Federal Stafford Loans
All students who file a FAFSA will be considered for a Stafford Loan. Depending upon a student’s demonstrated financial need, the Stafford Loan may be subsidized (government pays the interest while the student is enrolled at least half-time) or unsubsidized (interest begins to accrue on receipt of the loan). Interest rates are fixed at 4.29% for loans first disbursed on or after July 1, 2015 and prior to July 1, 2016 for both subsidized loans and unsubsidized loans. Interest rates are fixed at 3.76% for loans first disbursed on or after July 1, 2016 and prior to July 1, 2017 for both subsidized loans and unsubsidized loans. The annual amounts are $5,500 for freshmen, $6,500 for sophomores, and $7,500 for juniors and seniors. Repayment begins six months after the student ceases to be enrolled at least half-time. Independent students can borrow the same loan limits plus an additional $4,000 for freshmen and sophomores and $5,000 for juniors and seniors.
Parents may borrow up to the total cost of attendance per year for each of their dependent undergraduate students. Past credit history is used to determine eligibility. Repayment begins within sixty days after the final loan disbursements; there is no grace period for this loan. The interest rate is 6.84% for loans first disbursed on or after July 1, 2015 and prior to July 1, 2016. The interest rate is 6.31% for loans first disbursed on or after July 1, 2016 and prior to July 1, 2017. Contact the office of financial aid for more information. HLGU requires the FAFSA be submitted prior to processing a PLUS loan.
Federal Perkins Loan
A Federal Perkins Loan is a low-interest loan for full-time, undergraduate students with exceptional financial need. Students who want to be considered for the loan must file the Free Application for Federal Student Aid (FAFSA).
- Requires a separate Entrance Counseling and Master Promissory Note (MPN)
- No interest accrues while you are in school at least half time
- Fixed interest rate of 5 percent
- Repayment begins nine months after graduation or withdrawal from college
Alternative (Private) Education Loans
Alternative loans are funded by banks, credit unions and other private lending institutions. Students who need additional funds to pay educational costs, and who have exhausted their federal direct loan eligibility and other funding resources, may consider borrowing an alternative (private) education loan. This option should be carefully considered. You are not required to select a lender from the link below. You are free to choose any lender and loan product you feel best suits your needs.
To view a list of lenders we selected for comparison see below.
Missouri Family Education Loan Program
The Missouri Family Education Loan Program (MOFELP) is a private education loan program that is awarded on a first come, first served basis for eligible, qualified borrowers. Annual loan limits are $5,000 with a 0% interest rate. MOFELP has no additional fees; however borrowers are responsible for a $5 monthly keep-in-touch payment. Below is the general criteria* intended for qualified borrowers:
- Enrolled full time
- Making Satisfactory Academic Progress (SAP)
- EFC of $12,000 or less
- At least 17 years of age
- US Citizen
- Permanent Missouri resident
- Not have a Bachelor’s degree
- At least 21 on ACT or 1500 on SAT; or have an overall cumulative GPA of 2.5 or higher earned at the participating school
- Not have a conviction for fraud
- Two year credit history (or have a cosigner with two year credit history)
* MOFELP criteria may be subject to change.
NSLDS Loan Information
All borrowers who participate in Title IV, HEA loan programs will have information submitted to the National Student Loan Data System (NSLDS), and will be accessible by guaranty agencies, lenders, and institutions determined to be authorized users of the data system. You can access your information at www.nslds.ed.gov.
To process loans
Gamm Nursing Loan
This fund provides loans to HLGU nursing students. Loans are not to exceed the cost of tuition, books, and room and board. Interest at a rate of 7% accrues on the unpaid balance after termination of studies at HLGU. Apply through the HLGU Financial Aid Office.