Minneapolis College participates in the U.S. Department of Education Direct Loan Program. Students who file a FAFSA are considered for federal student loans. These loans have fixed interest rates that are usually lower than private student loans.
If you are awarded a Subsidized Stafford Loan, you can borrow up to $3,500 the first year. There is no interest charged while you are in school. If you are awarded an Unsubsidized Stafford Loan, you can borrow up to $6,000 the first year. Interest is charged while you are in school.
You do not need to pay back a Stafford loan until you leave college. You then must repay the loan, any fees and interest. You have to pay it back regardless of your future earnings and whether or not you complete your degree or program. Before you take out a loan, make sure you’ll be able to afford the monthly payment.
A PLUS loan would be taken by your parents. Repayment begins while you are in school.