Loans
Federal Loans
The federal loan program requires students and parents (for dependent students) to apply for financial aid with the FAFSA. Students must be enrolled at least half-time (6 credits) to qualify for federal loans. There are three types of federal loans:
What is the difference between a subsidized Direct Loan and an unsubsidized Direct Loan?
No interest is charged on a subsidized Direct loan while you are in school at least half time and during the six month grace period after you cease half time enrollment. On an unsubsidized Direct loan you either pay the interest while you’re in school or you may choose to have it capitalize, which means the interest is accruing and is added to your principal balance. For undergraduate students, the subsidized Direct loan interest rate for the 2010-2011 academic year is fixed at 4.5 percent, and the unsubsidized Direct Loan interest rate is fixed at 6.8 percent.
Private Loans
Many banks and credit unions provide educational loan options, commonly referred to as private loans. These loans may have higher interest rates than federal loans and generally should be considered as a borrowing option after you have considered federal loans.
Eligibility for private loans is based on the credit worthiness of the borrower and/or co-signer. There are federal student loan programs that may have more favorable terms and conditions than private educational loans.
Anoka-Ramsey Community College has certified private loans in the past three years for the following lenders. The list order is based on the number of loans certified (highest to lowest) and is updated in February of each year. Anoka-Ramsey Community College does not endorse any one lender. By clicking on the name of a lender you will leave the Anoka-Ramsey Community College web site. Please contact the lender(s) for information regarding terms and conditions or to apply for a loan.
• Minnesota SELF Loan
• Wells Fargo
Private Loan Disclosure
• Sallie Mae
Under the Truth-in-Lending Act rules, private education loans are subject to self-certification, three consumer disclosures at specific times in the application process, and a three day delay in disbursement. Due to the number of steps involved in the private loan application process, applicants should allow a minimum of 3 weeks for processing.
Neither Anoka-Ramsey Community College nor its employees receive benefits or remuneration as a result of your choice of lender. You may choose a lender other than those appearing on this list. See our Student Loan Code of Conduct for additional information.
This information is intended to be accurate, but the publisher does not assume liability for errors or omissions.
Loan Links
- http://www.mheso.state.mn.us/self/self.cfm Sponsored by a Minnesota Higher Education Services Office, this site offers on-line SELF loan information and counseling.
- http://www.slsc.mnscu.edu/ Minnesota State Colleges and Universities site -designed to help borrowers of Perkins Loans understand and manage loan funds by providing you with deferment, cancellation and payment information.
- http://www.nslds.ed.gov/ NSLDS (National Student Loan Database System) is the U.S. Department of Education's central database for student aid. Allows student access to account information pertaining to loans and/or grant amounts, outstanding balances, loan statuses, and disbursements.
- http://www.ed.gov/offices/OSFAP/DCS/ Guide to defaulted student loans sponsored by the U.S. Department of Education.
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