Applying for Financial Aid
Visiting and Non-Degree Students
Financial Aid Basics
Accepting your Financial Aid
Additional Authorized Access
Cost of Attendance
Glossary of Terms
Satisfactory Academic Progress
Data Sharing Policy
Scholarships and Grants
Apply for Competitive Scholarships
State of Missouri Grants and Scholarships
Writing Thank You Notes to Your Scholarship Donor
UMSL Net Price Calculator
Financial Literacy FAQ
An education loans is a form of financial assistance that allow you to spread the cost of education over time. A loan must be repaid with interest. Students are not required to accept the loan portion of their financial aid packages. Eligibility may be based on your Cost of Attendance and financial need for the loan.
Each loan type has different eligibility requirements and terms that must be met. Federal loans require acceptance into a degree seeking program or certificate program. Federal loans require a FAFSA (Free Application for Federal Student Aid) to be filed. Please be aware there are limits to the amount of Direct Loans that can be borrowed while seeking your degree, determined by the student's grade level and financial need. Federal law sets the maximum interest rates and fees that may be charged for federal loans. The interest rate is set on July 1st each year. For more information about the Direct Loan Program, please visit the the Direct Loans page on our website or studentloans.gov from the US Department of Education.
We urge all first-time borrowers to spend some extra time learning about the loan process so that they can make informed choices throughout their education.