Loans

An education loan is a form of financial aid that must be repaid, with interest. Eligibility may be based on Cost of Attendance and financial need for the loan. More than 60 percent of U.S. higher education students borrow money to pay for school.

Each loan type comes with certain eligibility requirements and terms that must be met. Federal loans require acceptance into a degree seeking program or certificate program. Students taking pre-requisite coursework prior to admission should contact their financial aid adviser.

Most federal loans require a Free Application for Federal Student Aid (FAFSA) be filed.

Limits are set on how much financial assistance students can receive in the form of federal student loans, frequently determined by the student’s financial need and grade level. Federal law sets the maximum interest rates and fees that lenders may charge for federally guaranteed loans.

All loans are applied to the student’s MU account.

Student Debt Relief

Federal Student Aid and the Biden-Harris Administration have announced loan forgiveness plans of up to $20,000 for prior Pell-Grant recipients and up to $10,000 for all other loan borrowers.

To be eligible, the borrower’s annual income must be below $125,000 (for individuals) and $250,000 (for married couples/heads of household). If the U.S. Department of Education doesn’t have your income data – or if you don’t know if the U.S. Department of Education has your income data, we encourage you to complete the application to determine potential eligibility.

Borrowers can view their loan balances and check their Pell Grant status by logging into their Federal Student Aid account online at studentaid.gov.

The Federal Student Loan payment pause will be extended one final time and will end on December 31, 2022. Borrowers should begin making plans to restart repayment in January 2023.

Please visit studentaid.gov/debt-relief-announcement for the most up-to-date information.

If you would like to be notified by the U.S. Department of Education when the application is open, please sign up at the Department of Education subscription page.

The application is now available at studentaid.gov/debt-relief/application.