REMEMBER: Loans must be repaid. Even though interest may be deferred while you are in college, try to put strict limits on your borrowing. Loans are an option that should be used only if other sources of funds (such as savings and work) are not sufficient. You may delay borrowing until such time that you need a loan to keep your billing account current.
PRE-SEMINARY STUDENTS: Repayment of loans will begin already during seminary years and deferments may be difficult to obtain.
DEADLINES: If you want loan amounts to be included as a credit on your MLC billing statement, the loan application process including the signing of a promissory note must be completed before June 15. This deadline refers only to the loan amount being credited on your first billing statement. Loans may be taken out any time during the school year.
A fantastic resource is https://studentaid.gov.
Budget and Loan Planning
Direct expenses for the 2015-16 year:
|$13,570||Tuition and Fees|
|$5,350||Room and Board|
|$18,920||Total (full time/on campus)|
In addition, students can expect to spend as much as $5100 for the year for new books ($800), travel expenses ($1900), and personal/misc item costs ($2400). These costs are estimated using a regional cost of living calculator and can vary by student based on their living habits; for example, book expense can be substantially reduced by purchasing used books.
If you need a loan, subtract from the amount owed to MLC any grant and scholarship financial aid as well as any funds you can contribute from your own resources. Borrow the minimum amount that you need and borrow from the least expensive loan first up to the amount of your eligibility.