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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.

NAME ELIGIBILITY AMOUNT APPLY VIA DEADLINE
Federal Pell Grant Need Up to $6,095 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.