Loans & Grants
Loan Options
Federal Subsidized Loan
For students with demonstrated financial need. No interest is charged while the student is in school at least half time, during the grace period, and during deferment periods. Maximum amount for a first-year dependent student is $3,500. Current fixed interest rate is 6.8%.
Federal Unsubsidized Loan
Not based on financial need. Interest is charged during all periods. Maximum amount for a first-year dependent student is $5,500. Current fixed interest rate is 6.8%.
Federal PLUS Loan
Unsubsidized loan for the parents of dependent students. Interest is charged during all periods. Amount covers education expenses up to the cost of attendance minus all other financial assistance. Current fixed interest rate is 7.9%.
Private Loans
These variable interest rate loans are available to eligible creditworthy students or students with a creditworthy co-signer. As a general rule, students should only consider obtaining a private student loan if they have already maxed out the federal student loans.
Loan and Grant Programs
MacMurray College participates in the following grant and loan programs. For more information on each program, follow the links listed below. Questions regarding any of the programs listed can be directed to the Financial Aid Office.
The Federal Pell Grant Program provides need-based grants to low-income undergraduate and certain post-baccalaureate students to promote access to postsecondary education.
Illinois Monetary Award Program (IMAP)
The Monetary Award Program (MAP) provides grants, which do not need to be repaid, to Illinois residents who attend approved Illinois colleges and demonstrate financial need, based on the information provided on the Free Application for Federal Student Aid (FAFSA).
Direct Loans are low-interest loans for students and parents to help pay for the cost of a student's education after high school. The lender is the U.S. Department of Education (the Department) rather than a bank or other financial institution.
The Federal Perkins Loan Program provides low-interest loans to help needy students finance the costs of postsecondary education.
Through the College Cost Reduction and Access Act of 2007, Congress created the Teacher Education Assistance for College and Higher Education (TEACH) Grant Program that provides grants of up to $4,000 per year to students who intend to teach in a public or private elementary or secondary school that serves students from low-income families.
Golden Apple, a leader in advancing the teaching profession in Illinois since 1985, works with teachers across the spectrum of their careers. Golden Apple recruits, prepares, and mentors outstanding prospective teachers; provides high quality professional development; and recognizes and supports the work of excellent teachers.
The United Methodist Student Loan Program
Active members of the United Methodist Church may be eligible to borrow up to $5,000 per year at 5% interest. Fall applications will open on June 1st. Check the website for more details and the application process.
