Federal Stafford Loans: allows students to borrow money for college tuition and expenses. Subsidized Stafford Loans are awarded to eligible students, and no interest accrues while the student is enrolled at least half time. Unsubsidized loans are given to students who do not meet the need-based criteria, and interest payments accrue while the student is in school. First year students can borrow up to $3,500, second-year students $4,500, third- and fourth-year students $5,500. The interest rate is variable, not to exceed 8.25% over the life of the loan. You are expected to begin repayment six months after graduation, withdrawal from school, or if your attendance should drop below half time.
MPN: (https://clipslink.guarantorsolutions.com/esign/mainmenu.aspx?schoolid=00350400&scheme=001b6b&fg=FFFFFF&cl=y)
Entrance: (http://mappingyourfuture.org/se)
Exit: (http://mappingyourfuture.org/sx)
The Federal Parent Loan for Undergraduate Students (PLUS): is available to parents with dependent children in college. Eligibility is not based on need but a credit check is required. Parents may borrow the cost of attendance minus any other financial aid received. Payment on the interest and principal begins within 60 days after the disbursement of the loan.
MPN: (https://clipslink.guarantorsolutions.com/esign/mainmenu.aspx?schoolid=00350400&scheme=001b6b&fg=FFFFFF&cl=y)
United Methodist Student Loan Fund: An applicant for this loan must be a member of The United Methodist Church, a United States citizen, admitted to a degree program at an accredited U.S. institution, and must maintain at least a “C” average. A student enrolled at Martin may borrow a maximum of $2,500 per year at a fixed interest rate. Repayment must begin six months after the borrower ceases college enrollment and may extend for a maximum of six years. Applications may be obtained from Student Loans and Scholarships, Board of Higher Education and Ministry, The United Methodist Church, P. O. Box 871, Nashville, TN 37202.
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