McPherson College is pleased to assist students in fully utilizing their employers’ tuition reimbursement benefits. The following guidelines have been created to facilitate a clear understanding among students regarding employer reimbursement. Please take a few minutes to review these guidelines and file them in a safe place for future reference.
If your employer provides you with a tuition reimbursement benefit, you probably fit into one of the following two categories:
Most employers who provide tuition reimbursement reimburse their employees after they have completed a course(s), received their grade(s) for a given term, and have paid their account balance. As a service to our employer-reimbursed students, McPherson College has developed a short-term loan fund that allows students the availability to borrow funds for a given term. Re-payment of the loan must be complete within 45 days following the end of the term. Students choosing to participate in the Balm Loan will be required to meet with a member of the business office, provide employment verification information (current paystub), provide a copy of their employer’s reimbursement policy, and complete a Balm Loan Fund promissory note agreement.
The loan due date is designed to give students ample time to receive a paid invoice from the Business Office, receive their grades from the Registrar's Office, and process the reimbursement with their employer.
Once a student is approved in a given calendar year the Business Office will apply the Balm Loan funds to a students account to cover the term’s balance. Prior to Balm Loan funds being applied to the next term - students are required to pay-off the prior terms outstanding loan and/or account balance.
Loan qualification amount is the lesser of $5,250 per calendar year or the maximum amount allowed for reimbursement under their employer reimbursement agreement.
Please note, if you withdraw from classes after the 100% or 50% refund periods in a given term, you are still obligated to pay your outstanding Balm Loan and account balance, regardless of forfeiting tuition reimbursement from your employer.
What do you need to do to acquire a Balm Loan?
If you have any questions about these guidelines, please contact your admissions counselor, or the McPherson College Business Office.