Loans

Entrance Interview Exit Interview

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. Application for Stafford loans may be made through the Financial Aid Office. You will have to complete an entrance interview, choose a lender for your loan, and sign a Mastor Promissory Note (MPN).

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. Application for a PLUS loan may be made through the Financial Aid Office. Parents will have to choose a lender 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, see the alternative loan list or contact the Financial Aid Office.