Apply for loans
Federal Stafford Loan Types
Based upon the completion of the Free Application
for Federal Student Aid (FAFSA), you may
qualify for a Federal Stafford Loan. The Federal government offers
both Subsidized and Unsubsidized Federal Stafford Loans. These are
low interest loans created to help pay for your education. The
Office of Financial Assistance will determine the loan type(s) you are
eligible to receive. Central Methodist University carefully
reviews lender policies and products annually to find the best rates and
services for our students and their families. To assist families in
making their decision about which lender to select, the Financial
Assistance office has compiled a list of lenders offering excellent
customer service and the best benefits to our borrowers.
These recommended lenders are intended only as a guide and borrowers are
not required to use one of these lenders. Should you choose to borrow
from a lending institution not on the list, contact that lender
regarding instructions on completion of the Master Promissory Note. The
Office of Financial Assistance will process a loan from any lender
selected by a student or parent.
Please feel free to contact the CMU Financial Assistance Office at
660-248-6245 if you have any questions.
- Subsidized Federal Stafford Loan
The Subsidized Federal Stafford Loan is based on financial need
which is determined by the
Federal Government. A loan is “subsidized” when the government
pays the interest for you during the following periods:
- while you are enrolled in school at least half-time (6
credit hours);
- during the six month grace period after you stop attending
school at least half-time;
- during periods of authorized deferment.
- Unsubsidized Federal Stafford Loan
The Unsubsidized Federal Stafford Loan is not based on financial
need. The government does not pay the interest for you – you
are responsible for all interest which accrues during in-school,
grace and deferment periods. You may choose to make interest
payments while in school, or you may capitalize the interest (add it
to your loan principal) until repayment.
Federal Perkins Loan
Funds are limited and only Pell grant recipients are eligible.
Priority is given to freshman and sophomore students.
PLUS Loan
A credit worthy parent is eligible to borrow the cost of attendance
minus other financial aid the student receives. The PLUS loan is not
based on financial need. For loans disbursed after July 1, 2006 the rate
is fixed at 8.5%.
Alternative Loans - Privately-funded loan options that are
borrower initiated
