Loans
Student loans must be repaid with interest. Each type of loans has its own interest rate and terms for repayment. Be sure to carefully read the loan agreement before you sign. Borrowing should be viewed as a last resort. Academic Advisors will work with you to minimize your student debt and maximize grant and work opportunities.
Federal Direct Loans are qualified for by completing the FAFSA. There are two types of Federal Direct Loans, Subsidized and Unsubsidized. A student may borrow up to $5,500 freshman year or $6,500 sophomore. Independent student have an additional $4,000 of unsubsidized loan eligibility. Direct Loans have additional requirements that need to be completed and can be requested through your e-Services account. Private loan may be available for students who are not eligible for other types of financial aid, or need additional financial aid.
If you are having issues with your student loan lender or servicer, the Student Loan Advocate with the Minnesota Department of Commerce is here to help. To file a complaint, please visit our web page. For general questions, please contact Student Loan Advocate at jabra.kawas@state.mn.us or 651-539-1022.