Loans
Loans are financial aid that must be repaid. Three types of loans are available: federal Stafford loans, federal PLUS loans, and alternative loans. Maranatha does not participate in the Perkins Loan Program. To be eligible for Stafford Loans, you must complete a FAFSA. You may also want to consider private loans, but origination fees and interest rates are usually higher than those in federally-guaranteed loans.
Stafford loans are federally-guaranteed, low-interest loans available to both undergraduate and graduate students. There are two types of Stafford loans: subsidized and unsubsidized. Subsidized loans are based on financial need and do not accrue interest during enrollment and grace periods. Unsubsidized loans are not based on financial need and do accrue interest during enrollment and grace periods. To receive a Stafford loan, eligible students will have to complete an entrance interview and sign a Master Promissory Note (MPN).
Note: Due to recent legislative changes, the Stafford Loan program is now being funded directly by the U.S. Dept. of Education. Students who have previously received Stafford loans under the Federal Family Education Loan (FFEL) program will need to complete a new Master Promissory Note (MPN) to receive any future Stafford loans.
Parent Loan for Undergraduate Students (PLUS) is a federally-guaranteed loan program for parents. A credit check is required. Interest accrues and repayment begins after the loan is disbursed. To apply for a PLUS loan, parents will have complete an application and sign a Master Promissory Note (MPN).
Alternative loans are privately-funded loans available to students who need additional funding for their educational expenses. These loans are offered by various financial institutions and are generally subject to credit approval. Students interested in alternative loans need to make application directly with the lender. For more information, contact the Financial Aid Office.
Name | Eligibility | Amount | Process | Deadline |
|---|---|---|---|---|
| Federal Stafford Loans (subsidized or unsubsidized, depending on need) | Need; Total aid not to exceed cost of attendance | Fr: $3,500 So: $4,500 Jr/Sr: $5,500 | FAFSA; loan application; contact Financial Aid Office | Finish process before the end of the semester |
| Federal Unsubsidized Stafford Loan | Independent Students; Total aid not to exceed cost of attendance | Fr/So: $4,000 Jr/Sr: $5,000 Grad: $10,000 | FAFSA; loan application; contact Financial Aid Office | Finish process before the end of the semester |
| Federal Plus Loan | To the parent of dependent undergraduate. Must pass credit check. | Up to cost of attendance | FAFSA; loan application; contact Financial Aid Office |
Grants
Grants is financial aid that does not require repayment. Maranatha students may be eligible for various federal and state grants. To be eligible for federal and Wisconsin state grants, complete a FAFSA.
Federal Pell Grant Need $400-$5,500 FAFSA Finish process before the end of semester
*Wisconsin Tuition Grant Need Varies FAFSA Finish process before the end of semester
*Wisconsin Talent Incentive Program Need; Educationally disadvantaged Varies Nominated by administration
*Wisconsin Minority Retention Grant Need; Heritage/race requirements Varies Nominated by administration
*–Must be a resident of that state