What is a Loan?
Loans are a form of financial aid the must be repaid, unlike grants or scholarships. Loans can help students cover the gap between personal resources, other forms of financial aid and the cost of attendance. For more information on the types of federal loans available, interest rates, repayment schedules, visit www.studentloans.gov
How to Apply?
- The Free Application for Federal Student Aid (FAFSA) is a free application that students submit to apply for:
- Federal Direct Subsidized and Unsubsidized student loans
- Federal Perkins Loan
- Parent and Graduate PLUS loans
- Submit all request documents to the Office of Financial Aid & Scholarships
- After receiving your Award Letter, accept your Federal Direct Loan through your myInfo login Secure Area.
- Students have the right to decline any or all of a loan that they are offered.
- If you accept any loans you will need to log into www.studentloans.gov and complete:
NOTE: If you have taken out federal student loans in the past and have now graduated or dropped 6 credits enrollment, you will be required to complete Exit Counseling.
Important Links:Your student loan history and lender information
Loans for Parents (Federal Direct Parent PLUS Loans)
The Federal Direct Parent PLUS loan is available to credit-worthy parents of dependent, undergraduate students who are enrolled (or plan to enroll) at least half-time. A parent borrower can request to borrow up to the student's total cost of attendance minus all other financial aid. If the parent does not successfully pass the credit check they may choose to appeal or pursue an endorser for the loan, both of these processes are done by contacting www.studentloans.gov. Dependent students whose parents have applied for but were denied the PLUS loan are eligible to receive additional direct unsubsidized loan funds.
To apply for a Federal Direct Parent PLUS Loan for your Montana State University Billings (MSUB) student, the following steps need to be taken:
- The student must be admitted as a degree-seeking student at MSUB
- The student must complete a Free Application for Federal Student Aid (FAFSA) and be eligible to receive Federal student aid.
- The parent borrower must complete a Parent PLUS Loan Application each year and return it to the Office of Financial Aid
- A Federal Direct Parent PLUS Loan Master Promissory Note (MPN) must be on file with the Department of Education. To complete a Direct PLUS MPN, go online and sign in using your Federal PIN, select "Complete MPN" and "Parent PLUS."
More information about the Federal Direct Parent PLUS Loan program can be found online.