, 214.841.3601 or financialaid@dts.edu.