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What's New in Financial Aid

FAFSA Opens October 1st of Every Year!

Please complete your FAFSA every year, between October 1 - February 1, to ensure you get the most financial aid available for the upcoming year.

Current Loan Rates for 2022-2023 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.

*Please note that the current loan interest rates apply to those loans first disbursed on or after July 1, 2022, and before July 1, 2023.

Undergraduate Students

Loan Type

Interest Rate Interest Rate Cap
Subsidized Stafford Direct Loan 4.99% 8.25%
Unsubsidized Stafford Direct Loan 4.99% 8.25%
Parent PLUS Direct Loan 7.54% 10.5%

Graduate Students

Loan Type Interest Rate Interest Rate Cap
Unsubsidized Stafford Direct Loan 6.54% 9.50%
Graduate PLUS Direct Loan 7.54% 10.5%

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 costs; however, borrowers are responsible for a $5 monthly keep-in-touch payment. Below are 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.

Gainful Employment

On Monday July 1, 2019 the Department of Education announced the recension of all gainful employment regulations, as published in final rules, and authorized early implementation, at schools’ discretion. Although the rules are effective July 1, 2020, if the institution decides to implement the rescission early, and documents that decision, it no longer has to comply with the GE program regulations under 34 CFR 668, Subpart Q and Subpart R as of the date the institution makes that decision. MSSU has decided to comply with the early implementation guidelines and, as of July 1, 2019, will no longer be reporting on gainful employment.