Loans

Use the table below to determine which student loans are available to you.

Loan Type Borrower Lender FAFSA Required Credit Approval Required Undergrad Eligible Graduate Eligible
Stafford (Direct) Loan Student Federal Govt. X X X
Perkins Loan Student Federal Govt. X X X
Parent PLUS Loan Parent Federal Govt. X X X
Grad PLUS Loan Student Federal Govt. X X X
Private (Alternative) Loan Student Private Lender X X X
Short Term Loan Student MSU X X

What does it mean to "default" on a loan?

Default is a legal term, but simply put it means that a borrower who has promised to repay a loan has failed to meet his or her obligation. An unpaid student loan is "delinquent" until it is 270 days (roughly 9 months) 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 that it can also impact your college or university, as well as the American taxpayer? For more information, please visit our Preventing Default page.

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