Private Loans

Alternative (Private) Education Loans

Alternative Education Loans are offered through private lenders and are usually in the student’s name and require a cosigner.  Review our preferred lender list and apply here.

Missouri Family Educational Loan Program (MOFELP)

The Missouri Family Education Loan Program (MOFELP) is offered by the Missouri Scholarship & Loan Foundation (MSLF) and the Higher Education Loan Authority of the State of Missouri (MOHELA). MOFELP is a private student loan program designed to provide borrowing options for Missouri students who have financial need but may not meet the traditional credit requirements for private loans.

Application: available in May/June for the coming year on https://mslf.mohela.com/

Once student applies, they will receive approval or denial by mail. Borrower must sign and return approval disclosure. Students can access their account and make payments at https://mslf.mohela.com

Program Highlights:

• 0% loan for eligible students
• $5,000 per year (minimum loan amount $500)
• $20,000 aggregate limit
• $0 fees
• $5 monthly keep-in-touch payment begins once the loan is fully disbursed
• $25 minimum payment during standard repayment

Eligibility Requirements:

• Enrolled on a full-time basis, unless enrolled in summer term or final semester prior to degree completion
• Making Satisfactory Academic Progress
• SAI of $20,000 or less for the current academic year
• At least 17 years of age
• US Citizen or permanent resident
• Permanent Missouri resident
• Not have a Bachelor’s degree
• At least 21 on ACT or SAT equivalent; or have an overall cumulative GPA of 2.5 or higher earned at high school, participating school, or another institution
• Must receive annual loan limits for Federal Direct Subsidized and Unsubsidized Loans
• Not have a conviction for fraud
• Certified financial need
• Two year credit history (or have a cosigner with two year credit history
  • COSIGNER must meet the following eligibility requirements:
    • US Citizen
    • Permanent Missouri resident
    • At least 18 years of age
    • Not have a conviction for fraud