| Direct Loan – Subsidized |
Direct Loan – Unsubsidized |
SELF | Direct PLUS |
|
| Borrower | Student | Student | Student | Student’s Parent(s) |
| Maximum Loan Amount | $3,500 – Freshman
$4,500 – Sophomore |
$2,000. to $6,000. ( Varies with student status) |
$7,500 ($10,000 beginning 08/01/2020) |
Varies with student’s cost of attendance and other Aid resources |
| Lender | U.S. Department of Education | U.S. Department of Education | State of Minnesota | U.S. Department of Education |
| Interest Rates, effective July 1, 2020* |
2.75% | 4.30% | Fixed Rate: 4.85%
Variable Rate: |
5.30% |
| Interest Type | Fixed Rate | Fixed Rate | Student chooses Fixed or Variable Rate at time of application |
Fixed Rate |
| Fees effective October 1, 2019* | 1.059% | 1.059% | None | 4.236% |
| Grace Period | 6 months | 6 months | None. Interest only payments required each quarter after loan is disbursed |
None. Repayment begins within 60 days of loan disbursement. Under new regulations, the borrower may request a delay in this date. Check with your PLUS Loan Servicer for more information. |
| Direct Loan – Subsidized |
Direct Loan – Unsubsidized |
SELF | PLUS |
* Check your disclosure statement to confirm the interest rate and fees for your loan!