Financial Aid FAQ for Transfer Students
Will all of my aid transfer from my old school to MNU?
Certain types of government aid are portable, while campus-based aid such as the Federal Perkins loan and Federal Work-Study are not. In addition, any money awarded by your previous college from its own funds will not transfer. If you have received an Alternative Loan, you must contact your lender and reapply for a new loan to be sent to MidAmerica
I am interested in beginning my studies at MNU in January. How does this impact my financial aid?
A number of students choose to begin their MNU enrollment in January. If you are transferring in the middle of the academic year, the amount of federal student aid for which you are eligible will be reduced by the amount of federal student aid you received and “earned” at the previous college.
Are there other factors that impact the amount of federal or state aid I might receive?
Yes. There are cost of attendance caps on the amount of federal student aid you can receive. If MNU is much less expensive than your previous college, the amount of financial aid you can receive might be reduced.
Why should I list MidAmerica Nazarene as the primary institution on my FAFSA?
The online FAFSA has space for you to list up to ten colleges. To send your FAFSA information to MNU, list us the primary institution. It will take a week or two for the new college to receive the data from your FAFSA. You will receive a new Student Aid Report (SAR) when the college has received the data from your FAFSA
Does MidAmerica Nazarene University offer scholarship/grant money to transfer students?
Yes! MNU has a generous academic scholarship/grant program available to transfer students. Award amounts are based upon your cumulative college transfer GPA and the institution you have previously attended.
Contact the Office of Admission at 913-971-3380 or email us at admissions@mnu.edu to learn more about this program.
Are Direct Loans available?
Yes. The Federal Direct Loan Program offers the following types of loans:
- Subsidized: for students with demonstrated financial need, as determined by federal regulations. No interest is charged while a student is in school at least half-time, during the grace period, and during deferment periods.
- Unsubsidized: not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.
- PLUS: unsubsidized loans for the parents of dependent students and for graduate/professional students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods.
- Consolidation: Eligible federal student loans can be combined into one Direct Consolidation Loan. Student borrowers are not required to begin making payments until after they drop below half-time attendance.
How much money can I borrow using the Federal Direct student loan program?
The Department of Education has established maximum levels for student borrowing. These limits are based upon the total number of credits that you have completed toward graduation in your program of study. If you are a dependent study, your loan limits follow:
| Annual Loan Limits 2013-2014 | ||||
|---|---|---|---|---|
| Grade Level | Subsidized | Unsubsidized | Combined | Fixed Interest Rates |
| Freshman | $3,500 | $2,000 | $5,500 | 6.8% subsidized |
| Sophomore | $4,500 | $2,000 | $6,500 | 6.8% unsubsidized |
| Junior & Senior | $5,500 | $2,000 | $7,500 | |
Questions? Contact us
| MidAmerica Nazarene University Student Financial Services Campus Center Building 2030 E College Way Olathe, KS 66062 |
Office Hours Monday—Friday 8:00 a.m.—5 p.m. Central |
Phone: 913-971-3298 Toll Free: 1-800-800-8887 Fax: 913-971-3482 Email: finaid@mnu.edu |
