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For the 2013-2014, 2012-2013
School Years
Minnesota State Mankato
School Code: 002360
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CAUTION: Applying for a Private Educational Loan prior to receiving an Official Award Notice could result in the expiration of the credit check process, which is normally only valid for 90 days.
In order to assist students with borrowing decisions, Student Financial Services has financial aid advising available to discuss loan indebtedness, loan amounts, and loan terms prior to applying for an private educational loan. Contact the Campus Hub if you wish to set up an advising appointment.
Several private lenders offer educational loan programs. The terms of these loans vary from one lender to another. Some have fees attached to the loans along with interest. Repayment options also vary from one lender to another.
2012-2013 Private Loans Information Sheet (PDF)
2013-2014 Private Loans Information Sheet (PDF)
To be eligible for an private educational loan, students must meet the specific requirements of the loan they select. Most lenders require a creditworthy co-signer. Minnesota State Mankato policy requires that a FAFSA must be on file in order for Student Financial Services to process an alternative loan application, regardless of the lender’s requirements. There are limited exceptions to the FAFSA requirement for students who are prohibited from completing the FAFSA process; these students must meet with a financial aid advisor for approval before the alternative loan application will be processed.
The Higher Education Opportunity Act (HEOA) reauthorized the Higher Education Act (HEA) and amended the Truth-In-Lending Act (TILA). It established new institution based disclosure requirements and Private Education loan disclosures. It requires institutions to inform borrowers of their possible eligibility for Title IV loans and that the terms/conditions of the Title IV loans may be more favorable than Private education loans. This is to ensure an informed student loan borrower, borrower choice of lender, and transparency and high ethical standards in the student lending process.
HEOA also classified as private loans many State-funded student loan programs such as Minnesota SELF, Alaska (AlaskaAdvantage), and South Carolina (PAL - Palmetto Assistance Loan)
In compliance with the Federal Reserve and Department of Education rules and regulations effective February 14, 2010, to receive private education loan funds, the borrower must submit a self-certification form to the lender. The lender may send you the form, if they haven't check with your lender or stop by the Campus Hub for further information.
Instructions on how to complete the self-certification form.
You have the option to choose any private lender that offers educational loan programs whether or not the lender is included in the list below. The lenders listed represent the loans processed in the past three years at Minnesota State University, Mankato and are currently active.
FASTChoice is an online comparison tool that helps you determine the loan that is right for you by providing detailed information for various loans, as well as the terms and benefits offered by different lenders. Access FASTChoice.
| Student Loans Available if: | ||||
| Lender Information | Minimum Loan Amount | Current Satisfactory Academic Progress Suspension |
Less than half-time enrollment | Needed for past Due Balance |
| Alaska Commission on Postsecondary Education (AlaskaAdvantage)* Lender ID 826966 (800)441-2962 |
$500 | No | No | Yes |
| Bank of North Dakota Lender ID 816386 (800)472-2166 ext 5660 |
$500 | Yes | No | Yes |
| Charter One (800)721-3969 |
$1,000 | Yes | No | Yes |
| Credit Union Student Choice*
(800)734-4540 |
$1,000 | No | No | No |
| cuStudentLoans.org* Lender ID 911007 (888)549-9050 |
$2,000 | No | No | Yes |
| Discover Lender ID 831312 (877)728-3030 |
$1,000 | Yes | No | Yes |
| Minnesota Office Of Higher Education(SELF) Lender ID 825033 (888)295-0713 |
$500 | No | No | No |
| PNC Education Loan Center Lender ID 809921 (800)762-1001 |
$1,000 | Yes | No | Yes |
| Sallie Mae Lender ID 900905 (888)272-5543 |
$1,000 | Yes | Yes | Yes |
| SunTrust Lender ID 911304 (800)552-3006 |
$1,000 | Yes | No | No |
| Union Federal Private Student Loan Lender ID 907798 (866) 513-8445 |
$2,000 | Yes | No | Yes |
| Wells Fargo Lender ID 807176 (800)378-5526 |
$1,000 | Yes | Yes | Yes |
Minnesota State
University, Mankato
Mankato, MN 56001
1-800-722-0544
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Minnesota State Colleges & Universities system and an affirmative action/equal opportunity university.
