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Loans and Grants

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.

Grants

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.

The Higher Education Emergency Relief Grant III application is now open. Funds may be used for any component of the student’s cost of attendance or for emergency costs that arise due to coronavirus such as tuition, food, housing, health care (including mental health care) or child care. Information here.

NAME ELIGIBILITY AMOUNT APPLY VIA DEADLINE
Federal Pell Grant Need Up to $6,345 FAFSA Finish process before the end of the semester
Wisconsin Grant * Need Varies FAFSA Finish process before the end of the semester
Wisconsin Talent Incentive Program * Need; Educationally disadvantaged Varies Nominated by administration N/A
Wisconsin Minority Retention Grant * Need; Heritage/race requirements Varies Nominated by administration N/A

* Must be a resident of Wisconsin

Loans

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.

NAME ELIGIBILITY AMOUNT PROCESS DEADLINE
Federal Direct Loans (subsidized or unsubsidized, depending on need) Dependent students need; Total aid not to exceed the cost of attendance Fr: $5,500 So: $6,500 Jr/Sr: $7,500 FAFSA / Direct Loan Acceptance form (myMBU) Finish process before the end of the semester
Federal Direct Unsubsidized Loan Independent students (or dependant who denied PLUS Loan); Total aid not to exceed cost of attendance Fr: $9,500 So: $10,500 Jr/Sr: $12,500 Grad: $20,500 FAFSA / Direct Loan Acceptance form (myMBU) 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 N/A
Wisconsin Nursing Student Loan Must be a Wisconsin resident; enrolled at least half-time in nursing program $250-$3,000 per year FAFSA; Contact Financial Aid Office Finish process before the end of the semester
  • Direct loans are federally-guaranteed, low-interest loans available to both undergraduate and graduate students.
    • 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 a 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).
  • Nursing Student Loan is offered by the state of Wisconsin Higher Education Aids Board. The HEAB manages the Wisconsin Nursing Student Loan (NSL) program. The student may earn forgiveness of up to 50% of the loan. For more information, CLICK HERE.
  • 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.

HEERF Grant Reporting

The CARES Act Student Emergency Relief Grant accepted applications from students who incurred expenses related to the disruption of campus activities during the spring of 2020. Information here.

HEERF II and III Institutional Reporting

Pursuant to HEERF II (CRRSAA) and HEERF III (ARP) compliance requirements, the following disclosures are provided for public information:

  1. Maranatha Baptist University has signed and returned to the Department the Certification and Agreement and the assurance that the institution has used, or intends to use, the applicable amount of funds designated under the CRRSAA and ARP (a)(1) and (a)(4) programs to provide Emergency Financial Aid Grants to Students.
  2. The total amount of funds that the institution will receive or has received from the Department pursuant to the institution’s Certification and Agreement [for] Emergency Financial Aid Grants to students under the CRRSAA and ARP (a)(1) and (a)(4) programs: $1,097,872.
  3. The total amount of Emergency Financial Aid Grants disbursed to students under the CRRSAA and ARP (a)(1) and (a)(4) programs as of the latest report: $308,929.
  4. The estimated total number of students at the institution that are eligible to receive Emergency Financial Aid Grants to Students under the CRRSAA and ARP (a)(1) and (a)(4) programs: 1,063.
  5. The total number of students who have received an Emergency Financial Aid Grant to students under the CRRSAA and ARP (a)(1) and (a)(4) programs: 228
  6. Maranatha utilized an online application for students to apply for CRRSAA funds and is using an online application for students to apply for ARP funds. In both cases, awarded funds are based on need that “may be used for any component of the student’s cost of attendance or for emergency costs that arise due to coronavirus such as tuition, food, housing, health care (including mental health care) or child care.” The Scholarship Committee considered all CRRSAA applications upon the closing of the application period and the Grant Committee is considering all ARP applications weekly on a first-come, first-considered basis until funds are depleted.
  7. Refer to the CRRSAA application and the ARP application for instructions, directions, and guidance provided by Maranatha to students concerning the Emergency Financial Aid Grants.

Date of last update: July 7, 2021

HEERF II and III Institutional Quarterly Budget and Expenditure Reports

2021 Q1: MBU-HEERF Institutional Qtrly Budget & Expenditure Report 2021-03-31

2021 Q2: MBU-HEERF Institutional Qtrly Budget & Expenditure Report 2021-06-30

Date of last update: July 9, 2021