Seminary On-Campus

Loans

Student loans let you borrow money to help pay for your education. The repayment of educational loans varies so be aware of the type of loan you are borrowing. Because loans must be repaid, you should plan your borrowing carefully.

Federal Student Loans

If you are borrowing for the first time as a Multnomah University student planning to utilize Federal Direct Stafford loans, complete the following:

  • Visit studentaid.gov and sign in using your FSA ID
    • “Complete Entrance Counseling” by selecting the appropriate link
    • “Complete Master Promissory Note” by selecting the appropriate link
  • Visit the Federal Student Aid webpage for more information.

Private Student Loans

Certain banks and financial institutions offer private student loans that can help bridge the gap between federal student aid, grants, and scholarships through Multnomah, and the remaining balance owed. Although benefits may be similar to federal loans, such as deferred payments while students are enrolled, these lenders may require a credit check and/or cosigner and will vary on interest rates, loan origination fees, and other factors. Private student loans are separate from federal student loans, and students should assess their eligibility for federal student loans for more favorable provisions.

Loans
Stafford Loans – Unsubsidized
Amount Up to $2,000
Application Criteria Students enrolled at least half-time
Deadline ASAP

FAFSA required. Visit studentaid.ed.gov for current origination fee and interest rate.

Amount Type of Aid Application Criteria Deadline
Up to $2,000 Stafford Loans – Unsubsidized Students enrolled at least half-time ASAP

FAFSA required. Visit studentaid.ed.gov for current origination fee and interest rate.
Alternative Loans
Amount Varies
Application Criteria Students who needs additional funds for school-related expenses
Deadline ASAP

Amount varies based on credit; accrues interest at a variable rate set by lender.

Amount Type of Aid Application Criteria Deadline
Varies Alternative Loans Students who needs additional funds for school-related expenses ASAP

Amount varies based on credit; accrues interest at a variable rate set by lender.

Financial Aid Resources

The Student Guide is a comprehensive resource on student financial aid from the U.S. Department of Education. Grants, loans, and work-study are the three major forms of aid available through the Department’s Federal Student Aid office.

FSA ID Request and Information allows the student (and parent, if applicable) to apply for a Federal Student Aid Identification Number through the U.S. Department of Education. The FSA ID is used to electronically sign the FAFSA application and loan application, as well as to retrieve loan history and total loan debt through a national database (NSLDS).

Free Application for Federal Student Aid (FAFSA) establishes federal financial aid eligibility, as well as private funding from many colleges and universities.

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