Financial Aid Menu
Our Foundation Scholarship Application is now available for the 2015-2016 academic year!
Starting Oct. 22, 2014 our university will begin a new way of paying federal Stafford loans. Any 1st time freshman loan borrower will have their federal Stafford loan paid to the student account once 30 days of the semester has lapsed.
All federal Stafford loan borrowers who have a loan for a single semester will have their loans paid out in two equal disbursements during the semester.
Don't forget to fill out your FAFSA for 2014-2015!
The interest rates for Direct Subsidized, Direct Unsubsidized, and Direct PLUS loans will be established each year. Once a loan is established, it will apply for the life of the loan- that is, the loan will be a fixed-rate loan. As a result, it is likely that many borrowers will have a set of fixed-rate loans, each with a different interest rate, including the 3.86% Direct Subsidized and Direct Unsubsidized loans made prior to July 1st, 2014.
*Please note that the current loan interest rates apply to those loans first disbursed on or or after July 1st, 2014 and before July 1st, 2015.
|Interest Rate||Interest Rate Cap|
|Subsidized Stafford Direct Loan||4.66%||8.25%|
|Unsubsidized Stafford Direct Loan||4.66%||8.25%|
|Parent PLUS Direct Loan||7.21%||10.50%|
|Loan Type||Interest Rate||Interest Rate Cap|
|Unsubsidized Stafford Direct Loan||6.21%||9.50%|
|Graduate PLUS Direct Loan||7.21%||10.50%|
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 $5,000 with a 0% interest rate. MOFELP has no additional fees; however borrowers are responsible for a $5 monthly keep-in-touch payment. Below is the general criteria intended for qualified borrowers:
* MOFELP criteria may be subject to change.
Starting on 7/1/2013 for all new loans, undergraduate students can only receive subsidized Stafford loans through 150% of their educational program. Once the student has attempted 186 credit hours for a Bachelor's degree, the student will only be eligible for unsubsidized Stafford loans. Students with previous loans are not impacted by this rule. Only students taking their first loan 7/1/13 or after.
The interest rate remains the weighted average of the interest rates of the loans included in the consolidation, rounded up to the next higher one-eighth of one percent. However the new law removes the 8.25% cap.
The Department of Education is addressing possible fraud and abuse in the Title IV student aid programs. MSSU will review all academic transcripts from previous institutions to ensure the student completed credits/hours at institutions that provided federal Pell Grant funds.
Students who have received federal Pell Grant funds at 3 or more schools in the past three years (including MSSU) will be reviewed.
Any student can request a Financial Aid Shopping Sheet to review/compare aid offered at MSSU. The Shopping Sheet gives a summary of costs at MSSU, financial aid awards offered, graduation rates, and loan default rates.
All new students to MSSU (freshman and transfer students), as well as all veterans will receive a Shopping Sheet by mail as awards are offered.