| 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) |
$10,000 | 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, 2023* |
5.50% | 5.50% | Fixed Rate: 6.35%
Variable Rate: |
8.05% |
| Interest Type | Fixed Rate | Fixed Rate | Student chooses Fixed or Variable Rate at time of application |
Fixed Rate |
| Fees effective October 1, 2023* | 1.057% | 1.057% | None | 4.228% |
| Grace Period | 6 months | 6 months | Minimum monthly payment of $15.00 is required while student is enrolled and during transition period. Repayment amount can vary based on 10, 15 or 20 year repayment term. | 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!