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Loans

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FAFSA School Code = 001977

Announcements / Events

MSU continues to abide by FERPA privacy regulations. If not yet completed, all students must complete the Consent to Release Student Information form and submit to the Registrar's Office (you may also complete this via your myGate portal under the Academics tab). This allows many offices to discuss specific data with the student or any other individual.

March 15-Beginning awards for scholarships

March 18-Beginning awards for incoming freshmen for federal aid

Summer 2013 Financial Aid Application is available

May 1-Deadline for accepting scholarships

June 1-Deadline for accepting scholarships for non-traditional students

June 1-Beginning awards for current students for federal awards

2013-14 FAFSA is available Filing EARLY is important!

Visit the Bursar's Office for upcoming dates/deadlines

Keep updated with Financial Aid Updates

Office of Financial Aid/Scholarship

Murray State University
500 Sparks Hall
Murray, KY 42071-3312

msu.sfa@murraystate.edu
msu.scholarships@murraystate.edu

(270) 809-2546
(800) 272-4678, ext 3

(270) 809-3116 fax

Office Hours
University closure dates
Monday - Friday

January - May
8:00 am - 4:30 pm CST

June - July
7:30 am - 4:00 pm CST

August - December
8:00 am - 4:30 pm CST

Loans are forms of funding that have to be paid back to your lender. Your lender may be the school or the Federal Government. You must sign a promissory note to receive a loan. For more information, visit Student Aid on the Web.

Financial Aid Loan Types

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Federal Direct Parent PLUS Loan

This federal loan program provides funds to the parent of a dependent student. The amount of this loan cannot exceed the cost of attendance less other financial aid. Borrowers pay the lender an origination fee when each loan is made. The lender of this loan is the Federal Department of Education. Interest begins to accrue upon disbursement, and the first payment is due within sixty (60) days. The interest rate is a variable rate based on Treasury Bill rates plus 3.1 percent and cannot exceed 9 percent.
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Federal Direct PLUS Loan for Graduate and Professional Students

This federal loan program provides funds to graduate and professional students. The lender of this loan is the Federal Department of Education. The terms and conditions applicable to PLUS loans for parents also apply to PLUS Loans for graduate and professional students.
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Federal Direct Subsidized Loan
This federal loan program provides funds annually up to:
- $3500 for freshmen
- $4,500 for sophomores
- $5,500 for juniors and seniors
- Effective July 1, 2012, graduate students are not eligible for subsidized loans
Students will have to meet a federal needs test by completing the Free Application for Federal Student Aid (FAFSA) which determines if the student receives a full loan, a reduced loan or no loan. The amount of other financial aid will also be considered in determining the loan amount. Borrowers pay the lender an origination fee when each loan is made. Student borrowers must be attending at least 1/2 time to receive this loan. A new loan application will be required for the next enrollment period.

The lender of this loan is the Federal Department of Education. Repayment on this loan begins 6 months after the borrower is no longer at least 1/2 time. The interest rate for new Stafford borrowers after October 1, 1992, will be a variable rate—not to exceed 8.25 percent. The federal government pays the interest while the borrower is in school. Repayments are determined by the amount borrowed and begin six months after the student leaves school.

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Federal Direct Unsubsidized Loan

This federal loan program has essentially the same provisions as the subsidized Stafford Loan, except it is available for all students regardless of income, and you will pay the interest during in-school and deferment periods. The loan amount is determined by the cost of attendance less other financial aid. Student borrowers must be attending at least 1/2 time to receive this loan. A new loan application will be required for the next enrollment period.

The lender of this loan is the Federal Department of Education. Interest accruing during the periods may be paid by you while you are in school or capitalized (accumulated and added to the principal) and paid after leaving school as agreed by you and your lender. This means that the federal government does not pay any interest or subsidy for you while you are in school. Borrowers pay the lender an origination fee when each loan is made. Repayment on the principle begins 6 months after the student is no longer at least 1/2 time. Independent students may qualify for additional annual amounts as stated in the U.S. Department of Education publication The Student Guide.

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Federal Perkins Loan

This federal loan program offers a low-interest (5 percent) loan. No interest accumulates while you are in school at least 1/2 time. Eligible students may borrow up to $1,500 per year. The lender of this loan is the school. The loan is repayable beginning 9 months after the borrower is no longer at least 1/2 time. Loan repayments, deferments or cancellation provision will be outlined in the promissory note.
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Nursing Loan

This federal loan program offers a low-interest (5 percent) loan to students may borrow up to $4000 per year with a maximum for all years of study not to exceed $10,000. The lender of this loan is the school. Loan repayment will be made according to the provisions outlined in the promissory note the borrower signs at the time of each disbursement.
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Owen Loan

This institutional loan program offers a low-interest (6 percent) loan. This loan is given to adult students (23 years and older) only. This loan is only available during the summer semester. The lender of this loan is the school. A separate application is required for this loan and is available in the our office.
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Private Loans-Fast Choice

There are many loans that are funded from private student loan lenders. You may borrow from a private lender by researching their websites to apply online through them. Research their repayment options, incentives, and other features to compare against others lenders you are considering. Go shopping and do your homework before borrowing a private loan to make sure you are aware of all the specifications of the loan.

Introducing a way to search for private loan opportunities. Select Fast Choice to proceed with evaluating these opportunities.

Loan Counseling

In order to receive the Federal Direct Subsidized, Unsubsidized, and Graduate PLUS loans, you must complete entrance counseling. Once you are no longer at least 1/2 time, you must complete direct loan exit counseling for the Federal Direct Subsidized, Unsubsidized, and Graduate PLUS loans.

Loan Promissory Notes

In order to receive the loans, a promissory note but be signed.

To receive the Federal Direct Subsidized, Unsubsidized, Parent PLUS, and Graduate PLUS loans, visit the Student Loan website to sign the promissory note.

In order to receive the Federal Perkins, Nursing, or Owen loan, after you accept your Perkins loan on your myGate portal, the next day, you will receive an email and a website to visit to sign the promissory note.

Loan Repayment

Loan Repayment Information

Murray State University Loan Code of Conduct

The belief that you or any other student should not be denied an education because of financial need is the cornerstone of the student financial aid program at Murray State. Upon this cornerstone is built a foundation of financial opportunities which include grants, loans, part-time employment and scholarships. This foundation supports Murray State's desire to provide educational opportunities for all qualified students.

Code of Conduct

Financial Aid Awareness-Know Your Finances!

Being aware of your financial situation is one step closer to managing your finances. Below is a link to assist you in understanding your finances.

Financial Awareness Counseling
(select "Financial Awareness Counseling" under "Tools and Resources")

Direct Lending

Direct Loan Comparison Chart

Frequently Asked Questions for Direct Lending