Loans for Undergraduate Students

Subsidized Stafford Loans

Amount

The annual loan limits are $3,500 for freshmen, $4,500 for sophomores and $5,500 for juniors and seniors.

Interest rates

For loans first disbursed on or after 7/1/20 and before 7/1/21 the interest rate is fixed at 2.75 percent.

Repayment

Interest charges and repayment of principal begin six months after you leave school or drop below half-time enrollment. The government pays the interest on the subsidized loans while you are enrolled at least half time.

Qualifications

Subsidized Stafford Loans are given to undergraduate students based on financial need. First-time borrowers must complete online entrance counseling prior to loan approval.

Application

To be eligible for a Stafford Loan, you must complete the steps listed under "Applying for a Stafford Loan" at the top of this page.

Review our Direct Stafford Loan for more information about how to review and accept your award.

Unsubsidized Stafford Loans

Amount

The annual loan limits are $5,500 for freshmen, $6,500 for sophomores and $7,500 for juniors and seniors.

Interest rates

For loans first disbursed on or after 7/1/20 and before 7/1/21 the interest rate is fixed at 2.75 percent.

Repayment

Repayment begins six months after you leave school or drop below half-time enrollment. You are responsible for repaying interest from the date of disbursement. Interest payments may be made in installments or allowed to accumulate and be added to the principal.

Qualifications

Unsubsidized Stafford Loans are granted to both undergraduate and graduate students regardless of financial need. First-time borrowers must complete online entrance counseling prior to loan approval.

Application

To be eligible for a Stafford Loan, you must complete the steps listed under "Applying for a Stafford Loan" at the top of this page.

Review our Direct Stafford Loan for more information about how to review and accept your award.

Parent Loans for Undergraduate Students

Amount

Loan amount may not exceed the student’s cost of education minus other aid received.

Interest rates

For loans first disbursed on or after 7/1/20 and before 7/1/21 the interest rate is fixed at 5.3 percent.

Repayment

Interest is charged from the first disbursement date, and repayment on both interest and principal begins 60 days after the final loan disbursement for the academic year.

Qualifications

PLUS Loans are granted to parents of undergraduate students with good credit history and who may not qualify for other types of aid or who need additional funds.

Application

You must complete your FAFSA, a PLUS application through the Department of Education, MSU Parent PLUS Loan application and the Master Promissory Note. More information about the application process is available online.

Alternative loans

Alternative loans are private loans designed to help student with educational expenses that exceed other available assistance. They should only be used after all federal loan program eligibility has been exhausted.

Amount

Varies. Alternative loans are private loans designed to help student with educational expenses that exceed other available assistance. They cannot exceed a student's approved cost of attendance.

Interest rates

The interest rate varies by loan provider.

Repayment

Repayment options vary by loan and loan provider.

Qualifications

Loan providers determine your eligibility based on credit approval. It is the policy of the Financial Aid Office at Missouri State University that a student MUST be enrolled at least HALF-TIME in current grade level courses at Missouri State before an alternative loan will be processed.

Application

You can apply online for alternative loans. You should only apply for alternative loans after all federal loan program eligibility has been exhausted.

Missouri Family Education Loan Program

The Missouri Family Education Loan Program (MOFELP) is a private education loan program that is awarded on a first come, first served basis for eligible, qualified borrowers. Annual loan limits are $500 - $5,000 per year with a 0% interest rate. MOFELP has no additional fees; however borrowers are responsible for a $5 monthly keep-in-touch payment. General eligibility criteria for qualified borrowers includes:

• Enrolled full-time
• Making Satisfactory Academic Progress (SAP)
• Accepted full annual loan limits for Federal Direct Subsidized and Unsubsidized Loans
• EFC of $20,000 or less for the current academic year
• Be at least 17 years of age
• Be a United States citizen
• Permanent Missouri resident
• Not have a Bachelor’s degree
• At least 21 on ACT or 1500 on SAT; or have an overall cumulative GPA of 2.50 or higher earned at the Participating School
• Not have a conviction for fraud
• Two year credit history (or have a cosigner with two year credit history)

*MOFELP criteria may be subject to change.

Applications for the Missouri Family Education Loan Program are available online. Submit all completed applications to the Office of Student Financial Aid in Carrington Hall 101.