Financial Aid

Table of Contents

FAFSA Online

Aid Types

Scholarships

Grants

Loans

Entrance/exit counseling for loans

Default Prevention

Student Employment

How to apply for aid

How to renew aid

Glossary of Terms

Loans

• Federal Perkins Loan Program

• William D. Ford Federal Direct Loan Program

• William D. Ford Federal Direct PLUS Loan Program

Perkins Loan Program

Perkins Loans are low-interest loans offered directly through Missouri Southern State College. This loan bears no interest until nine months after the student ceases their studies (at Missouri Southern or a transfer school). At the end of the student's nine month grace period, the loan begins to draw interest at the rate of five percent per year. Repayment of the loan may be as low as $50.00 per month and depending on the loan amount may be extended over as long as a ten-year period. These loans are recommended to students entering the teaching field, as a percentage of the loan may be written off for each year worked in an economically deprived area. Students applying for these loans must complete the Free Application for Federal Student Aid (FAFSA). The priority processing date is February 15, prior to the academic year. Loans Range from $500.00 to $4,000.00 per academic year.

William D. Ford Federal Direct Loan Program

The William D. Ford Federal Direct Loan Program makes Stafford loans available to students directly through the Federal Government. These variable-rate, low-interest, long-term loans may be "subsidized" or "unsubsidized". Direct Stafford unsubsidized loans are awarded regardless of need. Interest comes due within 60 days after receiving the loan, however, interest may be deferred until the student leaves school. Applicants must complete the electronic Free Application for Federal Student Aid (FAFSA). The priority processing date is February 15, prior to the academic year. Loans vary by eligibility and academic year grade level. For more information consult the "Student Guide" on the Department of Education Web Site at: Student Guide or contact the Financial Aid Office at Missouri Southern.

William D. Ford Federal Direct PLUS Loan Program

William D. Ford Federal Direct PLUS Loan Program offers loans to parents of students directly from the Federal Government. These variable-rate, low-interest, long-term loans are unsubsidized. Interest becomes due 60 days after the parent receives the loans. The interest can be deferred until the student leaves school. Applicants must complete either the paper or the electronic Free Application for Federal Student Aid. The priority processing date is February 15, prior to the academic year. Loan amounts may vary depending on the cost of education and other financial aid the student receives. For more information consult the "Student Guide" on the Department of Education Web Site at: Student Guide or contact the Financial Aid Office at Missouri Southern.