Loans

Student loans are sources of financial aid which must be repaid. UMD will offer you student loans as part of your financial aid award after reviewing your eligibility for grants, scholarships, and work-study.

Most student loan programs offer favorable terms reserved for students. Interest rates on student loans are typically lower than on other types of consumer loans, and repayment often does not begin until you are done with school or drop below half-time enrollment. Additionally, you may have an interest-free grace period before your repayment begins, and some loans offer forgiveness options if you work in a particular program or position after you graduate.

UMD will offer student loans to eligible students as part of their financial aid award(s). Students will be offered federal loans first, based upon their eligibility and grade level. UMD will then offer Federal Direct Parent PLUS and Minnesota SELF Loans to students who qualify.

Federal Loans

Federal loans are those offered to students and/or parents through the U.S. Department of Education. At UMD, these loans are offered to students via a direct lending agreement; a third-party lender is not necessary. The links below will provide you with additional information about federal student loan programs:

• Federal Perkins Loan
• William D. Ford Federal Direct Student Loan (Subsidized and Unsubsidized)
• Federal Direct Parent Loan for Undergraduate Students (PLUS)
• Direct PLUS Loans for Graduate and Professional Students

Minnesota Student Educational Loan Fund (SELF) Program

The SELF Loan is a low-interest student loan program administered by the Minnesota Office of Higher Education (OHE). This loan is available to students attending eligible Minnesota schools.

Alternative Education or Private Loans

In addition to the Ford Federal Direct Student Loans, the SELF Loan, and Federal PLUS Loan, students have the option to apply for alternative loans to supplement their educational funding. Alternative loans, also known as private loans, are loans that you can choose to borrow through a for-profit bank or lending institution to help cover your educational costs. Alternative loans can be substituted for SELF or Parent PLUS Loans. If you are considering an alternative loan, please be sure to review the Alternative (Private) Education Loan Guide for additional information.

Alternative Loan Guide
Undergraduate Loan Comparison Chart
Calculate Monthly Loan Payments
Direct Loans - Glossary of Loan Terms
View Your Federal Loan History or Make Online Payments
Federal Loan Consolidation