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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

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

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

Compare Private Student Loan vs. PLUS Loan for Parents

Download the comparison guide (pdf).