Funding Your Education
Tuition Payment Plan
Students have the option to pay their tuition charges over the semester with a payment plan. This option gives students the flexibility of paying tuition in affordable, monthly payments. There’s no interest and payments are automatic, with a low setup fee of $25. To apply for the payment plan and to see all the details, go to http://www.mycollegepaymentplan.com/mbts.
There are several Institutional Scholarships available to eligible students to help them meet their financial needs. The scholarship application can be obtained from the Financial Services office or on the Midwestern website. The priority deadline to submit applications is July 1 for the Fall semester or December 1 for the Spring semester. A student will only be awarded one institutional scholarship per academic year. A student’s eligibility for need-based scholarships is determined from the FAFSA (Free Application for Federal Student Aid). Students can complete the FAFSA online at www.fafsa.ed.gov.
New students may also receive a Church Match Scholarship. If your church provides at least $500 to help with a student’s education, Midwestern will contribute an additional $250. This scholarship is only available once per student and only during their first year at Midwestern.
Midwestern also accepts Third-party Scholarships to fund a student’s education. Students can find and apply for outside scholarships at www.scholarships.com. Third-party payments can also include Vocational Rehabilitation, Military Benefits or Employer Reimbursement Plans. A student financial services specialist is available to assist students with obtaining any of these scholarships.
Federal Student Aid
Almost every undergraduate and masters student, who meets certain eligibility requirements, can get some type of federal student aid. Students are required to complete the FAFSA at www.fafsa.ed.gov. To obtain loans, students must also complete master promissory note and entrance counseling at www.studentloans.gov.
Federal Pell Grant
Details: Does not have to be repaid. Available only to undergraduates
Award Amounts: Up to $5,730. Total amount not to exceed the equivalent of six years of funding.
Direct Subsidized Loans
Details: Loan must be repaid with interest. The interest rate for new loans made on or after July 1, 2014, and before July 1, 2015 is 4.66%. For undergraduate students; U.S. Department of Education may pay interest while borrower is in school and during grace and deferment periods; student must be attending at least half-time and have financial need.
Award Amounts: $3,500–$5,500, depending on grade level. For total lifetime limit, go to StudentAid.gov/sub-unsub
Direct Unsubsidized Loans
Details: Loan must be repaid with interest. The interest rate for new loans made on or after July 1, 2014, and before July 1, 2015 is 4.66% (undergraduates) and 6.21% (graduate or professional students). For undergraduate and graduate students; borrower is responsible for all interest; student must be enrolled at least half-time; financial need is not required
Award Amounts: $5,500–$20,500 (less any subsidized amount received for the same period), depending on grade level and dependency status
For total lifetime limit, go to StudentAid.gov/sub-unsub.
- NetPrice Calculator – Undergrads
- Financial Aid Code of Ethics
- Institutional Scholarship Application
- Church Match Scholarship Application
For Additional information, see the Financial Services Page