Student Loan Programs
Student loans are sources of financial aid which must be repaid. The University of Minnesota, Morris (UMM) will offer student loans as part of a student's financial aid award after reviewing their eligibility for grants, scholarships, and work-study.

Most student loan programs offer favorable terms reserved for students. Interest rates on student loans are typically lower than on other types of consumer loans, and repayment often does not begin until the student is done with school or drops below half-time enrollment. Additionally, there may be an interest-free grace period before repayment begins and some loans offer forgiveness options if a student works in a particular program or position after graduation.

UMM will offer student loans to eligible students as part of their financial aid award. Students will be offered federal loans first, based upon their eligibility and grade level. UMM will then offer alternative loans to students who qualify.

Loan Programs

Federal Loan Programs
UMM is a Direct Lending institution. The William D. Ford Federal Direct Loan Program is one of the Federal Student Aid (FSA) programs offered by the Department of Education. The Department of Education is the lender and it provides students with a way to borrow money to pay for their college education. Visit the Federal Student Aid (FSA) Direct Loan Homepage to learn more about the program.

Alternative Loan Programs
UMM recognizes that not all students and their parents will be able to meet the financial burden of paying for an education, even with the assistance of traditional aid resources. UMM cannot recommend an alternative loan program for you. Since each student's needs are unique, students and their co-signers should evaluate each loan program to determine the best loan for their educational plans.

Exit Counseling and Repayment

Student Loan Exit Counseling
Students are required to complete loan exit counseling if they graduate, transfer, drop below half-time enrollment, withdraw or not enroll for the next semester (but have not graduated). If students do not complete loan exit counseling a hold will be placed on their record.

Student Loan Repayment
Visit UMM's loan repayment page to understand your rights and responsibilities as a borrrower under the various student loan programs.