Summer 2008
Financial Aid Application
Apply Now!
2008-2009, 2007-2008
School Years
Minnesota State University,
Mankato School Code:
002360
E-Services
Register for Classes
Change Address
My Financial Aid
My Account
Online Payment
The Unsubsidized Stafford Loan is considered a NON-NEED based loan. The Unsubsidized Stafford Loan is awarded to students who did not have a demonstrated NEED, or whose NEED portion of their budget has been met, but still have ?room? in their overall Cost of Attendance for more funding and have remaining Stafford Loan eligibility.
Because the Unsubsidized Stafford Loan is considered a NON-NEED based loan, the Federal Government DOES NOT pay the interest while the student is in school. It is the student’s responsibility to pay accrued interest while in school, or choose the option to capitalize the interest.
Capitalization of interest means the accrued interest on the Unsubsidized Stafford Loan will be added to the principal balance of the loan. The loan will not go into default due to non-payment of interest while the student is in-school or in grace, but the interest will build and the student will pay interest on interest during repayment. It is suggested that if at all possible, students pay the interest while in school.
