United Methodist Loan
- You, the student, are the borrower.
- You will need a credit-worthy cosigner.
- A credit evaluation is not required.
- You must be, among other criteria:
- An active full member or a United Methodist Church for at least
one year prior to application.
- Maintaining at least a C average.
- You are responsible for the interest during the life of the loan.
Interest starts accruing as soon as the loan is disbursed.
- Repayment on the principle begins six months after you are no longer
- This is NOT a Federal loan and cannot be combined with Federal loan
- We recommend that you try to pay interest on the United Methodist
loan while attending school. Even if the lender doesn't require interest
payments while you are in school, consider paying the interest because
it will decrease the overall cost of the loan.
- There is no penalty for repaying a portion or all of your loan at
Applying for the United Methodist Loan
- Step 1 - Complete the FAFSA (Free Application for Federal Aid).
- Step 2 - Students can request a United Methodist loan application
from the financial aid office or by going
- Step 3 - Complete the United Methodist loan application. Note: your
pastor will need to complete a form to certify your church membership,
the cosigner’s form must be notarized, and DWU’s financial
aid and registrar’s office will need to complete one of the forms.
- Step 4- Mail the completed application to the General Board of Higher
Education and Ministry.
The maximum amount a full-time student can borrow is $5,000/year.
Interest rate & fees
- The interest rate ranges from 3.75% to 5% depending on the option you choose.
- No guarantee or origination fee.