Fund types available for May/Summer
Limited financial aid assistance is available in the summer if you have used your annual Direct Student Loan award eligibility during the fall and spring terms. See below for overviews of the primary types of financial aid available for May/Summer term.
As a result of federal legislative changes, the interest rate for Direct Subsidized loans that are first disbursed on or after July 1, 2013, will be fixed at 6.8 percent interest. Between July 1, 2013 and July 31, 2014 all subsidized and unsubsidized loans will have the same interest rate of 3.86 percent.
Undergraduates with remaining eligibility
You will be considered for the Minnesota State Grant, Pell Grant, Work-Study, Direct Subsidized/Unsubsidized loans, and Parent Loan for Undergraduate Students (PLUS) loans. University Trust (UTFL) loans may also be available on a limited basis for undergraduate students.
Summer Work-Study awards will be made to students who received Work-Study during the fall and spring terms. Other students who are interested in receiving Work-Study will have the opportunity to request these funds and be placed on a summer wait list.
Graduate students with remaining eligibility
You will be considered for Direct Subsidized/Unsubsidized loans and the Graduate PLUS Loan. If you have exhausted your annual maximum eligibility for subsidized and unsubsidized loans, then you will be awarded the Graduate PLUS Loan up to your summer cost of attendance. Eligibility for the Graduate PLUS loan does require a satisfactory check of your credit rating. Graduate students may also be interested in private loans. Visit the private loans page for information on summer session loan assistance.
No remaining eligibility
Please note: You may borrow the maximum annual loan limit only once between fall 2013 and summer 2014. If you borrow the maximum annual loan limit during the fall and spring, you will not be eligible for additional Direct Loans in summer term 2014. Students who have borrowed their annual maximums during the fall and spring may want to check out the private loans page for information on summer session loan assistance.