Loans are granted by the federal government to degree-seeking students who complete the FAFSA and are enrolled at least half-time. You will be awarded a loan based on the information you provide on the FAFSA, including enrollment status and living arrangements.
The following topics may be helpful as you maintain your financial aid:
According to the National Center for Education Statistics (NCES), in 2019-2020 1,412 (or 53%) of our full-time, first-time students borrowed some amount of educational loans to help pay for school. Of these, 1,366 (or 52%) borrowed from the Federal Direct loan program, while 294 (or 11%) borrowed from other student loan sources.
Of all undergraduate students, 8,122 (or about 41%) borrowed federal student loans to help pay for school.
According to internal data, undergraduate borrowers (those who graduated with any level of student loan debt) who graduated in 2020-2021 did so with an average Federal Direct loan obligation of $23,261.
Looking at post-graduation, Missouri State University's official 3-year cohort default rate (CDR), based on student borrowers who went into repayment in FY2018, is 3.9%. In FY2017 and FY2016 the university's default rates were 6.6% and 5.6%, respectively.
The FY2018 national cohort default rate is 7.3%. The Department released a summary of the FY 2018 official cohort default rates by institution type.
An “origination fee” of no more than one percent of the principal is charged for direct loans according to the regulations governing the programs. The fee is deducted proportionately from each payment before the loan funds are disbursed to the school to offset the cost of the loan programs. You are still responsible for repaying the full value of the loan before the fee is paid.
The Master Promissory Note (MPN) is a legal document completed by the student only promising to repay their loans and any accrued interest and fees to the federal Department of Education. It also explains the terms and conditions of student loans.
In most cases, one MPN can be used for loans received over several years of study. The MPN must be completed online.