Loans

A Federal Parent PLUS loan is a credit-based Federal Direct Loan for parents that can be used to help pay for college expenses of a dependent undergraduate student. The loan amount is limited to the cost of attendance minus financial aid and resources. To learn how to apply for this loan, interest rates, and repayment options, please visit studentaid.gov.

A Federal Graduate PLUS Loan is a credit-based Federal Direct Loan for graduate and professional students that can be used to help pay for college expenses. The loan amount is limited to the cost of attendance minus financial aid and resources. To learn how to apply for this loan, interest rates, and repayment options, please visit studentaid.gov. 

Students 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. 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.

Borrowers pay the lender an origination fee when each loan is made. 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.

There is a maximum period of time that you can receive Direct Subsidized loans.

Dowload Chart of the annual loan limits

Learn more about Federal Unsubsidized loans

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.

Dowload Chart of the annual loan limits

Learn more about Federal Unsubsidized loans

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 $17,000. 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.

This institutional loan program offers a low-interest (5 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.

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 is required for any loan.

• For the Federal Direct Subsidized, Unsubsidized, and Parent/Graduate PLUS loans, visit the Student Loan website to complete entrance counseling.

• For the Perkins, Nursing, and Owen loans, you will be sent an email with information on how to complete the counseling via our third-party servicer ECSI.

• For private loans, you will complete counseling when applying for the loan with the private lender.

In order to receive any loan, a promissory note but be signed.

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

• For the Perkins, Nursing, and Owen loans, you will be sent an email with information on how to complete the promissory note via our third-party servicer ECSI.

• For private loans, you will sign the promissory note when applying for the loan with the private lender.

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

View Loan Repayment Information

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.

Visit Financial Awareness Counseling
(this is not entrance counseling—select "Financial Awareness Counseling" once you sign in)