Graduate Financial Aid

Student Loans

McKendree offers financial aid in the form of Federal Direct Unsubsidized Loans. The maximum annual loan eligibility for a degree seeking graduate student, effective 7/1/15, is up to $20,500.  The interest rate for the 2020-21 award year is 5.30%.

Graduate students must be enrolled for Fall and/or Spring semester in at least a half-time status (5 hours) as a degree seeking student to be considered for Federal Direct Unsubsidized Loan eligibility.  Full-time status is nine (9) or more hours per semester.

The Summer semester is based on a student's summer enrollment hours and reviewed after registration for eligibility.  Half-time status for the summer is 5 hours and full-time status is 9 or more hours.

The aggregate loan limit for Graduate Students is $138,500.

Applying for Financial Aid

An application for financial aid cannot be considered until a student is admitted to the University and enrolled in a degree-seeking program. Students must be enrolled in at least half-time status to be eligible for federal loans. To apply for a federal loan, an admitted student must file a Free Application for Federal Student Aid (FAFSA) with the federal student aid program. This form is available online or from the McKendree Office of Financial Aid. When the FAFSA has been processed, the student will receive a Student Aid Report (SAR). McKendree (Title IV code number 001722) will receive the SAR electronically if McKendree is listed as one of the schools on the FAFSA. Once the Office of Financial Aid receives this information, the student will then be notified of aid eligibility. A student may be selected for verification by the federal government. This requires that the student submit additional documentation. The Office of Financial Aid will notify a student of the documents that need to be provided. Verification must be completed before any federal loans will be certified. After a student is registered, progress of financial aid award can be viewed at MyMcK - Self Service.

McKendree School Code: 001722

Helpful Financial Aid Websites

FAFSA -- (Please be certain to use the correct extension not com).  Complete as soon after October 1st as possible.  The FSA ID mentioned below will allow a student to complete the application on line and an expected family contribution (EFC) will be provided at the end of the process.  -- This is the site where a student and parent can obtain a username and password. This username and password is unique to each individual and represents an electronic signature which can be used to sign your Free Application for Federal Student Aid (FAFSA).


Alternative Loans

Students attending McKendree University Graduate programs, may choose to borrow an Alternative Loan through an external company, such as a bank or lending institution not associated with the Department of Education (FAFSA) or the University.  Alternative Loans are credit based, and may require a credit-worthy co-signer. Interest rate and repayment are dependent on the lender and students are encouraged to research the options that best fit their needs. To view a list of historical lenders at McKendree University visit


Payment Plan

McKendree partners with Tuition Management Systems (TMS) to offer families an interest-free monthly payment option. For an enrollment fee, the billing cost is spread out over the time period that you are taking the courses. For more information please contact the Business Office at 537-6868 or go online at

Employer Reimbursement 

1.   Only the amount that will be paid by the employer can be deferred. The entire amount will be subject to interest charges until the student’s portion is paid.
2.   A letter from the employer stating that the employee is eligible for tuition reimbursement will be required each semester. Depending upon the employer’s tuition reimbursement requirements, a copy of the policy from the company may be sufficient. This letter should be submitted to the Business Office.
3.   The employer should make McKendree the Payee (or at least the co-payee) on the check.
4.   Deferment period will terminate 30 days after the date grades are issued.
5.   The balance will be subject to interest charges if payment is not received within 30 days from the date grades are issued.