Values & Costs
 The Grace University Financial Aid Office understands that higher education is not just about obtaining a degree and finding an excellent job; it is an investment in your character, and investment in your future. Although you may find a state college with lower tuition costs, you should be aware that students who are eligible for need-based financial aid and/or merit scholarships may find that their actual cost for attending a private university may be comparable to that of a state college.
Financial Aid is designed to allow families to choose between colleges based upon their academic fit rather than their cost. |
Paying For College
When you have found a university that offers everything you are looking for cost should not be the primary factor determining whether to apply or attend. Grace offers a unique Christ Centered College experience with faculty who care about your faith and spiritual growth, friends that provide emotional support and spiritual counsel, biblical perspectives in all areas, and preparation for a life of service to others.
As a university offering a private higher education, Grace has advantages that you generally will not find at less expensive institutions. At Grace, it’s not just what you know it’s who you are. It’s all about a life change, combining your intellect and your faith for powerful results. The Bible goes hand-in-hand with everything you’ll learn and do at Grace, so much that you’ll graduate with a double major in biblical studies and the professional degree of your choice.
Attending a private university can be a major investment: At Grace University, 82% of students receive some type of financial assistance. The University is committed to keeping costs down. We offer quality education at the lowest total costs for private regionally-accredited institutions in the nation. It is very important when comparing costs that you focus on the total expense after financial aid, rather than merely the size of any scholarship awards. For example, an $8,000 scholarship from one college, costing $18,000, looks better than a $3,000 scholarship from another college, costing $12,000. However, you would need to pay $10,000 to attend the first college, but only $9,000 to attend the other college. The second college is a better value.
Undergraduate financial aid includes need-based grants, merit scholarships, low-interest loans, and work-study. Additionally, the university offers a payment plan to assist families in financing their share.
Most graduate students who demonstrate financial need and meet all eligibility requirements and deadlines qualify for low-interest loans and work-study.
Financial Need Calculation
The calculation of financial need for one complete school year includes both direct and indirect costs. Estimated costs include 30 hours tuition, fees, books, supplies, housing, dining, transportation, and personal living expenses. For current estimates, contact the Admissions Office.
Beware!
Some organizations charge a fee to provide services to find financial aid (e.g., scholarship search services). Nearly all financial aid information is available free of charge through your own high school, federal agencies, and Grace University. Please contact our Financial Aid Office by phone (402-449-2810) or letter if you have any questions about using a for-profit company to find financial aid. We want you to spend your money wisely.
Financial Aid Checklist
For priority consideration for Grace University scholarships and grants, and your greatest opportunity for financial aid, please complete the following steps in the months before your Fall attendance:
- Apply for admissions to Grace University.
- Take the ACT no later than December of your senior year in high school.
- Submit your by March 1 (fall or spring of Senior year in high school is preferable)
- Submit your high school transcripts (immediately following your Junior year of high school or mid year Senior year)
- Complete the Free Application for Federal Student Aid (FAFSA) by March 1st. Forms may be obtained through your high school counselor, , Grace University Financial Aid Office, or Grace University Admissions and returned to the Grace University Financial Aid Office for processing.
General Policies
Awards are represented in annual amounts. Unless otherwise noted, scholarship and grant recipients are required to be full-time. Additional guidelines for specific awards may apply. Details regarding financial aid packages are available through the Grace University Financial Aid Office. The Scholarship Committee has final authority regarding all packages. You must apply for financial aid in order to receive it.
The Financial Aid Office will determine the best possible package for each student. Grace University scholarships and grants may be applied against tuition only, have no cash value, and are valid for a maximum of four years. Scholarships and grants are subject to change without notice.
How Do I Apply?
It only takes your high transcripts, student aid profile, admission application and the FAFSA form to apply for financial aid at Grace University. The earlier you apply and meet all of our application requirements, the earlier you will find out if you're eligible to receive financial aid. Most of the Financial Aid Forms that you need to complete your application are available online.
Please contact us if you need assistance during the application process. The Grace University Financial Aid Office is committed to working with each family to ensure access to the Grace education students have worked so hard to secure.
Step 1: By March 1st
Step 1: Complete the admission application
Step 2: Send us your high school transcripts. (As soon after your Junior year as possible.)
Step 3: Complete the . The profile can be completed in the fall or spring of your senior year. Make sure we have it by February 1st.
