Student Loan Overview

• REMEMBER:  Loans must be repaid.  Even though interest may be deferred while you are in college, try to put strict limits on your borrowing.  Loans are an option that should be used only if other sources of funds (such as savings and work) are not sufficient.  You may delay borrowing until such time that you need a loan to keep your billing account current. 

• PASTOR STUDENTS:  Repayment of loans will begin already during seminary years and deferments may be difficult to obtain.

• DEADLINES:  If you want loan amounts to be included as a credit on your MLC billing statement, the loan application process including the signing of a promissory note must be completed before June 15.  This deadline refers only to the loan amount being credited on your first billing statement.  Loans may be taken out at any time during the school year.

Perkins Loans: Perkins loans are awarded to students who demonstrate financial need.  If your award letter includes a Perkins loan as a part of your financial aid package, a Perkins Loan Acceptance Form is included with your award letter.  Please refer to this form for more information on how to accept and receive your Perkins loan.  Perkins funds are limited and must be accepted upon receipt of the award letter to assure availability.

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