MWU Institutional Loan
Midwestern University Institutional Loan
- You must be a current student in the final year of your program. (AZCOM AND CCOM are excluded, please see CCOM/AZCOM Loan)
- Borrower must complete the 2014-2015 FAFSA and University institutional application.
- Borrower must not be in default on federal student loan or 90 days or more delinquent on any debt.
- Borrower must be making satisfactory academic progress at the time of disbursement.
- Borrower may be required to apply with credit-worthy co-signer. The co-signer must be either a U.S. citizen or permanent resident, be at least 21 years old and reside in the U.S.
- Borrower must maximize their Stafford loan eligibility prior to receiving the loan.
- Fixed interest rate of 6%. Interest rate and fees are subject to change for new loans originated on or after July 1.
- Interest will accrue at the time of disbursement.
- Borrower will have the option to either: (1) pay interest monthly during in-school and/or 6-month grace period or (2) defer the payment of interest during the in-school and/or 6-month grace period.
- A loan origination fee of 2%.
- Repayment begins 6 months after graduation or separation from your program of study.
- There are three repayment plan options: Standard Repayment, Graduated Repayment and Extended Repayment. In order to qualify for the up to 15 year extended repayment plan, the borrower must have a minimum of $30,000 in outstanding MWU Institutional loan debt.
- $100 per month minimum payment.
- Deferments available for qualified periods of enrollment, unemployment, and economic hardship (see promissory note for details.)
- Forbearance may be granted when a borrower is temporarily unable to make scheduled loan payments for reasons including, but not limited to, financial hardship and illness. (see promissory note for details.)
- No prepayment penalty.
- Loan cannot be included in a Federal Consolidation Loan or other Federal loan repayment plans.
Annual Loan Limit:
- Not to exceed the cost of attendance less other financial aid received.