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Monthly payment plan (FACTS)
Student Loans
Pell Grants
Scholarships
Tuition Assistance and VA benefits
Family Education Rights and Privacy Acts
Frequently Asked Questions
FINANCIAL AID - STUDENT LOANS OVERVIEW
Student Loans Overview
Federal Student loans are loans for educational purposes. These loans must be repaid. The standard student loan is the Stafford student loan. The Stafford loan is not based on a credit score and is the foundational loan for both undergraduate and graduate students. To learn more about student loans, go to http://finaid.org/loans/ Midwestern is the only SBC Seminary and College that participants in the Federal Loan and Grant Program. We offer the following loans to qualified students.
- Federal Stafford Loans (both Subsidized and Un- Subsidized)
- Subsidized – no interest accrues while the student remains qualified
- Unsubsidized – interest accrues but is deferred while the student remains qualified
- Federal Graduate Plus Loans (based on the student’s credit score. This is in addition to the Stafford loan and for Graduate students only)
- Federal Parent Plus Loans (based on the student’s parents’ credit score. This is in addition to the Stafford loan and for dependent un-graduate students only)
To qualify for Federal Student Loans, a student must:
- Be fully admitted student into a degree seeking program
- Have a GPA of 2.0 or higher
- Have satisfactory academic progress in their program
- Be a U.S. Citizen
- Be enrolled in at least 6 hours toward their degree
- Requesting loans for future courses (Students can not take out loans for courses already taken)
Inner-semester J-term courses do not count towards the hours required to qualify. Students may not take out Federal loans to fund mission trips and non-educational related items.
Students who receive a student loan must enroll and attend a one-day financial workshop, normally hosted in the Fall, during each year they take out a student loan. If the student has taken the seminar through MBTS in a previous year they may be exempt from retaking the course, however, prior attendance does not automatically exempt one from the requirement. To be exempt they will need to contact the Financial Aid administrator or Dean of Students, and present a valid reason why they cannot attend the workshop. Any student who is required and does not attend the workshop without prior approval will have their loans canceled.
Loans limits are based on the student’s dependency status and grade level. All students are classified as dependent unless they meet the independent requirements.
Dependent Students
(Does not qualify for independent status)
Subsidized Loan Limits for dependent students:
Freshman $3,500
Sophomore $4,500
Junior+ $5,500
Total Loan Limits for dependent students:
Freshman $5,500
Sophomore $6,500
Junior+ $7,500
Independent Students
- born before Jan 1, 1985
- or a graduate student
- or married as of app date
- or an orphan
- or was until 18 a ward of the court
- or a veteran
- or has dependents other than a spouse
Subsidized Loan Limits for independent students:
Freshman $3,500
Sophomore $4,500
Junior+ $5,500
Graduate $8,500
Total Loan Limits for independent students:
Freshman $ 9,500
Sophomore $ 10,500
Junior+ $12,500
Graduate $20,500
Midwestern reserves the right to decrease or cancel any loan request. In such circumstances the student will be notified.
Apply for Student Loans:
- Complete a FAFSA (Free Application for Federal Student Aid) and send to MBTS (school code 002485).
- Complete the Estimated Cost Worksheet and send it to the Financial Aid office. This form must include the amount of loan requested, signature, and dated. If you are applying for Pell grants ONLY and not a loan, stop here. This will complete the application process. However, if you want to apply for a student loan, please complete step 3.
- Apply for a Federal Student Loan online.
- ALL students will need to START A NEW LOAN and select STAFFORD LOAN.
- Parents of dependent undergraduate students who wish to apply for more money than the Stafford limits need to select PARENT PLUS LOAN.
Receiving Student Loans
Loans are disbursed in two (2) equal payments per academic year. Funds will be disbursed up to 10 days before the first day of class (or 2-3 weeks after requested) in each semester. The loan funds are disbursed in this order:
- Tuition & Fees
- On-campus housing
- Undergraduates: Housing will be taken out for the entire semester
- Graduates: Housing will be taken out for rent up to the current month.
- Other school expenses (if applicable)
(NOTE: Only if there is a credit on the student's account after all MBTS expenses are paid will funds be dispersed to the student in a form of a check. Requests for release of funds should be made through the Business Office no earlier than one week after the disbursement. Please allow about one week to process the check request.)
Managing Student Loans
Managing your loans and keeping up with monthly payments can be overwhelming. Sallie Mae makes this process easier by allowing you to do it online. You can: Enroll here to manage your loans http://www.salliemae.com/manage/index.html
To request an in school deferment for past student loans, print an in school deferment form, complete the student's section, sign and return to the Financial Aid office to be completed and submitted.
The Financial Aid Office provides students with financial counseling during their preparation for ministry while at Midwestern. MBTS encourages students to be self supporting to the fullest extent possible and to have sufficient funds or income for at least several months without employment when entering seminary.
Questions? To talk to the Financial Aid Administrator, contact the Student Development office at 800-944-MBTS, or email Gerald Beechum.
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