Loans and Scholarships for United Methodist Students
April 15, 2015
- 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