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This loan is based on financial need so not all students qualify. In order to determine student eligibility you must apply for financial aid through the FAFSA. This is a federal loan program that offers freshman students (under 32 semester credit hours earned) up to $3,500 and sophomores(32 semester hours or more hours earned) up to $4,500. This is a loan and the money must be repaid with interest. The interest rate on this type of loan varies annually but is capped at 8.25%, but no interest accumulates and no repayment is required as long as the student is enrolled in college at least half-time. First time Stafford Loan recipients must attend a loan counseling session before they can receive the money.
Students that do not qualify for the maximum amount of a Subsidized Stafford Loan may borrow through the Unsubsidized Stafford Loan program. This is a loan and the money must be repaid. The interest rate on this type of loan varies annually but is capped at 8.25%. Unlike the subsidized loan, interest will accrue while the student is in school, during the grace period, and during the repayment periods.
Learn more about applying for a Stafford Student Loan.
This is a loan that parents can take to pay for the educational expenses of dependants. Eligibility is based on credit history and not income. Parents can borrow up to the cost of education, less other aid received. The interest rate is variable, but can not exceed 9%. Repayments begin immediately. The student must apply for federal financial aid using the FAFSA. This is a loan and the money must be repaid. The funds are given out in multiple disbursements to the parent after tuition and fees have been paid.
See the list of banking institutions that offer PLUS loans.
This loan program is provided by the State of Minnesota through the Minnesota Higher Education Services Office (HESO). The SELF loan is a variable interest rate loan. The interest is subject to change throughout the life of the loan. Students have a maximum eligibility of $7,500 each year for their first and second year of college. Approval requires a credit worthy co-signer. You must have your eligibility for federal and state financial aid determined using FAFSA before you can be considered for a SELF loan. This is a loan and the money must be repaid.
For more information about SELF Loans, visit the website for Minnesota Office of Higher Education.
For Federal Student Loans (FFELP and Direct Loan programs), visit the National Student Loan Data System (NSLDS).
For FFELP and Private alternative loans, visit Meteor Network.