Student loans are sources of financial aid which must be repaid. The University of Minnesota, Morris will offer student loans as part of your financial aid award after reviewing your 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 you are done with school or drop below half-time enrollment. Additionally, there may be an interest-free grace period before repayment begins and some loans offer forgiveness options if you work in a particular program or position after graduation.
You must have a completed Free Application for Federal Student Aid (FAFSA) on file at Morris to be eligible for federal loans.
Federal Loans »
- Ford Federal Direct Subsidized Loan
- The Ford Federal Direct Subsidized Loan is a need-based program, subsidized by federal funds that allows you to borrow money interest-free while in school at least half-time. You must complete the Direct Loan Master Promissory Note. (MPN) and Entrance Counseling if you are a first-time borrower.
- Ford Federal Direct Unsubsidized Loan
- The Ford Federal Direct Unsubsidized Loan is a non-need-based program. You will be charged interest on this loan, but have the option to defer paying the interest while in school at least half-time. You must complete the Direct Loan Master Promissory Note (MPN) and Entrance Counseling if you are a first-time borrower.
- Federal Perkins Loan
- The Federal Perkins Loan is a low interest (five percent) need-based program available to students who have exceptional financial need (the lowest EFC). There is no origination fee and interest does not accrue while you are enrolled. Repayment begins nine months after you graduate, withdraw or drop below half time status (six credits). Full details are provided on the promissory note. You must have a completed Free Application for Federal Student Aid (FAFSA) on file at Morris to be eligible.
The loan is made with federal government funds, but the University is the lender. Be aware that funds are limited. If you have not been awarded a Perkins loan, you must schedule an appointment with a Financial Aid Officer to apply. You must have a cumulative grade point average (GPA) of 2.0, be registered for 12 or more credits, and be working towards your first bachelor’s degree to be eligible. - Ford Federal Direct PLUS Loan
- Parents of a dependent student may apply for a Ford Federal Direct Parent Loan for Undergraduate Students (PLUS) Loan, a non-need-based program that allows a parent to borrow any amount up to the cost of attendance minus other financial aid awarded.
Parents wishing to borrow a PLUS loan need to complete the PLUS Active Confirmation Form, and complete the PLUS Master Promissory Note before the funds will disburse to your student’s account.
Alternative Loan Programs »
The University of Minnesota, Morris 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. The University of Minnesota, Morris cannot recommend an alternative loan program for you. Since each student’s needs are unique, you and your co-signer should evaluate each loan program to determine the best loan for your educational plans.
Morris has an Alternative Lender List which provides the alternative loan programs frequently used by our students and will process all loan requests, regardless of whether the lenders appear on the list.
Student Loan Exit Counseling »
You must complete loan exit counseling if you:
- borrowed from a federal loan program while at the University of Minnesota, Morris;
- are about to graduate from Morris;
- do not register for classes at Morris (but have not graduated);
- register for/drop below half time status or withdraw from classes at Morris; or
- transfer to another college or university.
Federal Direct Loan Exit Counseling
You may satisfy the Direct Loan exit counseling requirement online by reading information about Direct Loans and passing a brief quiz. It should take approximately 20 minutes to read the information and take the quiz. You will need your U.S. Department of Education Personal Identification Number (PIN) to complete the session online. When you have successfully passed the quiz, request that a confirmation be sent to the Financial Aid Office at the University of Minnesota, Morris.
Federal Perkins Loan Exit Information
You will be notified to complete your Perkins Loan exit counseling online by the Student Account Assistance office at the University of Minnesota Twin Cities. A hold will be placed on your academic transcript if this requirement is not met.
Students who cancel enrollment should contact the Student Account Assistance office directly using the information below.
If you have questions or have not received Perkins Loan exit materials, contact:
Student Account AssistanceUniversity of Minnesota, Twin Cities
211 Science Teaching & Student Services
222 Pleasant St. S.E.
Minneapolis, MN 55455-0239
612-625-8007
stdtloan@umn.edu
Manage your Student Loans »
Federal Loans can be managed at www.studentloans.gov, where you can find information about repayment, deferments, and consolidation. You can also access your financial aid history and monitor your total federal loan debt and interest accrued.
Perkins Loans are serviced through the Student Account Assistance office on the Twin Cities campus. They can be reached at stdtloan@umn.edu or 612-625-8007.
Alternative Loans can be managed through your lender. If you are unsure about which lender you’ve borrowed from and what amount, you can contact the financial aid office for details about your school-certified alternative loans. Another helpful resource is www.annualcreditreport.com, where you can access your credit report once each year from the three main credit reporting agencies.
