Student Loan Program

Effective August 1, 2007, students may borrow up to $5,000 per year at 5 percent interest from the United Methodist Student Loan Fund.

Who May Borrow?

You may apply for a loan if you

  • are an active, full member of the UMC for at least 1 year prior to application
  • are admitted to a degree program at an accredited institution  within the U.S.
  • maintain at least a C average

Cosigners are required for all loans. Note: NOT ELIGIBLE cosigners: spouse, fiancé or fiancée, pastor.

NO EXCEPTIONS ARE MADE TO THESE REQUIREMENTS.

How much may a student borrow?

Loans are made per calendar year (January 1 through December 31) at 5% interest.

Maximum annual amount for full-time students is $5,000.

How does one apply?

A student attending a school related to The United Methodist Church should contact the financial aid office at the school.

At many state and independent colleges, the United Methodist campus minister serves as the loan representative for the United Methodist Student Loan Fund. For the name of the loan representative at any school, contact the Loan Department at the address below.

All applications are subject to the approval of the Nashville office and the availability of funds.

What are the legal obligations?

A promissory note signed by the borrower and a cosigner legally binds them to the repayment terms as specified in the note.

Interest accrues on the principal loan balance from the date the loan check is disbursed and continues until the loan is paid in full.

The borrower may repay all or any part of the principal plus accrued interest at any time without penalty.

What about repayment of loan?

Account is scheduled for repayment to begin six (6) months after graduation or withdrawal from school.

Final payment is due no later than 120 months from date first payment is due. Repayment may be made online.

For more information about applications, please contact:

Office of Loans and Scholarships
General Board of Higher Education and Ministry
The United Methodist Church
P.O. Box 340007
Nashville TN 37203-0007

Scholarships: 615-340-7344 or umscholar@gbhem.org
Loans: 615-340-7346 or umloans@gbhem.org

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Ready to apply for a loan? Check out the Loan Application page for guidance on the loan process.

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