Loans

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 University. 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, federal law requires that you complete a Perkins Loan Master Promissory Note (MPN) and Entrance Counseling before you will be eligible to receive your funds. You may access these documents by clicking on the links below:

Federal Direct Stafford Loan

Direct Stafford Loans are low-interest loans offered to students to assist them in paying for their post-high school education. The lender is the U.S. Department of Education, rather than a bank or other lending institution.

A student must be enrolled at least half-time per semester to qualify for a Stafford Loan. The maximum a student may borrow per academic year is:      

  • Freshman      $5500
  • Sophomore    $6500
  • Junior            $7500
  • Senior           $7500

Lifetime Stafford Loan Limits:

  • Dependent Undergraduates - $31,000
  • Independent Undergraduates and Dependents whose parents are denied a PLUS Loan - $57,500

Graduate students are awarded on a semester-by-semester basis. Awards are determined based upon hours and weeks of enrollment.

  • Graduate annual Stafford limit - $20,500 (including summer)
  • Graduate lifetime Stafford limit - $138,500

There are two types of Stafford Loans: Subsidized and Unsubsidized. You must demonstrate financial need as determined by the FAFSA to receive a Subsidized Stafford; however, financial need is not a requirement to obtain the Unsubsidized Stafford.

 Interest rates:

  • 3.4% - Direct Subsidized Loans for undergraduate students with a first disbursement date between July 1, 2011 and June 30, 2012    
  • 6.8% - Direct Subsidized Loans for graduate students and Direct Undubsidized Loans for all students

If you have been awarded a Stafford loan, you MUST complete a Stafford Loan Master Promissory Note (MPN) and Entrance Counseling before your funds will be released to the school. You may access these documents by clicking on the links below and signing in:

Federal Direct PLUS / Grad PLUS Loan

Federal Direct PLUS / Grad PLUS Loans are unsubsidized loans for:

  • Parents of dependent undergraduate students
  • Graduate / professional students

The maximum amount a parent or graduate student may apply to borrow is equal to the Cost of Attendance less any other financial aid for which the student has qualified. Students must complete a FAFSA and the parent  borrower / graduate student must qualify with the Department of Education (DOE). If parents are denied the PLUS loan, the undergraduate student may be eligible for additional Unsubsidized Stafford Loan (please note that this counts towards your student's lifetime Stafford limit).

Interest rate:

  • 7.9% -Direct PLUS Loan

Parents / Graduate Students wishing to apply for a Direct PLUS or Grad PLUS Loan should click on the link below and sign in to complete the online application.

Upon determination of credit approval, the Parent Borrower / Graduate Student will be notified that he/she must complete a master promissory note at:

Upon completion of the MPN and any other paperwork you may receive from the Department of Education, the PLUS loan will be added to the student's financial aid award.

Private/Alternative Loans

Students who wish to borrow loans other than Stafford or Perkins, may opt for a private loan. Please visit the following website to learn more about the loan options that are available. After creating an account and reading through a bit of loan counseling information you will be able to compare several loan companies at a glance.

United Methodist Student Loan

Any United Methodist student who is registered as a full-time degree candidate at Asbury University 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 at the General Board of Higher Education and Ministry website.