Loans
WILLIAM D. FORD DIRECT LOANS
Mississippi Valley State University participates in the William D. Ford Direct Loan Program. Student and parent borrowers will receive funding for their federal student loans directly from the U.S. Department of Education rather than from private banks and other lending institutions. To sign your Direct Loan Master Promissory Note and complete Entrance Counseling, go to www.studentloans.gov. Our office encourage students to accept their student loan award(s) via online. You can accept your student loan award(s) via your BANNER Web account at www.sutton2.mvsu.edu.
Federal Direct Loan Program
Low interest loans through this program are guaranteed and provided by the federal government. These loans are repaid to direct loan servicing. Repayment is between 10 and 30 years depending on the amount borrowed and the type of repayment plan selected.
Federal Subsidized Stafford Loan
This loan is based on financial need and you will not owe any interest on the before repayment. The federal government “subsidizes” (or pays) the interest while you’re in school at least half-time, for the six months after you leave school (your grace period) and during a deferment (a postponement of loan payments). Award amounts vary based on grade level in school, dependency status and other financial assistance received.
Federal Unsubsidized Stafford Loan
This loan is not based on financial need and interest is charged on the loan from the time it is disbursed until it is repaid in full. Students have the option of paying the interest during deferment periods and during the grace period, or they may capitalize the interest. Capitalizing interest means that it will be added to the principal amount of the loan and it will increase the amount to be repaid. Award amounts vary based on grade level in school and dependency status.
Federal Stafford Loan Limits
Dependent Students |
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Grade Level | Annual Stafford Loan Limit for Combined Subsidized & Unsubsidized | Aggregate Stafford Loan Limit | Graduate and Professional Degree Student |
Freshman | $5,500 | $31,000 | 20,500- No more than $8,500 of this amount may be in subsidized loans. |
Sophomore | $6,500 | $31,000 | 20,500- No more than $8,500 of this amount may be in subsidized loans. |
Junior | $7,500 | $31,000 | 20,500- No more than $8,500 of this amount may be in subsidized loans. |
Senior | $7,500 | $31,000 | 138,500- No more than $65,500 of this amount may be in subsidized loans. This graduate debt limit includes Stafford Loans received for undergraduate study. |
Note: Please note that a dependent student may be eligible for some additional unsubsidized loans if the parent is denied the Parent PLUS Loan.
Independent Students |
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Grade Level | Annual Stafford Loan Limit for Combined Subsidized & Unsubsidized | Aggregate Stafford Loan Limit | Graduate and Professional Degree Student |
Freshman | $9,500 | $57,500 | 20,500- No more than $8,500 of this amount may be in subsidized loans. |
Sophomore | $10,500 | $57,500 | 20,500- No more than $8,500 of this amount may be in subsidized loans. |
Junior | $12,500 (Maximum $5,500 Subsidized) | $57,500 | 20,500- No more than $8,500 of this amount may be in subsidized loans. |
Senior | $12,500 (Maximum $5,500 Subsidized) | $57,500 | 138,500- No more than $65,500 of this amount may be in subsidized loans. This graduate debt limit includes Stafford Loans received for undergraduate study. |
Federal Direct Loan Application Process
In order for your loan application to be processed you must have received counseling from the Office of Financial Aid and completed the following steps:
Step 1
Complete your Direct Loan Master Promissory Note (MPN) at https://studentloans.gov/myDirectLoan/index.action
Step 2
Complete Entrance Counseling at https://studentloans.gov/myDirectLoan/index.action.
Step 3 (Only for Students who have Graduated or Withdrawn from School)
Complete Exit Counseling at https://studentloans.gov/myDirectLoan/index.action if you withdraw, graduate, or stop going to school and returning to Mississippi Valley State University.
