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Minnesota State University, Mankato

Minnesota State University, Mankato

Private Educational Loans at MSU

Page address: http://www.mnsu.edu/campushub/loans/private/

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www.fafsa.ed.gov

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For the 2014-2015, 2013-2014 School Years

Minnesota State Mankato
School Code: 002360


http://www.mnsu.edu/campushub/studentguide/


http://mnsu.financialaidtv.com/


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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.   

Financial Aid Advising

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.

About Private Loans

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.

2013-2014 Private Loans Information Sheet (PDF)

Eligibility

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.

Truth-In-Lending Act (TILA)

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)

Loan Certification

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.

Choosing a Private Lender

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.

  • *Credit Unions might have additional requirements such as membership.  Please check with particular Credit Union for details
  • *Currently AlaskaAdvantage & Credit Union Student Choice individual lenders are not listed on FASTChoice.
Lender Information by Name
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