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Minnesota State University, Mankato
Minnesota State University, Mankato

Private Educational Loans

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

More Private Loan Videos


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.

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. 

Choosing a Private Lender

The lenders and loan options presented in the list below are the most widely used by Minnesota State University, Mankato students.  You may borrow from any lender you choose, including those not included in this list.  We encourage you to compare interest rates, fees, and benefits to identify the most competitive options for your financial needs.  All of the information provided on this list is reviewed annually.  At least two lenders will be presented to you at all times.  Application processing will not be delayed unnecessarily if you choose a lender not presented.

FASTChoice is an online private educational loan comparison tool.  It offers an opportunity for students to learn about private educational loans through its beneficial Borrowing Essentials tutorial and side-by-side comparison of selected lenders. 

Access FASTChoice
  • *Credit Unions might have additional requirements such as membership.  Please check with particular Credit Union for details
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 Parent Loans Available
Affinity Plus Federal Credit Union
(800) 737-5115
$1,000 No No No No
Bank of North Dakota
(800) 472-2166 ext 5660
$500 No Yes Yes No
Citizens One
(800) 721-3969
$1,000 Yes No Yes Yes
College Ave Student Loans
(844) 422-7501
$1,000 No Yes Yes Yes
Discover Student Loans
(800) 788-3368
$1,000 No No No No
LendKey
(888) 549-9050
$2,000 No No Yes No
Minnesota Office Of Higher Education(SELF)
(800) 657-3866
$500 No No No No
Sallie Mae
(877) 279-7172
$1,000 Yes Yes Yes Yes
Thrivent Federal Credit Union
(866) 540-3191
$1,000 No No Yes No
Wells Fargo
(800) 378-5526
$1,000 Yes* Yes Yes No

 *student loans not available to graduate students with current SAPS suspension.