Step 4: By March 1st
Complete the FAFSA as soon as possible after January 1st. We suggest that students complete their FAFSA online for the quickest results. On the FAFSA fill in the Grace University federal school code: 002547. Paper FAFSA applications may be obtained from local high schools or colleges and should be mailed back to Grace University to be processed by the Financial Aid Office.
If you were selected by verification by the Department of Education you need to mail or fax copies of both student's and parent's federal income tax returns-including schedules C if you are self-employed or F if you are a farmer, and W-2 forms-as soon as possible.
Step 5: After You Receive Your Award Letter
When you receive your early analysis award letter or Estimated Award Letter, you will be asked to accept or decline each award listed on the letter. Early analysis letters can be sent before you have completed the FAFSA. Any one receiving an early analysis letter will need to submit the FAFSA to finalize their awards. If you chose not to submit a FAFSA we can not guarantee you any financial aid money from Grace University.
You need to remember to complete and send back the Estimated Award Letter within two weeks or receiving it. If your Award Letter is not returned in two weeks we reserve the right to cancel aid that is not accepted. Please send any loan paperwork or missing documents at this time to complete your file.
When Will I Hear Back?
We will notify you as soon as you meet all eligibility requirements, deadlines, and respond to additional document requests. Our goal is to let you know within days of the amount of aid you can receive from Grace University.
Processing Your File
Starting your financial aid process is easy. Start with your admission application, the Grace University Student Aid Profile, your high school transcripts, and the FAFSA. We will review your file to see if we have all of the information we need to determine your family contribution and the amount of financial aid for which you are eligible (this is called a Needs Analysis). In some cases, we may ask for additional documentation, tax returns, W2’s and other documents we have requested, which you must submit to our office within 30 days.
Financial need is the difference between the cost of attending Grace University and the amount you and your family are expected to contribute to your education. If you meet all eligibility requirements and deadlines, we will offer you a combination of funds from the federal, state, and university grants, loans, and work programs sufficient to meet your financial needs.
Your family contribution is calculated by the Financial Aid Office from the information you provide when you apply for financial aid. Additionally, there are parent and student financing programs available to assist in covering all or part of your family contribution.
The total of your financial aid awards combined with all departmental or outside agency scholarships, grants, federal subsidized loans, and any other need-based awards, can't exceed your financial need.
Non-need-based aid-such as the Unsubsidized Federal Stafford Loan and private financing programs-combined with need-based aid and all other awards-can not exceed your total cost of attendance as determined by the university.
International Students
The University does not provide application fee waivers to international students nor are they eligible for federal or university need-based financial aid from the Grace University Financial Aid Office. However, there are some resources that may provide assistance to international students.
- Merit-based scholarships
- Private financing
(contact the lenders directly for co-signer requirements)
- On-campus work
(not including Federal Work-Study)
Although we maintain and update the site with the most current information available, the content is subject to change due to alterations in federal, state, university, guarantor, lender or loan servicer policy and procedure. The Grace University Financial Aid Office cannot be held liable for the consequences of such changes in policy and procedure.
Money Management
Budgets and Calculators
Union Bank and Trust Education Calculators
MSN Money Tuition Savings Calculator
College Savings 101
Citibank Budget Calculators
FinAid College Budget Calculator
NellieMae Education Calculators
Applying for Aid
Re-Applying for Aid Each Year
You must re-apply every spring in order to receive financial aid for the following school year. Application materials are available at the Financial Aid Office or online. It is your responsibility to obtain an application packet and apply on time each year. We re-evaluate your expected eligibility each year based on your current financial circumstances. We also revise the estimated cost of attendance each year to reflect any changes in university tuition or housing charges.
Typically, a student's financial aid eligibility remains fairly constant from year to year.
However, there are many factors that can lead to a change in eligibility. Among these are:
- If you submit any document after the published deadlines, we may not have sufficient funds to consider you for the Federal Work Study Program. Undergraduates who miss deadlines may not be eligible for certain university, state, or federal grants.
- If there is a change in your financial circumstances, including a change in the number of family members in college, your eligibility may change.
- If we discover information about your circumstances that were not taken into account in previous years, your eligibility may change.
- If there is a change in funding or in federal, state or university policy, your eligibility may change.
- If you fail to meet all general eligibility requirements, you will no longer be eligible to receive financial aid.
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