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
An origination fee of 1.072% will be added to the total cost of all student loans. Interest will not accrue on the fee amount.
United Methodist Student Loan Disclosure Information
L&S Quick Links
2016 Fall Loan Application available May 1st - November 14, 2016.
2017 Spring Loan Applications available December 13th - May 2nd 2017
Apply for a Scholarship
2017 Scholarship Application opens Tuesday, January 3rd - March 1, 2017