Mississippi Valley State University LOAN CERTIFICATION POLICY
Minimum Requirements for applying for a student loan:
- Be enrolled for at least 6 credit hours
- Meet the current Mississippi Valley State University Satisfactory Academic Progress Policy
Minimum Requirements for maintaining eligibility for a student loan:
- Successfully complete at least 6 hours for each term of loan disbursement
- Earn and Maintain a satisfactory GPA
- Meet satisfactory academic progress for completion rate and maximum time frame (unless waived as a result of an appeal for extenuating circumstances)
Federal Direct PLUS Loan
This is a loan for parents of dependent students. The maximum loan amount is the difference between the student’s cost of attendance and other aid the student receives. PLUS loans are the financial responsibility of the parent, not the student. Interest begins to accrue on the day of the first disbursement and repayment begins within 60 days after the last disbursement on the loan.
Federal Direct PLUS Loan Application Process
In order for your loan application to be processed you must have received counseling from the Office of Financial Aid and completed the following steps:
Step 1
Complete the Parent PLUS Loan Application Form and submit it to the office of financial aid,
Step 2
Complete the Parent PLUS Loan Application Form through Direct Loans by visiting:
https://studentloans.gov/myDirectLoan/index.action
Step 3
The Students parent must complete his/her Direct PLUS Loan Master Promissory Note (MPN) at https://studentloans.gov/myDirectLoan/index.action
Federal Direct GRAD PLUS Loan
This is a supplemental loan made available to graduate or professional students who need to borrow more than the maximum subsidized and unsubsidized loan amounts to meet educational costs that are not covered by other financial aid. Students interested in this loan must complete the FAFSA and must be enrolled in at least half time in a graduate or professional program. The interest rate for the PLUS loan is fixed at 7.9% and a credit check is required. There is no grace period for the Graduate PLUS loan.
Federal Direct GRAD PLUS Loan Application Process
In order for your loan application to be processed you must have received counseling from the Office of Financial Aid and completed the following steps:
Step 1
Complete the GRAD PLUS Loan Application Form and submit it to the office of financial aid,
Step 2
Complete the GRAD PLUS Loan Application Form through Direct Loans by visiting:
Step 3
The students must complete his/her Direct GRAD PLUS Loan Master Promissory Note (MPN) at https://studentloans.gov/myDirectLoan/index.action
Entrance Counseling
U.S. Department of Education regulations require all first-time borrowers of Federal Stafford (Subsidized and Unsubsidized), Parent PLUS and /or GRAD PLUS Loans to complete an entrance interview. The Office of Financial Aid cannot process a student’s loan until counseling has been completed. Access the entrance counseling online at https: https://studentloans.gov/myDirectLoan/index.action
Financial Aid TV- Please view FA TV for additional information on Entrance Counseling. However, this doesn't take the place of you completing the official Entrance Counseling via the link above.
Exit Counseling
U.S. Department of Education regulations require Federal Stafford (Subsidized and Unsubsidized), Parent PLUS and /or GRAD PLUS Loans recipients to complete an exit interview when graduating from or when leaving Mississippi Valley State University. Access the exit counseling online at https: https://studentloans.gov/myDirectLoan/index.action
Financial Aid TV- Please view FA TV for additional information on Exit Counseling. However, this doesn't take the place of you completing the official Exit Counseling via the link above.
NSLDS for Students
The National Student Loan Data System (NSLDS) is the U.S. Department of Education’s central database for student aid. It receives data from schools, agencies that guaranty loans, the Direct Loan program, the Pell Grant program, and other U.S. Department of Education programs. NSLDS provides a centralized, integrated view of Title IV loans and Pell grants that are traced through their entire cycle: from aid approval through closure. Access this information online at https://www.nslds.ed.gov/nslds_FAP/secure/logon.jsp.
Private/Alternative Loans
Private/ Alternative Loans are available to students and our institution does certify these type of loans. However, the institution will only certify these type of loans up to need or cost of attendance if eligible. However, the institution leaves the decision up to the student and/or parents to choose his/her own lender to assist them with funding their education.