Consildating student loans
Federal loans are the most accessible to students, and offer the best repayment terms. These distinct types of loans are available to students and parents seeking Federal Financial Aid: Stafford Loans To be considered for Stafford Loans and other Federal Student Aid, you must submit a Free Application for Federal Student Aid (FAFSA).Private loans, also referred to as personal loans and alternative loans can be difficult for students to secure without cosigners. Repayment begins six-months after graduation, and is governed by repayment schedules ranging in length from 10 to 25 years.In general, families with annual incomes below ,000 are eligible for Perkins Loans.
Minnesota residents who attend participating colleges are eligible to borrow up to ,000 each year, at a fixed rate of 7.25%.
A single monthly payment replaces the need to pay each loan individually, and the repayment terms of the loan can be extended for up to 30 years.
Students considering this loan should pay close attention to how their total repayment costs might be affected.
If your loan is in default or you have a grant overpayment and are not sure what type of loan or grant you have, check your original loan/grant documents or use our National Student Loan Data System.
If the loan/grant is not one of the program types listed above and is not assigned to the U. Department of Education, the information on this site does not apply to you.