Common Financial Aid Questions
Finances are such a massive part of going to college. People often question how they can pay for college, how can they get help in regard to finances, or just where to even start.
There are several common questions that I have been asked regarding finances that I thought I would share with you today. Hopefully, between the broad answers here and the resources linked on this page, you will be able to find answers to your questions.
What scholarships do you have?
Maranatha annually distributes scholarships to at least 60% of the student body in one form or another to the tune of more than $1.3 Million. These scholarships are for both current and new students.
New student scholarships are based on major, ACT/SAT scores, parents in full-time ministry, or parents who are alumni of Maranatha. Current student scholarships are tied more to the school of study you are in and are privately-funded. You can find the full listing of both sets of these scholarships here.
The important thing about scholarships to remember is that you will not receive any scholarships if you do not apply for any. In other words, apply for as many scholarships as you can!
For new student scholarships, it is important to apply for them before arriving on campus. The best time, according to the financial aid office, is 6 to 12 months before you’ll be a main campus student.
For current students, applications can be submitted during the allotted application period which is mid-January through March 1.
Are there job opportunities on campus/in the area?
There are many opportunities for employment on campus and off for MBU students.
On-campus jobs include:
- Campus security
- IT Technicians
- Admissions and Recruitment
- Snarly Squad
- Post office and bookstore
- Custodial Department
- Old Main Café – Barista
- Tutors
- Costume Cottage
- Kiddie Kampus preschool
- Guest relations
These jobs and more are available to new and current students and are flexible with class and extra-curricular schedules. To apply for any of these jobs just visit the Student Employment Page on MBU’s website.
Other than the on-campus jobs Maranatha offers, there are quite a few businesses in Watertown and at the nearby Johnson Creek Outlets who are known to hire students for seasonal work. Although these jobs provide a little less flexibility, they have been taken advantage of by Maranatha students for years for financial help.
What kind of Federal help is available?
Maranatha financial aid includes the Free Application for Federal Aid (FAFSA) program that provides federal grants and loans to MBU students.
Grants are provided by both state and federal agencies and do not require repayment. These are often based on financial needs of the student.
Loans generally come in three types: Federal direct loans, federal direct plus loans, and private loans.
- Direct loans are federally guaranteed, low-interest loans for both undergraduate and graduate level students. They come in subsidized and unsubsidized forms. These loans include a grace period for repayment until after the student’s time in school is done.
- The direct plus loan is part of the federally-guaranteed loan program for parents. A credit check is required and interest accrues and repayment begins after the loan is disbursed.
- Private loans are offered by various financial institutions and are subject to credit approval. These are generally higher in interest rate and repayment.
Although this might seem complicated, this information and much more can be found on Maranatha’s website. To fill out your FAFSA, just visit The FAFSA Website. For further questions, the Financial Aid office is ready and willing to talk to you about getting you or your student to campus. Their number is 920-206-2318 and their email is FinancialAid@mbu.edu.
Paying for college can be a daunting idea. There are people out there that want to help you get through it. Call or email them and get started to see how they can help!