Financial Aid

MNU school Code:
007032

Types of Aid

For Undergraduate Degree-Completion Programs

Pell Grants are awarded to students who demonstrate high financial need. 

  • A Federal Pell Grant does not have to be repaid. 
  • The maximum Federal Pell Grant for the 2021-22 award year (July 1, 2021 to June 30, 2022) is $6495.
  • The amount of your award depends on your financial need, costs to attend school, status as a full-time or part-time student, and plans to attend school for a full academic year or less. 

Direct Loans are low-interest loans for undergraduate students that help pay for the cost of an MNU education. The lender is the U.S. Department of Education. These loans are available to students who demonstrate need on the FAFSA.

Students must be enrolled at least half-time to be eligible for this loan.
Interest is paid by the Department of Education while the student is enrolled on a half-time or greater basis. The maximum award offered is based on the results of your FAFSA, the cumulative credit hours completed and subject to overall borrowing limits. Repayment begins six months after student graduation or when a student falls below half-time status.

  • Subsidized Usage Limit Applies (SULA),

    A borrower’s eligibility for Direct Subsidized Loans is limited to a period not to exceed 150 percent of the length of the borrower’s educational program. Students who have exceeded the 150 percent limit will lose the interest subsidy on their Direct Subsidized Loans. To find out more about Federal Direct Subsidized Loans, visit Federal Student Aid.

Unsubsidized loans are available to students regardless of financial need. A student must be enrolled at least half-time to be eligible. Interest is calculated and begins accruing when the loan amount is disbursed to the student’s MNU account. Students who have completed the FAFSA for the appropriate academic year and are eligible for federal financial aid are offered an Unsubsidized Stafford Loan. Direct Unsubsidized Loans for degree-completion undergraduate students have a limit of up to $12,500 per academic year. For more information on Direct Loans, go to www.studentloans.gov.

PLUS loans are federal loans  for parents of dependent undergraduate students. To be eligible for a PLUS Loan, the student must be enrolled at least half-time or greater and a FAFSA is required to be on file. 

  • The U.S. Department of Education is the lender. 
  • The borrower must have a good credit history.
  • The maximum loan amount is the student’s cost of attendance, determined by the school, minus any other financial aid received. 

A private loan (alternative loan) should be considered to meet out of pocket expenses only when there is no other viable federal student loan option available. Private loans are credit based, and often require a creditworthy co-signer when borrowed in the student’s name. Parents can apply for a loan in their name, but should compare costs and loan terms to the Federal Parent Loan for Undergraduate Students (PLUS). 

MidAmerica Nazarene University cannot recommend specific lenders.  Borrowers should research the market to find the best loan available for their needs. To assist in your search, we have gathered a historical list of lenders other MNU students have chosen. This list can be found at https://choice.fastproducts.org/FastChoice/home/703200/ and used to compare terms and conditions of the lenders included on the list and provides links to the application process.   You may use other lenders who offer private educational loans not on our list.  

We encourage you to learn more about private loans before you borrow. This information can be found at http://www.finaid.org/loans/privatestudentloans.html

For Graduate Programs and Certifications

Unsubsidized loans are available to students regardless of financial need. A student must be enrolled at least half-time to be eligible. Interest is calculated and begins accruing when the loan amount is disbursed to the student’s MNU account. Students who have completed the FAFSA for the appropriate academic year and are eligible for federal financial aid are offered an Unsubsidized Stafford Loan. Direct Unsubsidized Loans for Graduate students have a limit of up to $20,500 per academic year.

For more information on Direct Loans, go to www.studentloans.gov

 

Graduate PLUS loans are federal loans that are available to Graduate students to help pay education expenses. To receive a Graduate PLUS Loan, the student must be enrolled at least half-time or greater and a FAFSA is required to be on file. 

  • The U.S. Department of Education is the lender. 
  • The borrower must have a good credit history.
  • The maximum loan amount is the student’s cost of attendance, determined by the school, minus any other financial aid received. 
     

A private loan (alternative loan) should be considered to meet out of pocket expenses only when there is no other viable federal student loan option available. Private loans are credit based, and often require a creditworthy co-signer when borrowed in the student’s name. 

MidAmerica Nazarene University cannot recommend specific lenders.  Borrowers should research the market to find the best loan available for their needs. To assist in your search, we have gathered a historical list of lenders other MNU students have chosen. This list can be found at https://choice.fastproducts.org/FastChoice/home/703200/ .   You may use other lenders who offer private educational loans not on our list.  

We encourage you to learn more about private loans before you borrow. This information can be found at http://www.finaid.org/loans/privatestudentloans.html
 

Office of Admissions
13563 South Mur-Len Rd.
Olathe, KS 66062
Student Financial Aid Services
MidAmerica Nazarene University
Lunn Hall
2030 E. College Way
Olathe, KS 66062-1899
Office Hours
Mon.-Fri.

The MNU School Code is: 007032

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