| Borrower |
Student |
Student |
Student |
Student's Parent(s) |
| Maximum Loan Amount |
$3,500 - Freshman $4,500 - Sophomore |
Varies with student status |
$7,500 |
Varies with student's cost of attendance and other Aid resources |
| Lender |
Bank or other financial institution |
Bank or other financial institution |
State of Minnesota |
Bank or other financial institution |
| Interest Rates, effective July 1, 2007* |
6.80% (6.0% after 7/1/08) |
6.80% |
7.40% |
8.50% |
| Interest Type |
Fixed Rate |
Fixed Rate |
Variable Rate |
Fixed Rate |
| Fees |
3% Origination Lender may pay one or both fees as a benefit to the student |
3% Origination Lender may pay one or both fees as a benefit to the student |
None |
3% Origination Lender may reimburse one or both fees as a benefit to the borrower. |
| Grace Period |
6 months |
6 months |
None. |
None. |
* Check with your lender to confirm the current interest rate on your loan!