college tuition, books, school supplies, transportation to and from home, computer, and other education-related expenses, including any portion of past due balances from previous academic periods.
You will make no payments on your loan until after you graduate.2
Private student loans are available for most Missouri colleges and universities.
The funds are sent directly to the student in as little as 5 business days.
Private student loans are credit-based loans, meaning the student will need to meet certain credit criteria in order to qualify. Many students will ask their parent or another to co-sign for the loan with co-signer benefits.
Federal student loans include the Stafford student loan administered and guaranteed by the federal government.
Stafford student loans are available for both undergraduate and graduate level programs.
Stafford student loans are fixed-rate loans. You must file and process the FASFA form through your Missouri college or university to become eligible for Stafford student loans.
Total Stafford student loan amounts will vary depending on your grade level and dependency status. Loan amounts generally do not cover the full cost of education. Many students will turn to private student loans to make up the difference.
PLUS loans for parents of undergraduate students
available to parents of undergraduate students. Parents can borrow up to the full cost of education minus any financial aid received by the student.
Parent PLUS loans are fixed rate loans. PLUS loans are processed through your Missouri college or university.
Repayment begins 60 days after the first disbursement.
PLUS loans for graduates and professionals
available to graduate and professional students. You can borrow up the full cost of education minus all other eligible aid amounts available to the student.
Grad PLUS loans are fixed rate loans. PLUS loans are processed through your Missouri college or university.
Repayment begins 180 days after graduation.
Missouri Student Financial Aid:
Missouri Home Equity Student Aid
Home owners can use the equity value in their homes to pay for college expenses.
Your best option is the home equity line of credit, where you can withdrawal funds from your equity line when and as you need.
Home equity lines are variable rate credit lines. The interest rate and loan amount is determine by the LTV position of your home and your credit rating.
We recommend using the Banker Line of Credit Account to pay the education expenses at your student's Missouri college or university. It provides greater flexibility at minimal costs.
Scholarships are awarded by colleges and private institutions.
Scholarships are free money awards that do not need to paid back.
Scholarship awards can vary in award amounts. College scholarships for athletic, academic, artistic and other talent can pay up to the full cost of education.
Private scholarships are usually awarded at lower amounts that can add to your total financial aid package.
Full college scholarships are rare.
So many students need to search for other financial aid options to cover the full cost of college.
Students need to search early and thoroughly to find all the scholarship money available to pay expenses at their Missouri college or university. We offer a complete directory of college search databases.
Legal Notes:
1 Undergraduate and graduate borrowers may borrow annually up to the lesser of the estimated annual cost of attendance or $30,000 ($40,000 for certain schools where the cost of attendance has been determined to exceed $30,000). Borrowers in Continuing Education programs may borrow up to $30,000. Subject to credit approval.
2 Undergraduates may defer repayment until six months after graduation or ceasing to be enrolled at least half-time. Immediate and interest only repayment options are also available. Graduate repayment is automatically deferred. Continuing education borrowers begin repayment the earlier of a) 180 days after the student graduates or earns a certificate; b) 180 days after the student ceases to be enrolled; or c) two years after the date of the loan disbursement. K-12 loans are immediate repayment loans.
The lender for the SayStudent Private Student Loan program is RBS Citizens, N.A., Member FDIC and Equal Opportunity Lender.