Federal Perkins Loan
The Perkins Loan is a low-interest, need-based loan that is typically awarded to Pell Grant eligible 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 Subsidized and Unsubsidized Loans (formerly Stafford Loans)
Direct 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. Eligibility for this loan is determined by the FAFSA.
A student must be enrolled at least half-time per semester to qualify for a Direct Loan. The maximum a student may borrow per academic year is:
- Freshman $5500
- Sophomore $6500
- Junior $7500
- Senior $7500
Lifetime Direct Loan Limits for Undergraduate Students:
- Dependent students - $31,000
- Independent students and students whose parents are denied a Direct PLUS Loan - $57,500
Undergraduate students may receive Subsidized and/or Unsubsidized Direct Loans. Financial need must be demonstrated by the FAFSA to receive a Subsidized Loan; however, financial need is not a requirement to obtain the Unsubsidized Loan.
Annual and Lifetime Limits for Graduate Students:
- Annual Direct Loan limit - $20,500 (including summer)
- Lifetime Direct Loan limit - $138,500
- 4.66% - Direct Subsidized and Unsubsidized Loans (undergraduate students)
- 6.21% - Direct Unsubsidized Loans (graduate students)
If you have been awarded a Direct Loan, you MUST complete a Direct 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 Loan
Federal Direct 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 Direct Loan (please note that this counts towards your student's lifetime Direct Loan limit).
- 7.21% -Direct PLUS Loan
Parents / Graduate Students wishing to apply for a Direct PLUS Loan should click on the link below and sign in to complete the online application.
*Please do NOT complete the Direct PLUS Loan Application prior to May 1, as the credit approval is only valid for a limited period.
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.
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 the 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 note is required. Repayment is 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 at the General Board of Higher Education and Ministry website.