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Loan Types

Federal Direct Subsidized Loans

Federal Direct Subsidized Loans are awarded to undergraduate students based on financial need as determined by the FAFSA. The federal government pays the interest on the loan while the student is enrolled at least half-time in a degree-seeking program, until repayment begins and during authorized periods of deferment. To learn more about Federal Direct Subsidized Loans click here.

Federal Direct Unsubsidized Loans

Federal Direct Unsubsidized Loans are not need-based and have a fixed interest rate. Interest accrues once the loan is disbursed and until it is paid in full. Students may elect to pay the interest while enrolled in school or request to defer payment on the interest. If you defer the interest, it will be added (capitalized) to the principal. For more information about Federal Direct Unsubsidized Loans click here.

Federal Direct Graduate Plus Loans

Federal Direct Graduate PLUS Loans are awarded to graduate students who are enrolled in at least six credits in a degree-seeking program. There is no annual loan limit for the Graduate PLUS Loans but students cannot borrow in excess of their cost of attendance. For rates and more information on Federal Direct Graduate PLUS Loans click here.

Federal Direct Parent Plus Loans

Federal Direct Parent PLUS Loans are loans parents may apply for on behalf of their dependent student. Your student must be admitted into a degree-seeking program and enrolled at least half-time (six credits). For more information about rates and how to apply click here.

Federal Perkins & Nursing Student Loans

A Federal Perkins or a Nursing Student Loan is a fixed low-interest (5%) loan for students with exceptional financial need. MSU awards Federal Perkins and Nursing Student Loans primarily from funds generated from former students repaying these loans. To read more about Federal Perkins and Nursing Student Loans click here. If you have any questions, please contact MSU’s Perkins and Nursing Loan Servicer at 406-994-2701.

Alternative Loans

Alternative Loans are available from some private lenders and used as a last resort to fill unmet need between what you have received from federal financial aid sources and the cost of attendance. Alternative Loans are not federally funded. The terms and conditions on alternative loans vary widely and we strongly recommend you research the various rates, fees, and repayment options. For more information about Alternative Loans click here.