Loans
Low-interest educational loans which must be repaid, are available from government and private lenders. Major loan programs include:
The Federal Perkins Loan Program
The Federal Perkins Loan Program provides long-term, five percent interest loans to undergraduate and graduate students who demonstrate financial need and enroll in participating schools. Priority is given to Pell Grant recipients.
For more information about Perkins Loans, see the Minnesota Office of Higher Education program description
Federal Stafford Loans
The Federal Stafford Loan Program has three different types of loans available through some banks and institutions — subsidized student loans, unsubsidized student loans, and a loan for parents called PLUS. The Subsidized Stafford Loans are only available to students with demonstrated financial need. While the student is in school, the government pays the interest on these loans. The Unsubsidized Stafford Loan is available for all students. Loans accrue interest while the student is attending school. The PLUS loans (Federal Parent Loans for Undergraduate Students) are available to parents of dependent students. The borrowers do not have to show financial need for the program, but other requirements may apply. Parents may borrow up to the price of attendance minus any other aid the student has received.
More than 500 private lenders make these loans available to Minnesota students, including Northstar through the T.H.E. Private College Loan Program. These loans also are available as Federal Direct Stafford Loans through selected, participating schools across the country. With the direct loan, the federal government is the lender. Applications for the direct loan are available at participating schools.
For more information about Stafford loans, see the Minnesota Office of Higher Education program description
SELF Loans
The Minnesota Student Education Loan Fund (SELF) is a program unique to Minnesota. The loans are available to Minnesota students or to non-resident students attending an eligible Minnesota school. Additional information is available through the financial aid office of your college.
For more information about SELF loans, see the Minnesota Office of Higher Education program description.
Other resources
See the Student Loan information on the Minnesota Office of Higher Education Web site.