Federal student loans

If you need a loan to help cover the cost of a college, think federal student aid first.

Federal student loans allow students and their parents to borrow money to pay for college. A federal student loan is made through a loan program administered by the federal government.

Types of Federal Loans

How do I apply for a loan?

  • Complete and submit the FAFSA form
  • S&T determines how much student aid you are eligible to receive

Am I eligible for a Federal Ford Direct Subsidized Loan? 

  • Undergraduate students with financial need (as determined by the FAFSA)
  • You must be enrolled at least half-time at S&T

What are the current interest rates?

  • Fixed 3.73% for the 2021-2022 year starting on July 1, 2021
  • No interest accrues during school

How much can I borrow? 

  • The annual loan limit is $3,500 - $5,500
  • The aggregate loan limit is $23,000
  • All federal loans have origination fees which are taken out of the loan when it disburses

When do I have to pay back my loan?

  • The federal government pays the interest while you are enrolled in school
  • Repayment begins 6 months following termination of at least half-time enrollment 

How do I apply for a loan?

  • Complete and submit the FAFSA form
  • S&T determines how much student aid you are eligible to receive

Am I eligible for a Federal Ford Direct Unsubsidized Loan?

  • Undergraduate and graduate students (there is no requirement to demonstrate financial need)

What are the current interest rates?

  • Fixed 3.73% for undergraduates for the 2021-2022 year starting July 1, 2021
  • Fixed 5.28% for graduates for the 2021-2022 year starting July 1, 2021
  • Interest accrues but does not have to be repaid if enrolled at least half-time 

How much can I borrow? 

  • The annual loan limit is $2,000 - $12,000
  • The dependent undergraduate aggregate limit, including subsidized loans, is $31,000
  • The independent undergraduate aggregate limit, including subsidized loans, is $57,500
  • The graduate aggregate limit, including all federal loans received for undergraduate study, is $138,500
  • All federal loans have origination fees which are taken out of the loan when it disburses.

When do I have to pay back my loan?

  • You are responsible for paying the interest on a Direct Unsubsidized Loan during enrollment 
  • Repayment begins 6 months following termination of at least half-time enrollment

How do I apply for a loan?

  • Complete an application and basic credit check at www.studentaid.gov
  • Complete a Master Promissory Note on www.studentaid.gov
  • S&T determines how much student aid you are eligible to receive

Am I eligible for a Parent PLUS Loan? 

  • Available to parents of undergraduate and graduate students
  • Must pass a basic credit check
  • Your child must be enrolled at least half-time at S&T
  • There is no requirement to demonstrate financial need

What are the current interest rates?

  • Fixed 6.28% for the 2021-2022 year starting on July 1, 2021

How much can I borrow? 

  • Cost of education (determined by S&T) minus other financial assistance
  • All federal loans have origination fees which are taken out of the loan when it disburses

When do I have to pay back my loan?

  • If you do not request a deferment, you will be expected to begin making payments after the loan is fully disbursed (paid out).

For more information on Parent Plus Loans, please visit the Federal Student Aid website.

How do I apply for a loan?

Am I eligible for a Graduate PLUS Loan?

  • Graduate students (there is no requirement to demonstrate financial need)
  • Must be enrolled at least half-time

What are the current interest rates?

  • Fixed 6.28% for the 2021-2022 year starting on July 1, 2021

How much can I borrow? 

  • Cost of education (determined by S&T) minus other financial assistance
  • All federal loans have origination fees which are taken out of the loan when it disburses

When do I have to pay back my loan?

  • You don't have to start making payments until six months after you graduate, leave school, or drop below half-time enrollment. 

For more information on Graduate PLUS Loans, please visit the Federal Student Aid website.

Loan requirements

Federal loans at Missouri S&T are offered through the Ford Federal Direct Loan (Direct Loan) program. Student eligibility for Direct Subsidized loans and Direct Unsubsidized loans is determined by the FAFSA. Applications for Direct PLUS loans (for parents and grads) are available through StudentAid.gov. Before loan funds can be received by S&T on your behalf, Entrance Counseling must be completed and a Master Promissory Note must be signed.