Federal Student Loans


Federal loans are awarded to students who complete the Free Application for Federal Student Aid (FAFSA) and who have been admitted to Missouri S&T. The most common student loans are

  MAX AMOUNT QUALIFICATIONS APPLICATION

Perkins
Loan

Perkins MPN Instructions

Up to $2,000
  • Requires financial need
  • Fixed 5% interest rate
  • No interest accrues during school (as long as student enrolls at least part-time)
  • Repayment begins 9 months following termination of at least half-time enrollment
File a FAFSA
Ford Direct
Subsidized
Loan
$3,500 - $5,500
  • Requires financial need
  • Undergraduates only: fixed 4.45% interest rate for 2017-2018 year
  • No interest accrues during school (as long as student enrolls at least part-time)
  • Aggregate undergraduate limit is $23,000
  • Repayment begins 6 months following termination of at least half-time enrollment
File a FAFSA
Ford Direct
Unsubsidized Loan
$2,000 - $12,000
  • Does not require financial need
  • Undergraduates: fixed 4.45% interest rate for 2017-2018 year
  • Graduates: fixed 6.0% interest rate for 2017-2018 year
  • Interest accrues, but does not have to be repaid, during at least half-time enrollment in school
  • Aggregate undergraduate limit for Dependent students, including subsidized loans, $31,000
  • Aggregate undergraduate limit for Independent students, including subsidized loans, is $57,500
  • Aggregate graduate limit, including undergraduate and subsidized loans, is $138,500
  • Repayment begins 6 months following termination of at least half-time enrollment
File a FAFSA
Parent
PLUS
Loan
Cost of education minus other financial assistance
  • Does not require financial need
  • Fixed 7.0% interest rate for 2017-2018 year
  • Must pass a basic credit check
  • Available to parents of dependent undergraduate students enrolled at least half-time
  • Repayment begins 60 days after disbursement unless the parent requests an in-school deferment

A parent will need to complete an application at www.studentloans.gov and pass a basic credit check

Complete a Master Promissory Note on www.studentloans.gov

Graduate
PLUS
Loan
Cost of education minus other financial assistance
  • Does not require financial need
  • Fixed 7.0% interest rate for 2017-2018 year
  • Borrower must pass a basic credit check
  • Available to graduate/professional students enrolled at least half-time
  • Repayment will be postponed until 60 days after student ceases to be enrolled at least part-time

Complete an application and basic credit check at www.studentloans.gov

Complete a Master Promissory Note on www.studentloans.gov

Federal Loans are available to undergraduate, graduate and professional students.

There are limits on the amounts that students can borrow in Ford Direct and Perkins loans that vary based on the student's academic level, program of study and on the student's need as determined by the FAFSA.

Federal loans do not need to be repaid until the student has graduated or stopped attending college at least part-time.