Loans are money you borrow at a low interest rate and usually repay after your education is completed. Three types of loans are available: federal, state, and private.
Beginning with Fall semester 2014:
Semester-only loans must be split into two disbursements. Half the loan amount will be disbursed starting the third week of classes. The other half will be disbursed mid-way through the semester.
First-time loan borrowers must wait 30 days after the start of the term before the first disbursement can apply to their student account.
Check the Student Calendar for disbursement dates and other important dates.
The federal loan program requires students and parents (for dependent students) to apply for financial aid with the FAFSA. Students must be enrolled at least half-time (6 credits) to qualify for federal loans. There are three types of federal loans.
After completing the FAFSA, you will receive your award letter from Minnesota West stating which federal loans are available for you. You may choose to borrow some, all, or none of the amounts listed. Complete instructions below for your specific award:
- Direct Loan. Complete these steps for your Federal Direct Loan. More information about Subsidized and Unsubsidized loans available at www.studentaid.edu.gov
- Perkins Loan. If you are interested in a Perkins Loan, you must complete the Perkins Loan Application and the Perkins Loan Master Promissory Note (MPN), and the Perkins Statement of Rights and Responsibilities. More information available on the Perkins Loan Information Sheet. The maximum award for a Perkins loan at Minnesota West is $4000 per academic award year.
- PLUS Loan for Parents. Go to www.studentloans.gov. After completing your PLUS Master Promissory Note, complete the Plus Loan Request Form.
Minnesota SELF Loan is a long-term, low-interest educational loan primarily for Minnesota students who need assistance paying for education beyond high school. Because the SELF program is not subsidized by the federal or state government, a credit-worthy co-signer is needed to insure continuous repayment on the loan. The Minnesota SELF Loan website provides information and will guide you through the application process.
Many banks and credit unions provide educational loan options, commonly referred to as private loans. These loans may have higher interest rates than federal loans and generally should be considered as a borrowing option after you have considered federal loans. Go to the FASTChoice website to compare private loans and then contact your lender for a loan application.
Minnesota West adheres to the Student Loan Code of Conduct.
Contact a Campus Resource Specialist.