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.
More information from our office
- Satisfactory Academic Progress: Per federal law, the Office of Financial Aid must monitor Satisfactory Academic Progress for all financial aid recipients. Students with a "Financial Aid Denial" SAP status cannot receive federal loans until their progress has improved or they have successfully appealed to have the hold removed from their account.
- Loan repayment
- Loan consolidation
- How enrollment level affects financial aid
- Average loan debt at MSU
Other loan resources
- 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.
- Financial Awareness Counseling Tool
- Federal Department of Education Loan Information
- Income-Based Repayment Information
