Alternative Loan Options

This is a list of alternative funding sources for students who may not qualify for other types of financial assistance or who need additional funding to meet the cost of education.

Long-term, low interest funds can be borrowed to replace the parent and/or student contribution and any remaining unmet need. All loan checks are sent to the college for disbursement.

For additional information call the NDSCS Financial aid Office at 1-800-342-4325 ext. 2207.

Federal Direct Plus LoanMadge Vertin Loan 1-800-342-4325 ext. 32207Student Educational Loan Fund - SELF 1-800-657-3866 Wells Fargo Loan for Career and Community Colleges 1-800-658-3567BND DEAL Loan 1-800-472-2166
EligibilityAt least ½ time; parent cannot have adverse credit history; must maintain satisfactory progress2.0 GPA required; must be full-tme and maintain satisfactory progressMN residents only; at least ½ time; must maintain satisfactory progressU.S. Citizen or Co-Signer who is a U.S. CitizenU.S. Citizen; supplements Stafford loan; must maintain satisfactory progress
Annual Loan LimitsCost of Education less other aidFull-Time, at home: $3,000 All Others: $5,000$500 Minimum; $7,500 per grade level maximum$1,000 minimum $15,000Minimum $500; Cost of education less other aid
Cumulative Loan LimitsNone$10,000$52,500 as undergraduate$30,000 including all other Educational Debt $50,000
Interest Rates6.41%3.86%VariableCheck with LenderVariable
Origination Fee3%NoneNoneNoneNone
Guarantee Fee0-1%NoneNoneNoneNone
Co-SignerVaries by LenderYesYesYes, unless borrower meets certain credit requirementsUnder age 24 require co-signer; over the age of 24 varies
Grace PeriodsVaries by Lender6 months on principal13 months on principal6 months on principal6 months on principal
RepaymentMinimum $50 per monthMaximum 10 years; Minimum $50 per monthMaximum 10 years; Minimum $50 per monthMinimum $50 per monthMinimum $50 per month
Consolidation OptionNoNoCheck with lenderCheck with lenderCheck with lender

Oops! It appears your browser is no longer supported.

You have a few options from this point. The first and most recommended option would be to download one of the browsers below. If that is not possible, the second suggestion would be to update your current browser, you can follow the update link below for that. Otherwise, the site will still function in its current state, but in a limited capacity.

New Browsers

Updates

×