Student loans must be repaid. The University of Minnesota will offer student loans as part of your financial aid offer after reviewing your eligibility for grants, scholarships, and work-study.
Federal student loan programs offer favorable terms reserved for students. Interest rates on federal student loans are typically lower than for other types of private loans, and repayment often does not begin until you are done with school or drop below half-time enrollment. Additionally, there may be an interest-free grace period before repayment begins. Some federal loans offer forgiveness options if you work in a particular program or position after graduation.
You must have a completed Free Application for Federal Student Aid (FAFSA) on file with the University to be eligible for federal loans.
The total amount of financial aid offered to a student, including all scholarships and grants, cannot exceed the cost of attendance at the University of Minnesota for that aid year. Financial aid offers (e.g., loans, work study, scholarships, or grants) may be reduced for students whose total aid exceeds the cost of attendance.