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) |
$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, 2024* |
6.53% | 6.53% | Based on repayment term:(effective until 06/30/24) Fixed Rates: 6.35% to 6.85%Variable Rates: 7.30% to 7.80% |
9.08% |
Interest Type | Fixed Rate | Fixed Rate | Fixed rate based on repayment term | Fixed Rate |
Fees effective October 1, 2024* | 1.057% | 1.057% | None | 4.228% |
Grace Period | 6 months | 6 months | Minimum monthly payments vary based on the your enrollment status. Currently a monthly repayment of $25.00 is required for each SELF loan while the student is enrolled and during the post-enrollment transition period. See additional details here. 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!