Student Loan Repayment Program
NEED
A significant percent of C&MA students graduate with a heavy educational debt load. At times this indebtedness has delayed the sending out of qualified missionary candidates and has made it difficult for some to enter church ministry. Meanwhile there is limited visible expression of the investment of The Christian and Missionary Alliance in the next generation of workers. The cost of education continues to increase while our requirements for service remain high and out of reach for some.
GOAL
To provide assistance to new C&MA workers in paying off their educational debts so they may be more quickly and completely engaged in full-time ministry.
BASIC CONCEPT
The Loan Repayment Program is available to students who have prepared for vocational ministry with the C&MA at one of the C&MA schools. No money would actually be loaned by The Christian and Missionary Alliance. Program participants must acquire their own loans. The loan repayment amounts will be sent directly to the loan agency and match an amount equal to what the student has paid towards their loans in that year. This method will avoid the possibility of negatively impacting student financial aid and will keep the C&MA from administering another student loan program. Applicants can receive up to $7,500 over three years toward educational debt repayment while serving in the US or overseas with the C&MA.
Applicants must initially apply to be accepted into the Loan Repayment Program which will provide up to $2,500 per year per applicant over a three year period. Applicants should apply after their final year of study in an approved ministry preparation program but not later than three years after their training has been completed. Payments will be made at the end of each year of successful licensed ministry with the C&MA and sent directly to the lending agency. Applicants will be expected to have paid during that year of ministry an amount equal to or exceeding the amount of the grant being provided by the program. The program will not provide more than the applicant has paid toward his/her loans in that year. Preference is given to those who have already shown prudent financial management and to those who have the greatest need and ministry potential. Priority is given to those with manageable debt remaining so that they can move more quickly into service.
Applicants who are married may both apply individually for loan repayment as long as both are accredited candidates involved in C&MA ministry.
Entry Requirements for Admission
- Applicants must apply within 3 years of graduation.
- Applicants must have incurred the educational debt while studying at a C&MA college or seminary.
- Applicants must have successfully completed the accreditation process for ministry and be serving in a local church ministry or overseas as a licensed Alliance worker or in lieu of district licensing would have approval from International Ministries.
- Applicants currently involved in Alliance church ministry must provide a letter of recommendation from their district superintendent. Applicants currently serving in the overseas Missionary Apprentice Program should contact the director for missionary candidates to request a recommendation letter.
Applicants will be eligible for repayment of loans for no more than three years. One month before you are eligible for funds to be released, you will receive an e-mail reminder asking you to secure the documents listed below. The first release of monies will be one year from your date of acceptance into the program. We will be able to make the first payment directly to the holder of your educational loan, upon completion of all the conditions listed below.
Conditions for first release of funds to your educational loan
- Applicants must have successfully served in a C&MA ministry in the United States or overseas for one year.
- Applicants must provide a letter/email confirmation from their district superintendent or field director documenting that year of licensed ministry.
- Applicants must provide evidence that they have completed an approved financial management/stewardship program such as the Crown Financial, Orchard Foundation, or the Dave Ramsey Live program.
- Applicants must provide a detailed payment history from their lender(s) showing they have paid towards the reduction of educational debt during the year of ministry (the amount released per year by the C&MA will match what the applicant has paid towards educational debt during that year but not to exceed $2,500).
One month before you are eligible for your second and third payout, you will also receive an email reminder asking you to provide the following documentation
Conditions for the 2nd and 3rd release of funds to your educational loan
- Applicants must secure a letter of confirmation from their respective district superintendent, or field director documenting that year of licensed ministry.
- Applicants must provide a detailed payment history from their lender(s) showing they have paid towards the reduction of educational debt during the year of ministry (the amount released per year by the C&MA will match what the applicant has paid towards educational debt during that year but not to exceed $2,500).
