Loan Comparison Chart


Loan – Subsidized
Loan – Unsubsidized
SELF Direct
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)
$20,000 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% Based on repayment term:

Fixed Rates: 6.35% to 6.85%

Variable Rates:  7.30% to 7.80%

Interest Type Fixed Rate Fixed Rate Fixed rate based on repayment term Fixed Rate
Fees effective October 1, 2023* 1.057% 1.057% None 4.228%
Grace Period 6 months 6 months Minimum monthly payment of $15-25.00 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.
Loan – Subsidized
Loan – Unsubsidized

* Check your disclosure statement to confirm the interest rate and fees for your loan!