Loans and Scholarships for United Methodist Students
April 15, 2015
Students who are confirmed United Methodists may be eligible for loans from the General Board of Higher Education and Ministry. Here are the eligibility requirements:
- Borrower must be an active, full member of a United Methodist Church for at least one year prior to application.
- Borrower must be at least 18 to complete the application process.
- Borrower must be enrolled in an accredited school at least half-time.
- Borrower must have a cosigner for this loan. The cosigner will be contacted and required to complete a portion to the application.
- Students may borrow up to $5,000 per calendar year for a maximum total loan of $20,000.
- The maximum repayment term for all loans is 120 monthly payments (10 years). Both borrower and cosigner must maintain a good credit history and give permission for their credit to be reviewed.
- Loans are granted on a first-come, first served basis, until all funds are exhausted.
- Simple interest (non-capitalized) is applied to the annual percentage rate from the choices below. This means interest is charged on the principal portion only and not compounded on top of existing interest.
- On deferred loans, all payments are applied first to accrued interest until it is satisfied and then to the loan principal.
- More information
2015 Spring/Summer Loan Applications close May 5 2015 Fall Loan Applications open May 1, close November 5 Scholarship notifications will be sent in July via emailLOANS PAGE FAQ’s