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 LoanStudent Educational Loan Fund - SELF
Wells Fargo Loan
For Career & Community Colleges
EligibilityAt least ½ time; parent cannot have adverse credit history; must 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 aid$500 Minimum; $7,500 per grade level maximum$1,000 minimum $15,000Minimum $500; Cost of education less other aid
Cumulative Loan LimitsNone$52,500 as undergraduate$30,000 including all other Educational Debt$50,000
Interest Rates7.21%VariableCheck with LenderVariable
Origination Fee4.292%NoneNoneNone
Guarantee FeeNoneNoneNoneNone
Co-SignerVariableYesYes, unless borrower meets certain credit requirementsYes, unless borrower meets certain credit requirements
Grace PeriodsVariable13 months on principal6 months on principal6 months on principal
RepaymentMinimum $50 per monthMaximum 10 years; Minimum $50 per monthMinimum $50 per monthMinimum $50 per month
Consolidation OptionNoCheck with lenderCheck with lenderCheck with lender

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