Federal Loans
Perkins Loan
The Perkins Loan is a low-interest, need-based loan and is typically awarded to freshman and sophomore level students. The loan amount ranges from $500 to $2000 per school year and is awarded by the College. This loan is available to students enrolled full- or part-time. Eligibility and loan amount are determined by the FAFSA.
If you have been awarded a Perkins loan, you MUST complete entrance counseling and a Perkins loan master promissory note before you will be eligible to receive your funds.
Federal Stafford Subsidized and Unsubsidized Loans
Stafford Loans are low-interest loans made by a lender such as a bank or credit union. The maximum a student may borrow as a Freshman is $3500 per year. A Sophomore may borrow up to $4500, and Juniors and Seniors may borrow up to $5500 per year. The interest rate is fixed at 6.8 percent. Students must be enrolled at least half-time (6 hours) to be eligible for a Stafford Loan.
There are two types of Stafford Loans: subsidized and unsubsidized. You must have financial need to receive a subsidized Stafford; however, financial need is not a requirement to obtain the unsubsidized Stafford. Also, the U.S. Department of Education will pay (subsidize) the interest that accrues on subsidized Stafford loans.
If you have been awarded a Stafford loan, you MUST complete entrance counseling and sign a Stafford Loan master promissory note before your funds will be released from your lender.
PLUS Loan
The Parent Loan For Undergraduate Students (PLUS) is available to parents of dependent children attending college. The maximum amount is equal to the
Cost of Attendance less any other financial aid the student has qualified for. Students must complete a FAFSA form, and parents must qualify with a lender. If parents are denied the PLUS loan, the student is eligible for additional unsubsidized Stafford Loan eligibility. The interest rate is a fixed rate at 8.5 percent. The regulations and provisions of the PLUS loan are subject to change by Federal legislative action.
Private Loans
Alternative Loans
United Methodist Student Loan
Any United Methodist student who is registered as a full-time degree candidate at Asbury College may apply for a loan. The applicant must be a citizen of the United States and a member of the United Methodist Church for one year or more. He or she must be a Christian in character, sound in health, financially reliable, wholly or partially self-supporting and giving promise of future usefulness. Applicants must have a grade average of C or better. A first-semester freshman must have an average of B or better for his or her senior year in high school.
A legally binding promissory is required. Repayments are made monthly beginning no later than six months after discontinuing school attendance. Interest will be computed at 6 percent per annum from the date the loan is granted until the note is paid in full. For service credit, a student must contact the National Office of United Methodist Student Loans in Nashville, Tennessee.
Applications and further information are available in the Financial Aid Office or at the General Board of Higher Education and Ministry website. (http://www.gbhem.org/gbhem/loans2.html)