Grants are provided by both state and federal agencies and do not require repayment. Grants are often based on the financial need of the student.
Loans are borrowed monies that require repayment. Repayment plans vary in term and interest rate.
Both grants and loans require filling out the FAFSA prior to applying.
Loans are financial aid that must be repaid. Three types of loans are available: Federal Direct Loans, Federal Direct PLUS Loans, and Private Loans. Maranatha does not participate in the Perkins Loan Program. To be eligible for Direct Loans, you must complete a FAFSA. You may also want to consider private loans, but origination fees and interest rates are usually higher than federally-guaranteed loans.
- Direct loans are federally-guaranteed, low-interest loans available to both undergraduate and graduate students. There are two types of Direct loans: subsidized and unsubsidized. Subsidized loans are based on financial need and do not accrue interest during enrollment and grace periods. Unsubsidized loans are not based on financial need and accrue interest from the time of disbursement. First-time Direct Loan borrowers must complete Direct Loan Entrance Counseling and a Master Promissory Note (MPN).
- The Direct PLUS Loan (Parent Loan for Undergraduate Students) is part of the federally-guaranteed loan program for parents. A credit check is required. Interest accrues and repayment begins after the loan is disbursed. To apply for a PLUS loan, parents must complete an application and Master Promissory Note (MPN).
|Federal Direct Loans (subsidized or unsubsidized, depending on need)||Need; Total aid not to exceed cost of attendance||Fr: $3,500 So: $4,500 Jr/Sr: $5,500||FAFSA; loan application; contact Financial Aid Office||Finish process before the end of the semester|
|Federal Direct Unsubsidized Loan||Independent Students; Total aid not to exceed cost of attendance||Fr/So: $4,000 Jr/Sr: $5,000 Grad: $10,000||FAFSA; loan application; contact Financial Aid Office||Finish process before the end of the semester|
|Federal Direct Plus Loan||To the parent of dependent undergraduate. Must pass credit check.||Up to cost of attendance||FAFSA; loan application; contact Financial Aid Office|
- Private loans are available to students who need additional funding for their educational expenses. These loans are offered by various financial institutions and are subject to credit approval. Students may make application directly with the lender of their choice. To compare private loan options, visit FASTChoice.
Grants are financial aid that do not require repayment. Maranatha students may be eligible for various federal and state grants. To be eligible for federal and Wisconsin state grants, complete a FAFSA.
|Federal Pell Grant||Need||$400-$5,500||FAFSA||Finish process before the end of semester|
|*Wisconsin Grant||Need||Varies||FAFSA||Finish process before the end of semester|
|*Wisconsin Talent Incentive Program||Need; Educationally disadvantaged||Varies||Nominated by administration|
|*Wisconsin Minority Retention Grant||Need; Heritage/race requirements||Varies||Nominated by administration|
*–Must be a resident of that state