Loans
Student loans are available for students and parents to help pay for the cost of a student's education after high school. These loans may be a necessity to attend and complete college; however, be mindful of your debt load and borrow only what you need.
Information in this section:
Loan Programs
Eligibility
Master Promissory Notes
Loan Repayment
MUS Loan Repayment Incentive Programs
Loan Programs
There are several types of loan programs. Click the links below for more information:
Federal Perkins Loan Program
Private Loan Programs
William D. Ford Direct Lending Program
Eligibility
Eligibility for all student loans is determined by your school’s financial aid office from information provided on the Free Application for Federal Student Aid (FAFSA). For more information or to complete the FAFSA, go to A Guide to the FAFSA.
Master Promissory Notes
If you are borrowing a Federal Stafford loan, you must complete a Direct Loan Master Promissory Note (MPN).
Loan Repayment
Student loans must be repaid with interest. Interest usually continues to be charged until the loan is paid in ful. For interest rates on Stafford and PLUS loans in the William D. Ford Direct Loan Program, go to Student Aid on the Web.
Your loan repayment amount can be calculated at Get Money Smarts.
Information on loan repayment plans and deferment/forbearance options are available at Montana Guaranteed Student Loan Program.
MUS Loan Repayment Incentive Programs
Several loan repayment and assistance programs are available through the Montana University System.
Quality Educator Loan Assistance Program
The Quality Educator Loan Assistance Program provides for the direct repayment of educational loans. The total loan repayment assistance may not exceed $3,000 per year for up to four years. Qualified applicants will be ranked based on a scoring system that takes into account the impacted schools and academic areas. More information including eligibility requirements and applications for this program can be found at the Montana Guaranteed Student Loan Program.
Montana Rural Physician Incentive Program
The Montana Rural Physician Incentive Trust Fund was established to facilitate payment of qualified educational debts of rural physicians who serve communities or populations that are medically underserved and where there is a demonstrated need for medical services. The trust is funded by fees assessed to all Montana allopathic and osteopathic medical students participating in the WICHE and WWAMI programs. More information including eligibility requirements and applications for this program can be found here.
Montana Institutional Nursing Incentive Program
The Montana Institutional Nursing Incentive Program is a loan reimbursement program for individuals who are licensed to practice as a registered professional nurse and who are currently employed as a full-time registered professional nurse by either the Montana state prison or the Montana state hospital. More information on this program can be found here.