Other Financing Options If your family's resources plus the financial aid award are insufficient to meet the full cost for the year, consider one or more of the following financing options: Parent Loans Parents of dependent students may qualify for a Federal Parent PLUS loan. Parents may borrow up to the annual cost of attendance minus all other aid awarded to the student. The parent must first pass a credit check that the lender will perform, and the parent must not be in default on an education loan or owe a refund on an education grant. PLUS loans have a fixed interest rate of 8.5%. Repayment will begin 60 days after the loan is fully disbursed.    To apply for the PLUS loan, parents can apply online or request a paper PLUS application from the Financial Aid Office. Graduate PLUS Loans Graduate students can borrow on a Federal Graduate PLUS loan as long as they are enrolled at least half time, have completed a FAFSA, applied for a Federal Stafford loan, and are credit-worthy.    The interest rate is fixed at 8.5% with payments deferred as long as they student is enrolled at least half time. Graduate students can borrow up to the cost of attendance minus other aid received and can apply online.    Graduate PLUS entrance counseling is required for first-time borrowers and can be done while applying online. Unsubsidized Stafford Loans Students who do not qualify for all or part of the Stafford subsidized loan may borrow from the unsubsidized loan. The subsidized and unsubsidized combination cannot exceed annual loan limits. Also, independent undergraduate students and students of parent loan denials may borrow up to an additional $4,000 per year for the first and second years and up to $5,000 for the remaining years. Graduate students may borrow up to an additional $12,000 per year. Financial need is not a requirement, but this loan in combination with other financial aid may not exceed the cost of education. Principal payments and interest payments may be deferred, although interest will accrue. Payment on the interest is strongly encouraged. Applications are available from the Financial Aid Office. Private Loans You may want to explore private sources of funding such as home equity loans, consumer loans, or borrowing against a life insurance policy. Information about alternative financing may also be obtained from the Financial Aid Office. Alternative Loans Students who have exhausted all other financial aid options, may want to consider applying for an alternative educational loan. If so, the financial aid office recommends the Sallie Mae Signature Loan. Students, who are enrolled at least half time, can apply for this loan on their own if creditworthy. If not, a creditworthy cosigner will be required. Students can borrow up to cost of attendance minus other aid received. Payments are deferred as long as the student remains enrolled half time, but interest will accrue while in school. Students are strongly encouraged to file for all other aid, including Stafford Loans, before applying for an alternative loan. You can apply online for the Signature Loan. United Methodist Loan The United Methodist Loan is available to a student who is an active, full member of The United Methodist Church for at least one year prior to application. The annual loan maximum for full-time students is $5,000; half-time students may borrow up to $2,500. A cosigner is required. Repayment begins no later than six months after graduation and there is a ten-year repayment period. Interest accrues on the principal balance from the date the loan check is disbursed until loan is paid in full. There are no prepayment penalties. Loan applications are available in the Financial Aid Office. Sallie Mae Tuition Pay As an alternative to making a large lump-sum payment at the beginning of each term, Tuition Pay provides a way for parents and students to pay for educational expenses over a 10-month period. A $55 application fee is assessed for participation in the Tuition Pay Plan. Tuition Pay, in conjunction with Maryland National Bank, also offers a revolving line of credit called Academic Credit Line. Amounts of credit ranging from $2,500 to $25,000 are available for creditworthy parents and self-supporting student applicants. If you participate in Tuition Pay and have a credit balance, a refund would not be generated for the student until the 10-month contract is completed. A semester payment plan is available for a $35 fee. You can apply online at www.tuitionpayenroll.com. University Deferment Plan If payment in full is not possible on registration day, a one-month deferment of up to one-half the total charges may be granted. An application and processing fee will be assessed. Campus Employment More than 500 students work on campus in various departments, including the library, administrative offices, and public computing centers. Students work an average of 10 hours per week and earn minimum wage. Job openings are posted in the Office of Career Services. Credit Cards VISA, MasterCard, and Discover are accepted by the university for payment of books and institutional charges. The bookstore accepts American Express as well as VISA, MasterCard and Discover.