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 enrolled.
   
• This is NOT a Federal loan and cannot be combined with Federal loan consolidations.
   
• 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 any time.

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 to www.gbhem.org.
   
• 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.

Loan limits
The maximum amount a full-time student can borrow is $5,000/year.

Interest rate & fees

• The interest rate is fixed at 5 percent.
   
• No guarantee or origination fee.