Loans are money you borrow at a low interest rate and usually repay after your education is completed. There two types of loans, federal and private loans.
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.
- Direct Loan - Subsidized and Unsubsidized.
- Perkins Loan - You must complete the Perkins Loan Application, the Perkins Loan Master Promissory Note (MPN). and the Perkins Statement of Rights and Responsibilities.
- PLUS Loan for Parents.
- 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.
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.
What to do Next?
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: Read and complete the steps for your Federal Direct Loan.
- Perkins Loan: If you are interested in a Perkins Loan, complete the Perkins Loan Application and the Perkins Loan Master Promissory Note (MPN). and the Perkins Statement of Rights and Responsibilities.
- PLUS Loan For Parents: Go to www.studentloans.gov. After completing your PLUS Master Promissory Note, complete the Plus Loan Request Form.
Minnesota West adheres to the Student Loan Code of Conduct.
Contact a Campus Resource Specialist.