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Federal Stafford Loans
Students who wish to apply for a Stafford Loan must first submit a Free Application for Federal Student Aid (FAFSA). Once the Financial Aid Office has processed the application, information will be sent to the student explaining how to view and accept the awards that are offered.
All Stafford Loans are either subsidized (the government pays the interest while you're in school) or unsubsidized (you are responsible for all the interest, although you can have the payments deferred until after graduation). To receive a subsidized Stafford Loan, you must be able to demonstrate financial need as determined by the FAFSA. All students, regardless of need, are eligible for the unsubsidized Stafford Loan. Interest begins accruing on the loan immediately upon disbursement.
The amount of the loan a student will be offered is determined by factors such as the cost of attendance, loan eligibility, year in school, aid already awarded, such as grants and scholarships, and loan limits.
| Year | Dependent Undergraduate Student | Independent Undergraduate Student | Graduate and Professional Degree Student | ||
| First Year | $5,500 | $9500 - | No more than $3500 of this amount may be in subsidized loans. | $20,500 - | No more than $8,500 of this amount may be in subsidized loans. |
| Second Year | $6,500 | $10,500 - | No more than $4,500 of this amount may be in subsidized loans. | $20,500 - | No more than $8,500 of this amount may be in subsidized loans. |
| Third and beyond (each year) | $7,500 | $12,500 - | No more than $5,500 of this amount may be in subsidized loans. | $20,500 - | No more than $8,500 of this amount may be in subsidized loans. |
| Maximum Total Debt from Stafford Loans When You Graduate | $31,000 | $57,500 - | No more than $23,000 of this amount may be in subsidized loans. | $138,500 - | No more than $65,000 of this amount may be in subsidized loans. The graduate debt limit includes Stafford Loans received for undergraduate study.* |
*This table has been adjusted for subsidized and unsubsidized Stafford loans first disbursed on or after July 1, 2008.
A student must be enrolled for at least six hours (half-time enrollment) each semester as an undergraduate to receive Stafford Loans.
Repayment begins six months after the student graduates or drops below half-time enrollment. The standard repayment term is ten years and the minimum monthly payment is $50.
Freshmen and/or First-Time Borrowers
You will need to choose a lender with whom you would like to borrow the Federal Stafford Loan. The lender you select now will most likely be used throughout your college borrowing. Therefore, you should spend some time selecting one that will offer you favorable loan terms and services. Federal Stafford Loans have interest rates and most regulations set by the government. However, some lenders cover the default fee and/or origination fee up front. Some offer interest rate reductions during repayment or even loan forgiveness for certain conditions or careers. Listed below are some links to help you in your lender selection process. You have the right to choose your lender and are not required to use the lenders that are listed on our site or within the links provided. The University’s goal is to make some good information available to you in beginning your search.
Missouri Department of Higher Education http://www.dhe.mo.gov/chooserightlender.shtml
Finaid, The Smart Student Guide to Financial Aid http://www.finaid.org/loans/educationlenders.phtml
All first-time borrowers must sign a promissory note with the lender they choose. Many lenders offer e-sign availability through their individual websites. Others may require a paper promissory note to be signed and returned.
First-time borrowers must also complete entrance loan counseling before the funds are released. We encourage students to complete Online Entrance Loan Counseling available at www.mappingyourfuture.org. If web access is not available, contact the Financial Aid Office.
Disbursement of Funds
The majority of loan disbursements will be received by electronic funds transfer (EFT). The remainder will be received by paper check. EFT funds can be applied to the student account without an endorsement. If excess funds remain after the account is credited, the student will be notified by the Business Office and a refund will be either issued directly to the student’s bank account or mailed to the permanent address.