Loans
Student loans
- Federal Direct (Stafford) Subsidized and Unsubsidized Loans
Federal loan, Free Application for Federal Student Aid (FAFSA) required
Undergraduate and graduate students eligible - Grad PLUS
Federal loan, Free Application for Federal Student Aid (FAFSA) required
Graduate students eligible
Credit approval required - Perkins
Federal loan, Free Application for Federal Student Aid (FAFSA) required
Undergrads and some grads eligible based on need - Private alternative loans
FAFSA not required, lender application required
Student creditworthiness or co-signer usually required
Terms and interest rates vary by lender - MSU short term loans
All students eligible to apply
Repayment period of six weeks to two months
Parent loans
- Parent PLUS
Free Application for Federal Student Aid (FAFSA) required
Credit approval is required
Helpful links
- How enrollment level affects financial aid
- Satisfactory Academic Progress also has an effect on loan eligibility
- Federal Department of Education Loan Information
- Loan repayment
- Income-Based Repayment Information
- National Student Loan Data System (NSLDS) (Your federal loan information is reported to NSLDS and can be accessed by you, your loan guarantors and servicers, and other authorized users)
- Average Stafford Loan debt for MSU seniors
- Loan consolidation
Default Information
Default is a legal term, but simply put it means that a borrower who has promised to repay a student loan has failed to meet his or her obligation. A loan is delinquent until it is 270 days overdue, at which time it becomes defaulted.
The consequences of defaulting on your educational loans can affect your future in significant ways, but did you know it can also impact your college or university, as well as the American taxpayer?
For information on how default rates are calculated, how to prevent default, and additional resources, please see the information on our Preventing Default page.
