Loans

What are loans?

Loans are a type of financial aid that requires repayment after graduation or discontinuing one’s education. Most loan programs offer low interest rates and long-term repayment plans. Some loan programs base their funding on financial need while others are determined regardless of financial need.


Important Information About Student Loans

Drury University participates in the William D. Ford Direct Loan Program. Based upon the completion of the Free Application for Federal Student Aid (FAFSA) and a Drury University loan application, students may qualify for a Federal Direct Loan. The federal government offers both Subsidized and Unsubsidized Federal Direct loans. The Financial Aid Office will calculate your loan eligibility for each loan type. For more detailed information on individual loan eligibility and applications, traditional day students should call 417 873-6806 or -7312; CCPS students should call 417 873-6908 or -7312; graduate and non-degree seeking students should call 417-873-6908 or -7312.

Interest Rates

For the current interest rates, please see: https://studentaid.ed.gov/types/loans/interest-rates

Subsidized Federal Direct Stafford Loan

The subsidized loan is based on financial need determined by a federal formula. A loan is “subsidized” when the government pays the interest for a student when: they are enrolled in school at least half-time as a degree seeking student; during the six month grace period after the student is no longer attending at least half-time; during periods of authorized deferment. There is a limit on this type of loan. See Loan Limits. As of October 1, 2016, subsidized and unsubsidized loans will have a 1.069% origination fee.

Federal Direct Unsubsidized Stafford Loan

The unsubsidized loan is not based on financial need and is available to all qualifying students regardless of income. The student is responsible for all interest, which accrues during in-school, grace and deferment periods. A student may choose to make interest payments while in school. While you are not required to make interest payments, it is encouraged because the interest capitalizes so that you will be paying interest on interest while in repayment. See Loan Limits for aggregate totals. As of October 1, 2016, subsidized and unsubsidized loans will have a 1.069% origination fee.

Deferment of Past Student Loans

A returning student or a transfer student should be able to keep their past loans in deferment with their lender(s) and/or servicer(s). The student needs to contact the servicer(s) of their loan to check on deferment. If a form is necessary for the servicer, contact Drury’s Registrar’s Office to complete and submit any necessary forms to the servicer. The Registrar’s Office can also submit a Proof of Enrollment Letter to a servicer, and are the only ones authorized to submit this information.

The following three types of loans are CREDIT BASED:

Alternative Loans

Alternative (private loans) may be available to all students to meet educational expenses not covered by other financial aid. These loans are credit based, and students should exhaust Federal Student Loan eligibility before applying for additional private loans. They cannot be consolidated with Federal Student Loans and the interest rates are based on credit and lender policy.

Drury’s ELM Resources webpage is a tool for you to compare the benefits and services of lenders. Drury University does not endorse or promote any lenders that offer private alternative loans. A list of lenders is provided based on product, performance and customer service. Drury University does not have any agreements with these lenders, nor do we receive any benefits from the use of their private loans by our students. The lenders names are provided in random rotating order. If you wish to use an alternative loan lender that is not on this list, you have the right to do so.

Parent Plus Loan

The Parent Plus loan is borrowed by the parent of an undergraduate, dependent student. The parent is responsible for repayment, which begins 60 days after funds are fully disbursed OR a deferment can be requested by the parent by contacting the Department of Education.  Maximum amount eligibility is based on the cost of attendance minus other financial aid. Drury University policy states that any refund that is a result of the Parent Plus Loan will be disbursed directly to the student. Parent Plus Loans accrue interest at a rate of 6.31% and have a 4.276% origination fee. To apply for this loan log on to: www.studentloans.gov with the PIN you used to sign your student's FAFSA.

Grad Plus Loan

Graduate students that are enrolled at least half time may apply for the Grad Plus loan, which is credit-based. Be sure to utilize Direct Loan eligibility before applying for this loan, as the interest rate is higher on the Grad Plus. The interest will accrue at a rate of 6.31% and has a 4.276% fee.

What Type of Student Are You?

  • Traditional Day School
  • College of Continuing & Professional Studies
  • Graduate
  • Non-Degree Seeking
  • Loans: Traditional Day School

    In order to receive a student loan, a student must be at least half-time (no less than 6 hours). They must also be fully admitted to Drury University as a Degree-Seeking Student.

