Undergraduate | Financial Aid | Financing Options

Financing Options

Federal Subsidized and Unsubsidized Stafford Loans 

  • This low interest loan program is federally-sponsored.
  • The interest rate for new undergraduate loans disbursed after July 1, 2010 is:
    4.5% (fixed) for Subsidized Stafford and 6.8% (fixed) for Unsubsidized Stafford
  • Interest and principal payment begins six months after leaving college, graduating, or dropping below half-time status.

    How do I apply for a Stafford Loan?

Federal Perkins Loan

  • This low interest loan program is federally-sponsored.
  • The interest rate is five percent.
  • Interest and principal payment begins nine months after leaving college, graduating, or dropping below half-time status.

United Methodist Loan  

  • This loan is available to undergraduate and graduate students registered at least ½ time and maintaining satisfactory academic progress.
  • Student must be an active, full member of a United Methodist Church for at least one year prior to applications.
  • Applications may be obtained through the Office of Financial Aid or the United Methodist Church Office of Loans and Scholarships (615-340-7345).
  • For more information, please visit the United Methodist General Board Web Site.

Federal PLUS Loan

  • The Federal PLUS Loan is a non-need based student loan. It is designed to help with the financing of a student's education.
  • PLUS Loans are available to parents of undergraduate students attending at least 1/2 time and maintaining satisfactory academic progress. PLUS borrowers must be U.S. citizens or eligible non-residents. Eligibility is based on credit worthiness, regardless of income.
  • PLUS Loans require a separate application each year.

Private Education Loans 

  • These loans are private (consumer) loans offered by lending institutions to offset the cost of education.
  • FAFSA filing is not required.
  • Applications are generally available online and must be filed each year.
  • In most cases, the interest rates are variable, the fees vary and the repayment begins 6 months after graduation or leaving school.  

NOTE: Private Education Loans are more expensive than federal loans and should only be used when all other options have been exhausted. 

    
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