Catalog 2015-2016


Federal Perkins

Loans Depending upon financial need and the availability of funds, loans of up to $4,000 annually, with a maximum of $20,000 for an entire undergraduate college career are available. These loans bear interest at the rate of 5 percent per annul beginning nine months after the student ceases to carry at least one-half the normal academic course load. The first payment on principal and interest is due one month later at the minimum rate of $40 per month.

Subsidized Federal Stafford Loans

The maximum loan under this program is $3,500 for the first year of study, $4,500 for the second year of study and $5,500 per year for subsequent undergraduate study. The current interest rate is available at Repayment begins 6 months after graduation or after a student ceases to be enrolled. Interest is paid for borrowers who demonstrate a financial need and for whom repayment has not yet begun.

Unsubsidized Federal Stafford Loans

This program is the same as the Subsidized Federal Stafford Loan program with two exceptions:

  1. Financial need is not an eligibility criterion.
  2. The student is responsible for interest payments for the life of the loan beginning with the first disbursement. The current interest rate is available at

Any federally eligible dependent student may borrow up to $2,000 per academic year from this program on top of the amount listed in the previous section. Independent students may borrow more.

United Methodist Student Loans

Members of the United Methodist Church are eligible to apply for loans of up to $5,000 per calendar year. The interest rate on these loans is 5 percent, and interest accrues from the inception of the loan. Repayment begins 6 months after graduation or withdrawal from school. Final payment is due no later than 10 years from the date of the first payment. Apply at

Federal Direct PLUS for Parent Loan

The PLUS program makes loans available to credit worthy parents of dependent undergraduate students. PLUS borrowers are not required to demonstrate financial need and may borrow up to the cost of attendance minus other aid. The current interest rate is available at The standard repayment term is 10 years and there are no prepayment penalties.

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