Master Promissory Loan Agreement

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The West Michigan Conference Board of Ordained Ministry and The United Methodist Foundation of Michigan

Forrest and Hilda Snyder Memorial Fund
Boyer and Falconer Scholarship Funds
Methodist Education Funds 

STUDENT FINANCIAL AID PROGRAM
MASTER PROMISSORY LOAN AGREEMENT

I, ______________________________________________________, a Certified Candidate for Ordained Ministry in the West Michigan Conference of the United Methodist Church, wish to apply for and participate in the Student Financial Aid Program administered by the West Michigan Conference Board of Ordained Ministry, according to the terms outlined below.

  1. I understand the terms of this Master Promissory Loan Agreement shall pertain to all funds distributed to me on behalf of the West Michigan Conference Board of Ordained Ministry with an initial and any successive Financial Aid Applications, up to the maximum allowed by the policies of the Board of Ordained Ministry.
  1. I acknowledge that I have received, read, and understand the Board of Ordained Ministry’s Financial Assistance Policy, dated May, 2011.
  1. I understand that the Student Financial Aid Program offered by the Board of Ordained Ministry is available to me annually on a “per credit hour” basis, not to exceed the limits set by the Board of Ordained Ministry, for up to five (5) years from the commencement of my studies.
  1. I agree to use all Financial Aid Funds for the purposes of defraying tuition, books, room, and board costs related to attending a school of theology approved by the General Board of Higher Education and Ministry.
  1. I understand that in accepting any funding from the Student Financial Aid Program I am agreeing to the repayment terms outlined within this Master Promissory Loan Agreement as well as the Board of Ordained Ministry’s Financial Assistance Policy.
  1. I agree that all funds received through the Student Financial Aid Program shall be considered as a loan, forgiven through five (5) years of active service under appointment in the West Michigan Conference following completion of my studies.
  1. I agree that, should I fail to complete five (5) years service in the West Michigan Conference following completion of my studies, loans shall be forgiven on a pro- rated basis of 20% per year of service, with any remaining balance to be repaid by me over a period not to exceed five (5) years, unless the term is extended by approval of the Board of Ordained Ministry, with interest to be paid at a rate of 5% per year.
  1. I understand that if I am granted Incapacity Leave or placed on Involuntary Leave prior to completion of five (5) years of service under appointment, any remaining loan balance not covered by years of service shall be automatically forgiven in full.
  1. I understand and agree that if I am granted Family Leave, or am Appointed to School to further studies beyond my initial Master’s degree that I shall cease receiving credit for years of service until such time that I return to active service under appointment, and that if, after five (5) years, I have not returned to appointed service, repayment of any outstanding loan balance may be initiated, unless an extension is approved by the Board.
  1. I understand that if I am discontinued and/or not appointed prior to completion of the required five (5) years of service under appointment following the completion of studies, that any outstanding loan balance shall automatically be forgiven in full.
  1. I understand that if, due to a demonstrated financial hardship, I am unable to fulfill the service obligation or repayment terms of loans received through the Student Financial Aid Program of the Board, I may make written request for forgiveness of any outstanding loans to the Fiscal Agent of the Board.  I understand that if a request for forgiveness of loans is made, the Board may ask for documentation in support of the request, including but not limited to medical and financial records, and that the Board, at its sole discretion, may forgive all or part of any loan balance due to be repaid as the result of a failure or inability to complete five (5) years of service following completion of studies.

Signature: ______________________________            Date: ___________________

Witness:   ______________________________             Date: ___________________

For Board Use Only

Date Received: ___________________            By:_____________________________________

Initial Loan: __________          Date: ______              Addition: ____________          Date: ______

Addition: ____________          Date: ______               Addition: ____________          Date: ______

Addition: ____________          Date: ______               Addition: ____________          Date: ______

Addition: ____________          Date: ______               Addition: ____________          Date: ______

Addition: ____________          Date: ______               Addition: ____________          Date: ______

Addition: ____________          Date: ______               Addition: ____________          Date: ______

Addition: ____________          Date: ______               Addition: ____________          Date: ______

Addition: ____________          Date: ______               Addition: ____________          Date: ______

Please mail to:
UMC-WMC-Board of Ordained Ministry
2111 University Park Dr, Ste 500
Okemos, MI, 48864-6907