Backed by philanthropy, Asbury University’s Student No Debt Fund is here to help selected students graduate debt-free through faith, stewardship, and support.
Asbury and its donors believe in helping graduates pursue their calling without being held back by student debt. That’s why we’ve established the Student No Debt Fund. This initiative is designed to provide a select group of students with the opportunity to graduate debt-free.
Now in its second year, the Asbury University No Debt Fund will award approximately $200,000 to help pay off student loans for a group of graduating seniors who fulfill specific criteria. In academic year 2026-27, the program has been expanded to include students with majors and minors in both the Howard Dayton School of Business and the Shaw School of Sciences, which includes programs in Science, Math, Equine, Computer Sciences and Nursing.
When fully funded, the program will expand to allow all eligible undergraduate students to apply for the possible support to eliminate their student loan debt after graduation.*
The No Debt Fund is guided by principles to address the average debt load of Asbury’s graduates, so those students will be better able to serve others, steward their finances with a biblical approach focusing on giving, saving, and spending, and to live out their calling in their selected vocation.
who can apply for funds?
Students may begin working on requirements for eligibility during any semester at Asbury, must meet the specific criteria below to be eligible to apply, and must apply no later than the application deadline of the last Friday in February of their Senior year. A review committee will make award decisions in the spring of a student’s senior year, and funds will be distributed shortly after Commencement.
Asbury’s generous donors in cooperation with the university’s Advancement office have structured the Student No Debt Fund to cultivate deep personal growth among students who receive the award. Students must meet core criteria in four categories (shown below) to become eligible to apply for funds from the program. See FAQs below for more information regarding Eligibility and Requirements.
Academic;
Complete BU281 Give, Save, Spend
Complete one of:
See FAQs below for more information regarding Academic Requirements.
Co-Curricular; complete 3 activities from the list below, including at least one Financial Literacy activity and one Biblical Worldview activity.
Financial Literacy Activities
Biblical Worldview Activities
Either Financial Literacy or Biblical Worldview
See FAQs below for more information regarding Co-Curricular Activities.
Mentoring, Role Models, and Apprenticeships;
Choose one:
See FAQs below for more information regarding Mentoring, Role Models, and Apprenticeships.
Plan for Generosity/Leadership;
See FAQs below for more information regarding Generosity/Leadership.
Director of the Student No Debt Fund
Dr. George Allen
George.Allen@asbury.edu
"Through the extraordinary generosity of donors, Asbury University can offer new forms of student value and aggressive affordability through the Student No Debt Fund Initiative.”
The average debt load of graduates can delay their ability to give, serve, and fully live out their calling. The Student No Debt Fund is designed to change that reality. By fostering biblical financial literacy and a culture of generosity, we prepare students to:
By removing the burden of college debt, graduates should be better able to live out the concepts of serving others, stewarding their finances through a biblical approach to giving, saving, and spending, and living out their calling in their selected vocation."
We know you may have questions, and we’re here to help. To make things easy to navigate, we’ve organized our FAQs by topic so you can quickly find the information most relevant to you.
Asbury University traditional undergraduate students who are in good academic and community living standing, are enrolled in at least 12 credit hours each semester, have completed at least 75 credit hours, and have completed all of the grant requirements are eligible to apply. The 12 hour requirement can be waived for students in their last semester with less than 12 hours required to graduate.
Students who apply before their Senior year or who complete their undergraduate degree requirements in July, August, or December will be considered along with students scheduled to graduate the following May.
Applicants who are graduating in May of their Senior year may apply if all the requirements have been started at the time of application with a plan to complete the requirements by the end of the Spring semester. For example, a required academic course could be started in January and finished at the end of the Spring semester.
No. Students graduating in August or December must complete all of the requirements before the following February application deadline.
BU393 will normally be offered in the Spring semester. The frequency of its availability in the future is TBD.
An out-of-town trip—usually for several days—in which you (typically as part of a group)
Examples:
The trip does not have to be out of the U.S. and does not have to be sponsored by Asbury University.
No, only study abroad trips that have a focus related to your future profession.
Yes.
Compass offers many excellent courses that will help you understand a biblical perspective on a particular financial topic and prepare you to deal with current and future challenges and opportunities in the area of finances.
There are two formats available. Video self-study will give you the flexibility of studying on your own time. Online instructor-led courses allow you to interact with other students online and to benefit from the discipleship of a trained leader.
Online/Instructor Led Only
Video Self Study OR Online/Instructor Led
For scheduled instructor-led courses, see https://compassfinancialministry.org/biblical-financial-online-studies/.
For video self-study courses, see https://compassfinancialministry.org/store/.
If you cannot find the course you are looking for, you may contact Compass at 407-331-6000.
Note that Compass offers other courses as well, but those listed above are the only ones approved to fulfill the Financial Literacy requirement of the No Debt program.
Compass training will be at your expense.
No.
Any sales competition in which you participate as a member of the AU Sales Team qualifies. The Eagle Sales Championship also qualifies.
Serve as a Member for 2 semesters. The club Faculty Advisor will make a judgment as to whether a member is in “good standing;” attendance at scheduled meetings and participation will be important components of that determination.
If you find an event that might qualify, provide details to Dr. Allen who will determine whether the event qualifies.
If you find a conference that might qualify, provide details to Dr. Allen who will determine whether the event qualifies.
For the purposes of meeting this requirement, you do not have to do an internship for credit. However, there are two of the for-credit requirements that do have to be met for the internship to qualify:
The internship would need to be reviewed by the academic department head in either DSB or the Shaw School of Sciences to verify that it meets these requirements. Note that there may be only a few additional requirements for an internship to qualify for credit, so if you need the credit hours for either your major or as an elective, you may want to discuss that option with your faculty advisor.
The paper should be 400 words or less and should demonstrate evidence of giving and/or a plan for generosity. In this paper, discuss:
This is an optional activity that will both provide a good experience and will help distinguish those students completing it who apply for the grant. Any activity that you lead/organize that is focused on promoting biblical financial literacy will be considered. Examples could include leading a Compass or other bible study on the topic or organizing an event with a guest speaker who shares on this topic.
Debt that will be considered for this grant is limited to the following types of student incurred debt which was certified by Asbury University:
Debt that is excluded from this grant program:
Contact Asbury University Financial Aid with questions about which of your specific loans qualify for this grant program.
Recipients of grants from this program should consult with a tax professional regarding the impact of the grant on the recipient’s personal income tax liability. Grants will likely be treated as ordinary income and thus subject to income tax. No tax withholding will be done as part of the grant payment process, so recipients are advised to make estimated tax payment(s) to the IRS and the recipient’s home state (if applicable) to avoid penalties. Recipients may want to ask their tax professional about filing form 2210 to avoid underpayment penalties since the grant will be received in a single payment.
This program is not just about paying off loans. It’s about transforming lives. With donor support and sustainability planning, Asbury will expand the Student No Debt Fund so more students can graduate free of financial burden!
Annual reviews, donor reporting, and continued fundraising will ensure the program’s growth and long-term impact.
*In 2026-27, the Asbury No Debt Fund is available for qualifying students in the Dayton School of Business and the Shaw School of Sciences. Only a few student awards will be made in spring 2027 with approximately $200,000 awarded. Continuation and expansion of this opportunity will only occur upon the fund being fully funded by donors. Find out how to donate here (Asbury.edu/give)