    In order to be considered the first disbursement, a loan application must be received by the assigned deadline. View Financial Aid Checklist. All students must maintain Academic Progress.

    1. Direct Stafford Student Loan
      1. FAFSA - Be sure to review and make necessary corrections.
      2. Drury Application
        1. Fall/Spring loans will be divided in half for disbursement in both Fall and Spring semesters.
        2. Fall-only loans are reserved for December graduates.
      3. Master Promissory Note - Complete Direct Subsidized/Unsubsidized Loan Master Promissory Note (MPN)
      4. Entrance Counseling - Complete for Direct Student Loans.
    2. Parent PLUS Loan
      1. FAFSA - we request the student's FAFSA be filed
      2. Application - Parent borrowers
      3. Master Promissory Note - Complete Direct PLUS Loan Master Promissory Note (MPN)
    3. Perkins Loan
      1. The application is the FAFSA http://www.fafsa.ed.gov/. If eligible, the amount will appear on the student's award letter.
    4. Alternative
      1. Elm Website Apply and complete all paperwork as required by the lender.
  • Loans: College of Continuing & Professional Studies (CCPS)

    In order to receive a student loan, a student must be at least half-time (no less than 6 hours). They must also be fully admitted to Drury University as a Degree-Seeking Student. All students must maintain Academic Progress.

    1. Direct Student Loan
      1. FAFSA - Be sure to review and make necessary corrections.
      2. Drury Application
        1. Fall/Spring loans will be divided in half for disbursement in both Fall and Spring semesters.
        2. Fall-only loans are reserved for December graduates.
      3. Master Promissory Note - Complete Direct Subsidized/Unsubsidized Loan Master Promissory Note (MPN)
      4. Entrance Counseling - Complete for Direct Student Loans.
    2. Parent PLUS Loan
      1. FAFSA - we request the student's FAFSA be filed
      2. Application - Parent borrowers
      3. Master Promissory Note - Complete Direct PLUS Loan Master Promissory Note (MPN)
    3. Alternative
      1. Elm Website Apply and complete all paperwork as required by the lender.
  • Loans: Graduate

    In order to receive a student loan, a student must be at least half-time (no less than 3 hours). They must also be fully admitted to Drury University as a Degree-Seeking Student. All students must maintain Academic Progress.

    1. Direct Student Loan
      1. FAFSA - Be sure to review and make necessary corrections.
      2. Drury Application
        1. Fall/Spring loans will be divided in half for disbursement in both Fall and Spring semesters.
        2. Fall-only loans are reserved for December graduates.
        3. Only eligible for unsubsidized loans.
      3. Master Promissory Note - Complete Direct Subsidized/Unsubsidized Loan Master Promissory Note (MPN)
      4. Entrance Counseling - Complete for Direct Student Loans.
    2. Graduate PLUS
      1. FAFSA - Be sure to review
      2. Application - Graduate/Professional students
      3. Master Promissory Note - Complete Direct PLUS Loan Master Promissory Note (MPN)
      4. Entrance Counseling
    3. Alternative
      1. Elm Website
      2. Apply and complete all paperwork as required by the lender.
  • Loans: Non-Degree Seeking Students

    Teacher certification

    1. Admission as a Post Baccalaureate Student
    2. Program of study from Drury Education Department - only classes listed as needed are allowed in the calculation of loan
    3. Post Baccalaureate Student Qualification for Federal Loan Form - provided to students by Financial Aid.
    4. FAFSA - Be sure to review
    5. Drury's Loan Application - MyDrury, Financial Aid, MyAward Info
    6. Master Promissory Note
    7. Entrance Counseling
    8. Alternative Loans
      1. Elm Website
      2. Apply and complete all paperwork as required by the lender.
    1. Prerequisites to be admitted to another eligible program
      1. Admission as Post Baccalaureate Student
      2. Copy of program of study requiring these specific classes - only classes listed as prerequisites are allowed in the calculation of loan. Student is responsible for providing this to Financial Aid.
      3. Post Baccalaureate Student Qualification for Federal Loan Form - provided to students by Financial Aid.
      4. FAFSA - Be sure to review
      5. Drury's Loan Application
      6. Master Promissory Note
      7. Entrance Counseling
      8. Alternative
        1. Elm Website
        2. Apply and complete all paperwork as required by the lender.