Loan Term and Interest Rates

  • 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.

Interest Rates & Repayment Terms

  • Option A - 5% Fixed Interest Loan with deferred payment
  • Option B - 4% Fixed Interest Loan with deferred payment (for students attending UM Schools ONLY)
  • Option C – 3.75% Fixed Smart Student Loan with payment beginning within the month after the loan disbursement

Beginning with the Spring 2015 loan applications, a 1.072% loan origination fee will be added to the total cost of all student loans.

United Methodist Student Loan Disclosure Information

Click here for complete Loan Disclosure details.

L&S Quick Links

Apply for a Loan
2016 Spring Loan Applications closes May 5th.

2016 Fall Loan Application opens May 1st.

Pay my Loan

Apply for a Scholarship
2017 Scholarship Application opens Tuesday, January 3rd.  

Scholarship Portal
For other scholarship opportunities within The United Methodist Church, visit the scholarship portal.

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