Loans

Start your education now and pay for it later. Find the loan option that is right for you. Loans are money you borrow to pay for your tuition at a low interest rate and repay after your education is completed. Loans can be federal, state, and private. 
  • Semester-only loans must be split into two disbursements. Half the loan amount will be disbursed starting the third week of classes. The other half will be disbursed mid-way through the semester.
  •  First-time loan borrowers must wait 30 days after the start of the term before the first disbursement can apply to their student account.

Review upcoming disbursement dates and other important deadlines

Student Calendar

Types of Loans

The federal loan program requires students and parents (for dependent students) to apply for financial aid with FAFSA. Students must be enrolled at least half-time (6 credits) to qualify for federal loans. There are three types of federal loans. After completing the FAFSA, you will receive your award letter from Minnesota West stating which federal loans are available for you. You may choose to borrow some, all, or none of the amounts listed. 

Offered by the federal government or a third-party lender, Direct Loans can be subsidized or unsubsidized.

  • Subsidized loans: The Department of Education pays the interest:
    • While you are enrolled at least half time
    • First six months after you leave school (grace period)
    • During a period of deferment
  • Unsubsidized loans: You are responsible for paying interest on this loan during all periods. Students may choose to pay interest while attending school so that it doesn’t increase the principal balance.

To accept the Subsidized or Unsubsidized Loans that you have been awarded, you must:

  1. Login in to your e-Services Student Account, using your StarID and password.

  2. Under the Financial Aid Tab, select "Loan."

  3. Read and follow all steps.

  4. Take the necessary steps to complete your required Master Promissory Note and the Entrance Counseling.

Pay for tuition, fees, housing and food for Undergraduate Students. Apply for a PLUS Loan for Parents.

  • Parents whose children are enrolled at an approved educational institution at least half-time (six credits).
  • The maximum loan amount is based on the student’s other financial aid and the cost of attendance.
  • Interest accrues and payments are required from the time the loan is made until it is paid off.
  • You must not have an adverse credit history

3 Steps for Parents to Apply for a Direct PLUS Loan

  1. Apply for a Parent PLUS Loan
  2. Complete a Direct PLUS Loan Master Promissory Note (MPN)
  3. Complete the Minnesota West Loan Authorization Form

Many banks and credit unions provide educational loan options, commonly referred to as private loans. These loans may have higher interest rates than federal loans and generally should be considered as a borrowing option after you have considered federal loans. Go to the FASTChoice website to compare private loans and then contact your lender for a loan application.

Private loans to check out:

Dr. Rose Student Loan Application for Careers in Healthcare

Minnesota West adheres to the Student Loan Code of Conduct.

Minnesota Loans

The Minnesota SELF Loan is a long-term, low-interest educational loan primarily for Minnesota students who need assistance paying for education beyond high school. Because the SELF program is not subsidized by the federal or state government, a credit-worthy co-signer is needed to insure continuous repayment on the loan. The Minnesota SELF Loan website provides information and will guide you through the application process.

What are the interest rates for Direct Loans?

Find the most up-to-date interest rates on the StudentAid.gov website.

Current Interest Rates