Student Loans
Loans are an additional part of paying for college, but we know that taking on extra debt is a big decision. Low-interest loans are available to help cover your expenses with manageable repayment plans after you graduate. The key? Only borrow what you need and make sure you know your options.
What Is A Loan?
An educational loan is an investment in your future; it is also a tremendous financial responsibility. All loans must be paid back, with interest, to the lender. It is always best to borrow only what you need to meet your educational expenses.
Loan Options
Federal Direct Loans
You are automatically considered for Direct Loans through the Department of Education when you apply for financial aid through the FAFSA.
Private and PLUS Loans
Aside from federal loans, students can explore private loans offered by banks, credit unions and other financial institutions. While these loans may provide more flexibility, they often come with higher interest rates. The Federal Parent PLUS program allows parents to borrow money for their undergraduate student and the Federal Graduate PLUS program allows graduate students to borrow money.
In accepting a financial aid award from Minnesota State University, Mankato students should acknowledge certain Student Rights and Responsibilities.