Non-Need Based Financial Aid

Unsubsidized Federal Direct Loan (Stafford Loans)

This program is available to students who do not qualify for the maximum subsidized loan based on financial need. In most cases, students may receive the unsubsidized loan regardless of family income. However, the borrower is responsible for interest that accrues on the loan from the date the loan is disbursed and through repayment.

Students wishing to apply for this loan program must complete the entire financial aid application process.

They must also be enrolled at least half-time (6 credit hours) and follow the other guidelines as described in the section pertaining to Subsidized Loans.

There are priority dates each semester for the loan application process. Loans cannot be certified after the semester has ended.

Federal PLUS Loan Program

The Federal PLUS Loan Program is available to students who have completed a FAFSA, meet federal eligibility requirements, and are enrolled at least half-time (6 credit hours). Parent PLUS loans are loans parents can borrow for their son/daughter who is the student. Graduate PLUS loans are for students who are working on Master's degrees and have already exhausted their Federal Stafford Loan eligibility. Below are other eligibility requirements for the Federal PLUS Loan Program:

1. The borrower must not have an adverse credit history.
2. The Parent or Graduate student is responsible for interest that accrues on the loan from the date the loan is disbursed through repayment.
3. Federally funded loan program, carrying a fixed interest rate not to exceed 10.5%t that is set each academic year.
4. A Direct PLUS Loan enters repayment once the loan is fully disbursed (paid out). However, loans can be placed into deferment while student is enrolled at least half-time and for an additional six months after ending enrollment of at least half-time.
5. The maximum annual loan amount is the student's cost of attendance (determined by the school) minus any other financial aid received.
6. There is a 4.228% loan origination cost on all Direct PLUS Loans. The cost will be proportionately deducted from each loan disbursement.
7. First time borrowers must sign promissory note prior to fund disbursement.
8. Loans cannot be certified after semester has ended.
9. PLUS Loan Application is required by MSSU Financial Aid office in addition to an online master promissory note.