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Missouri Student Loans

If you are considering a college in Missouri, you will likely want to make yourself familiar with the Missouri Higher Education Loan Authority (MOHELA). As the issuing agency for loans within the state as well as the number one source for low cost alternative loans, the MOHELA also provides loads of information to students and parents on college, planning, and financing, making it a one-stop-shop for college information and funding.

In order to provide a better resource for alternative Missouri student loans in comparison to the high end for-profit loans offered through lenders like a personal bank, the MOHELA created a family of loan programs known as the CASHLoans. Because these loans are offered through a not-for-profit agency with the same tax exempt state educational bonds used for federal loans, these include much lower interest rates and often zero-fee policies. There are basically four different CASHLoan packages suited to different circumstances:

EDCASH — a low-cost, long-term loan for undergrads enrolled at least part-time in a degree program. Recipients can get up to the full cost of tuition, less the monies afforded federally. Repayment begins 6 months after graduation and can be extended for up to 15 years.

GRADCASH — similar to the prior loan plan, but offered solely to those enrolled in a graduate study program.

LAWCASH — specifically configured to help cover the incredibly costly and long study programs involved in becoming a lawyer. Students eligible for this loan are enrolled at least half time in their study program.

MEDCASH — like the prior, these are career-related, offered to medical students only. Students must be enrolled in their medical program full time to be eligible. For those on the brink of graduation or who have graduated and need a little extra help to get on their feet, there is also the modified MEDCASH+ loan.

If you ever find yourself in a position where you are unable to meet the repayment requirements for Missouri student loans, contact the MOHELA immediately. They will work with you for a deferment or a way to make the loan payments more affordable so that you don't end up with a blemish on your credit report.

Paying for school is not easy, but we are here to help. OEDb's student finance section will help you find the money you need to pay your tuition and other college expenses. We cover scholarships, college grants, and student loans. Scholarships and grants are both forms of "free money", meaning they don't need to be paid back. Scholarships are typically awarded by businesses or individuals, with the money being earmarked specifically for tuition. They can be awarded based on a student's location or by religious affiliation, such as Catholicism or Islam. Grants are typically awarded by governments or non-profit organizations and the money often can be applied to several different expenses a student may incur, not solely tuition. They can be awarded based on location or ethnicity, for instance African American or Hispanic. Loans are not considered "free money", because unlike scholarships and grants, they do need to be paid back after graduation. Common federal loans include Perkins and Stafford. Loans are also available by location.