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Federal Perkins Loan Program | Federal Direct Loan Program | Federal Direct PLUS Loan Program | Alternative Loan Information

Federal Perkins Loan Program

Federal Perkins Loans Program is a federally funded loan program that carries a fixed interest rate of 5%. Repayment begins 9 months after the student leaves school or drops below half-time enrollment. Annual loan limits are $5500, although amount received depends on financial need, amount of other aid, and availability at the institution (the funds are limited). 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 need to $5,000.00 per academic year or an aggregate total of $20,000.00.

Federal Direct Loan Program

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". For both types of loans, applicants must complete the electronic Free Application for Federal Student Aid (FAFSA). Loans vary by eligibility and academic year grade level. For more information consult the "Student Guide" on the Department of Education Web Site or contact the Financial Aid Office at Missouri Southern.

Federal Regulations require a 30 day hold on Federal Stafford Loans disbursements to freshman, first-time borrowers. Students should be prepared to cover all non-direct costs until loan funds are released to the school.

Subsidized Loans

Subsidized loans are only available to undergraduate students who demonstrate financial need. The range of  loans is based upon the number of hours completed. See the table below for more information.

Undergraduate Student 

Completed Hours

Loan Range (per academic year)

0-29 hrs up to $3,500
30-59 hrs up to $4,500
60-89 hrs up to $5,500
90+ hrs up to $5,500

     * aggregate total of $23,000

Unsubsidized Loans

Direct Stafford Unsubsidized loans are awarded to graduate and undergraduate students regardless of need. Interest comes due within 60 days after receiving the loan, however, interest may be deferred until the student leaves school. These loan amounts will vary depending upon how much aid the student is already receiving and whether a student is considered dependent, independent, or a graduate student.  See the tables below for more information.

Dependent  Undergraduate Student
Completed Hours

Loan Range (per academic year) 

 0-29 hrs  up to $5,500
 30-59 hrs  up to $6,500
 60-89 hrs  up to $7,500
 90+ hrs  up to $7,500

*aggregate total of $31,000

Independent Undergraduate Student

Completed Hours

Loan Range (per academic year)
0-29 hrs up to $9,500
30-59 hrs up to $10,500
60-89 hrs up to $12,500
90+ hrs up to $12,500

     *aggregate total of $57,500

     Graduate/Professional Student
Loan Range (per academic year)
up to $20,500

     *aggregate total of $138,500 (includes undergraduate loans)

Federal Direct PLUS Loan Program

Federal Direct PLUS Loan Program offers loans to parents of students as well as graduate students directly from the Federal Government. These variable-rate, low-interest, long-term loans are unsubsidized. Interest becomes due 60 days after the parent or graduate student receives the loans. The interest can be deferred until the student leaves school. Applicants must complete the electronic Free Application for Federal Student Aid (FAFSA). 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 or contact the Financial Aid Office at Missouri Southern.

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