Financing Options
Federal Direct Subsidized and Unsubsidized Stafford Loans
- This low interest loan program is federally-sponsored.
- The current interest rate is 3.4% (fixed) for Subsidized Stafford and 6.8% (fixed) for Unsubsidized Stafford.
- Interest and principal payment begins six months after leaving college (or graduate school) or dropping below half-time status for longer than six months.
Information from the Department of Education
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 or graduate school.
Information from the Department of Education
United Methodist Loan
- This loan is available to undergraduate and graduate students registered at least half-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.
Alternative 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 and fees are variable.