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Loan Term and Interest Rates

  • Students may borrow up to $10,000 per calendar year for a maximum total loan of $40,000
  • 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

Click here for complete Loan Disclosure details.

L&S Quick Links

Apply for a Loan

2018 Fall Loan Application available:
June 8 - Nov. 15, 2018

2019 Spring Loan Application available:
Dec. 13, 2018 – May 2, 2019

Pay my Loan

Apply for a Scholarship
2019 Scholarship Application
Jan. 3 – Mar. 7, 2019

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