Overview
Missouri S&T encourages you to take advantage of all sources of federal, state and university aid before turning to private loans (also called alternative loans).
Private loans do not require students to submit a FAFSA, are based on credit-worthiness and may have a variable interest. Private loans must be repaid separately from federal loans once you are no longer enrolled at least half-time. Learn the differences between federal and private student loans.
Things to Know Before Taking a Private Loan
- Students are responsible for all interest charges
- Most private loans will require a credit-worthy co-signer
- Private loans may have higher interest rates than federal loans
- Interest rates can be variable or fixed and have no cap
- Private loans cannot be included in a federal consolidation loan
- Each time you apply, your credit is reviewed
- If you plan to attend graduate school, check with your lender to determine if your loan can be deferred
View private loan considerations
Applying for a Private Loan
When completing a private loan application, you will be asked to supply a loan period. Loan periods include the following:
- August to May for the full year
- August to December for fall term only
- January to May for spring term only
- June to August for summer term only
*Note: Summer term always requires a separate application.