Minneapolis College participates in the U.S. Department of Education Direct Loan Program. Students must complete a FAFSA to be considered for federal student loans. These loans have fixed interest rates that are usually lower than private student loans.
Students who are awarded a Subsidized Direct Loans, may be eligible to borrow up to $3,500 in subsidized loan funds for their first year, and up to $4500 their second year. There is no interest charged on subsidized loans while you are in school. Students who are awarded an Unsubsidized Direct Loans, may borrow up to their annual loan limit for the year, however interest is charged on unsubsidized loans while you are in school.
You do not need to make payments to you Federal Direct loans until you leave college. You then must repay the loan, any fees, and interest. You must repay borrowed loans regardless of your future earnings and whether or not you complete your degree or program. Before you take out a loan, make sure you will be able to afford the monthly payment.