On-Campus Financial Aid
Answering Your Questions About Loans
Loans are a type of financial aid that allows students to borrow money to cover educational expenses, which must be repaid with interest.
To apply for federal student loans, borrowers must be enrolled at least half-time. Eligibility is determined through the FAFSA, and the student must be certified as eligible by the University.
Responsible Borrowing
Grace Encourages Students to Borrow Responsibly
Many students borrow more than they need for their tuition, books and fees. We want to strongly encourage you to consider borrowing only what you need or using only subsidized loans when possible. Subsidized loans do not collect interest while you are attending your program, however, unsubsidized loans do.
Countless students…
- Are borrowing the maximum amount and then leaving college
as soon as the check comes. - Are borrowing more than is needed for tuition and books.
They’re living off loan checks. - Have loans that are maxed out, delinquent and in default.
Some may even lose their tax returns. - Graduate or leave college having accrued more debt than necessary.
What is the solution?
- Be future minded and avoid loans, if possible. You can either borrow nothing, borrow only what is needed, or choose to borrow subsidized loans only.
- Read and understand the grant and loan information provided by studentaid.gov.
- Apply for scholarships. To find outside scholarships, visit scholarship websites such as fastweb.com or scholarships.com. Learn more on the Scholarships & Grants webpage.
Types of Loans
Subsidized Loans
Interest is not charged on Subsidized loans while the student is enrolled at least half-time. After a student withdraws or graduates, repayment begins after a six month grace period.
The interest rate is 6.53%Â for loans disbursed on or after 7/1/24, but before 7/1/25.
Unsubsidized Loans
Interest is charged on Unsubsidized loans upon disbursement. After a student withdraws or graduates, repayment begins after a six month grace period.
The interest rate is 6.53%Â for loans disbursed on or after 7/1/24, but before 7/1/25. For Graduate students, the interest rate for Direct Unsubsidized loans is 8.08%Â for loans disbursed on or after 7/1/24, but before 7/1/25.
Loan Options
Federal Direct Loans
To access Federal Direct Loans, students need to complete the Free Application for Federal Student Aid (FAFSA). Once submitted, the Financial Aid Office will determine the loan amount a student qualifies for based on their financial need and other factors. Students receive an award letter detailing their loan eligibility, up to the maximum amount allowed per student. (Cost of Attendance limits apply.)
To accept Federal Direct Loans, students must complete a Master Promissory Note (MPN) at studentaid.gov/mpn. The MPN serves as a commitment to repay the federal loans. Once the MPN is submitted, the Financial Aid Office is notified by the Department of Education.
| Dependent Students | Subsidized | Unsubsidized | Total |
| 1st year undergrad | $3,500 | $2,000 | $5,500 |
| 2nd year undergrad | $4,500 | $2,000 | $6,500 |
| 3rd year (up to graduate) | $5,500 | $2,000 | $7,500 |
| Independent Students | Subsidized | Unsubsidized | Total |
| 1st year undergrad | $3,500 | $6,000 | $9,500 |
| 2nd year undergrad | $4,500 | $6,000 | $10,500 |
| 3rd year (up to graduate) | $5,500 | $7,000 | $12,500 |
Federal Direct Loans Requirements
Entrance Counseling
Students wishing to borrow Federal Direct Loans are required by the Department of Education to complete the Loan Entrance Counseling. Federal Direct Loan funds will not be released to the school without completion of the required Entrance Counseling. Complete Entrance Counseling >
Exit Counseling
Upon withdrawal or graduation, students who borrowed Federal Direct Loans must fulfill their Loan Exit Counseling requirement. This step ensures students understand their loan rights and responsibilities. Complete Exit Counseling >
If you have any questions as you complete the counseling requirements you may contact the Financial Aid Office at financialaid@gracechristian.edu or (616) 538-2330.
Direct Parent Plus Loans
For Dependent Students
Direct PLUS loans offer parents with a good credit history the opportunity to cover education expenses for their dependent undergraduate child enrolled at least half-time. Eligibility is determined through the FAFSA, and the student must be certified as eligible by the Financial Aid Office.
The interest rate is 9.08% for loans disbursed on or after 7/1/24, but before 7/1/25.
- To complete the Parent PLUS Loan application, parents should visit the Federal Student Aid website and log in using their FSA ID and password. If parents do not have an FSA ID, they can create one here.
- The PLUS application includes a credit check. Upon approval, parents can contact the Financial Aid Office to request a loan, up to the allowable amount determined by the student’s cost of attendance.
- Parents seeking a Direct Parent PLUS loan must complete the Master Promissory Note (MPN). The MPN serves as the parent’s commitment to repay the federal loans. Once the MPN is submitted, the Department of Education will notify the Financial Aid Office.
Private Loans
In some instances, students may require additional financial assistance to cover remaining educational expenses. Private loans offer a solution to bridge the gap between federal, state, and institutional aid and the total cost of attendance.
- Private loans are typically for students who still have an amount owed after applying for Stafford and PLUS loans.
- Private loans usually require a cosigner, but in some cases (if the student has established credit) the student may be able to apply for a loan without a cosigner.
Financial Aid
Financial Aid
We’re committed to ensuring that finances never stand in the way of pursuing your degree. Discover a wealth of opportunities, including scholarships, grants, and loans, tailored to support your journey toward your calling.
Housing & Dining
Housing & Dining Options
Flexible meal plans offer students creative options to accommodate financial needs while providing meals from our wonderful dining hall. Rather than purchasing meals weekly, meal plan cost is per semester. Students are able to choose how many meals they eat in a given week and can adjust as needed based on their remaining quantity.
Financial Aid
Contact Us
If you have questions, please do not hesitate to reach out to the Financial Aid Office.
PHONE (616) 538-2330
EMAIL financialaid@gracechristian.edu
FAX (616) 538-0588 (Attn: Financial Aid)
KURT POSTMA (Director) (616) 261-8557 or kpostma@gracechristian.edu
JODY FERGUSON (616) 264-6651
KEN MYERS (616) 261-8577
JAMIE BRISTOL (616) 261-1564