New Required Financial Aid Literacy Training
A high number of students, who appeal their Financial Aid, have difficulties managing finances, time, work, etc. Missouri Southern State University wants to assist students managing their life outside of the classroom, so they will be successful in the classroom. As part of the Financial Aid Appeal process, each student is now required to complete one USA Funds Life Skills lesson of their choice. They will need to follow the instructions on the USA Funds Life Skills Student Guide to complete their lesson. A score of 80% is needed for the lesson before the requirement is met. Any score below 80%, will require the student to re-read and re-take the exam in the lesson to receive the passing score. The lesson has to be completed before any financial aid is awarded to their account, if their appeal is approved.
FSA ID replacing Federal Student Aid PIN
The new FSA ID requirement was implemented May 10th, 2015. It is made up of a username and password, has replaced the Federal Student Aid PIN and is now being used by students, parents, and borrowers to access personal financial aid information online and electronically sign Federal Student Aid documents.
Federal Perkins Loan Program Ending
Our Federal Perkins Loan Program will officially end September 30th, 2017. Anyone who has received a Perkins Loan prior to June 30th, 2017 could remain eligible in the future.
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.
Current loan rates for 2016-2017 academic year:
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 4.% Direct Subsidized and Direct Unsubsidized loans made prior to July 1st, 2016.
*Please note that the current loan interest rates apply to those loans first disbursed on or or after July 1st, 2016 and before July 1st, 2017.
|Interest Rate||Interest Rate Cap|
|Subsidized Stafford Direct Loan||3.76%||8.25%|
|Unsubsidized Stafford Direct Loan||3.76%||8.25%|
|Parent PLUS Direct Loan||6.31%||10.50%|
|Loan Type||Interest Rate||Interest Rate Cap|
|Unsubsidized Stafford Direct Loan||5.31%||9.50%|
|Graduate PLUS Direct Loan||6.31%||10.50%|
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 $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:
- Enrolled full-time
- Making Satisfactory Academic Progress (SAP)
- EFC of $12,000 or less
- At least 17 years of age
- US 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 2.5 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.
150% Subsidized Stafford Direct Loan Limit
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.
Unusual Enrollment History
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.