| ALTERNATIVE ( Unsubsidized) LOAN PROGRAMS |
| |
Federal Direct Plus Loan studentloans.gov |
Madge Vertin Loan 1-800-342-4325 ext. 32207 |
Student Educational Loan Fund-SELF 1-800-657-3866 Apply Online/ |
Wells Fargo Loan for Career and Community Colleges 1-800-658-3567 Apply Online |
BND DEAL Loan 1-800-472-2166 Apply Online |
| Eligibility |
At least ½ time;
parent cannot have adverse
credit history; must maintain
satisfactory progress |
2.0 GPA required; must
be full-tme and maintain
satisfactory progress |
MN residents only;
at least ½ time;
must maintain
satisfactory progress |
U.S. Citizen or
Co-Signer who is a U.S. Citizen |
U.S. Citizen;
supplements Stafford loan;
must maintain
satisfactory progress |
| Annual Loan Limits |
Cost of Education less other aid |
Full-Time, at home:
$3,000
All Others: $5,000 |
$500 Minimum;
$7,500 per grade
level maximum |
$1,000 minimum
$15,000 |
Minimum $500;
Cost of education less other aid |
| Cumulative Loan Limits |
None |
$10,000 |
$52,500
as undergraduate |
$30,000
including all other
Educational Debt |
$50,000 |
| Interest Rates |
8.5% |
6.8% |
Variable |
Check with Lender |
Variable (check with lender) |
| Origination Fee |
3% |
None |
None |
None |
None |
| Guarantee Fee |
0-1% |
None |
None |
None |
None |
| Co-Signer |
Varies by Lender |
Yes |
Yes |
Yes, unless borrower meets
certain credit requirements |
Under age 24 require
co-signer; over the age of 24 varies |
| Grace Periods |
Varies by Lender |
6 Months on
principal |
13 Months on
principal |
6 Months on principal |
6 Months on principal |
| Repayment |
Minimum $50 per month |
Maximum 10 years;
Minimum $50 per month |
Maximum 10 years;
Minimum $50 per month |
Minimum $50 per month |
Minimum $50 per month |
| Consolidation Option |
No |
No |
Check with lender |
Check with lender |
Check with lender |
