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 Federal Student Aid Resources on the Department of Education Web Site or contact the Financial Aid Office at Missouri Southern.
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.
| 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 |
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.
| 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
| 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
Loan Range (per academic year)
up to $20,500
*aggregate total of $138,500 (includes undergraduate loans)
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.
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 costs; 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.
Private student loans are credit-based consumer loans offered to undergraduate and graduate students who wish to apply for additional loan options. These loans can be used to pay any post-secondary education-related expenses, including tuition and fees, books, room and board, and transportation. Student and parent borrowing options are typically available. A cosigner may be listed if the preferred borrower has insufficient credit to be approved for the loan on their own. View our preferred lender list to select a lender or talk to your preferred bank about your options. MSSU will always encourage the student to consider their lowest-cost options first, including grants, scholarships, and federal student loan options.
Eligibility for private loans is based on credit-worthiness and ability to repay, not on financial need. Most private loans borrowed by the student require a credit-worthy cosigner and offer deferment of principal payments while the student is enrolled.
The Financial Aid Office at Missouri Southern utilizes FASTChoice, a loan comparison tool offered by Great Lakes Higher Education Corporation. This tool allows students to compare loans from our suggested lenders side-by-side. By clicking the following link, you will be redirected away from the MSSU Financial Aid Office website.
Required Text under Sec. 128(e) of the Truth In Lending Act (15 U.S.C. 1638(e))
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.
*Perkins Loan program will officially end September 30, 2017.
Information about your loans will be submitted to the National Student Loan Data System (NSLDS). Information in NSLDS is accessible to schools, lenders, and guarentors for specific purposes that we authorize.
