Federal Stafford Loans
- Also known as the Federal Family Education Loan Program or FFELP
- Repaid over time (with interest) after you cease attending Metropolitan at least half-time
- Two types of Stafford loans are available to students. Both allow you to wait until after you are done with school to make payments.
- Subsidized loans: the Federal government pays the interest while you are in school, in your grace period, and during any deferment.
- Unsubsidized loans accrue interest throughout the life of the loan. The interest accumulates and is later added to the principal balance of the loan.
Interest Rates on Federal Stafford Loans:
2009-2010 Academic Year:
5.6% (Fixed, Subsidized for Undergrad Borrowers)
6.8% (Fixed, Unsub Undergrad and Sub and Unsub Graduate Borrowers
2008-2009 Academic Year:
6.00% (Fixed, Undergraduate Borrowers)
6.80% (Fixed, Graduate Borrowers)
Accept Your Stafford Loans >>>
Federal PLUS Loans for Parents
For parents of dependent undergraduate students to help pay for school. Payments on the loan begin shortly after the loan is disbursed.
Interest Rates on Federal PLUS Loans for Parents:
2009-2010 Academic Year:
8.50% (Fixed)
2008-2009 Academic Year:
8.50% (Fixed)
Apply for a Parent PLUS Loan >>>
Federal PLUS Loans for Graduate Students
Also known and the GradPLUS Loan. For graduate students that need funding beyond their Federal Stafford loans. Students must take at least 4 graduate level credits each term.
For information about applying for a GradPLUS loan, contact the Office of Student Financial Aid.
Interest Rates on Federal PLUS Loans for Graduate Students:
2009-2010 Academic Year:
8.50% (Fixed)
2008-2009 Academic Year:
8.50% (Fixed)
Apply for Graduate PLUS Loan >>>
Minnesota SELF Loan
- For Minnesota residents.
- Requires a credit-worthy co-borrower (parent, adult relative, etc.)
- The co-borrower is equally responsible for repayment of the loan.
Interest payments begin on the SELF loan immediately after disbursement. - Repayment of principal and interest begins after the student stops attending at least half-time.
Please visit the SELF Loan web site for information and online application materials. You may also contact the Office of Student Financial Aid for a paper application.
Alternative Loans - Private Education Loans
Financial aid often can't cover the full cost of attendance. Alternative loans are available to help ensure money doesn't block the path to a higher education.
- Loans are from banks and other education private finance entities
- Intended to supplement the Federal Stafford loan program.
- Students must meet minimum a credit score established by the lenders as well as other criteria.
- Most lenders on our recommended lender list for Federal Stafford loans also offer private educational loans.
Compare Alternative Loan options and apply online with Great Lakes FASTAlt Solutions >>>
For Financial Aid questions, please contact the Gateway Student Services Center at 651-793-1414 or email through Ask Us.