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Loans

Taking Out Loans for College at Ridgewater

Most students combine sources of funding for their educations, putting together loans from more than one source with grants, scholarships and even monthly payments to reduce the loan burden.

Below is the information about loan source options available to most students. Generally speaking, the government sourced loans should be your primary source for loans due to their lower interest rates, and greater pay-back and forebearance options.

Eligible Borrower:

Parent of a dependent student enrolled in a post-secondary program on at least a half-time basis. School determines PLUS Loan eligibility. Borrower credit review is required.

Interest Rates

Loans disbursed from July 1st, 2015, to June 30th, 2016 have a fixed rate of 6.84%

We cannot recommend a loan program or lender for you if you need to borrow additional funding beyond the federal programs.

However, you should identify the following about a loan program before completing an application:

  • Interest rate and how it is calculated
  • The amount of application or origination fees (upfront fees or repayment fees)
  • When payments are required (interest and principal)
  • If a cosigner is required
  • What happens if you miss a payment after you leave school.

We can offer a couple search resources for additional loan money:

https://www.studentloans.gov - All the information you need to know about the Federal Direct Loan programs

https://www.nslds.ed.gov/nslds/nslds_SA/ -For information about all of your federal student loans

http://www.mheso.state.mn.us/self/self.cfm - Sponsored by a Minnesota Higher Education Services Offices, this site offers on-line SELF loan information and counseling

http://www.slsc.mnscu.edu - Minnesota State Colleges and Universities site - designed to help borrowers of Perkins Loans understand and manage loan funds by providing you with deferment, cancelation and payment information

http://www.ed.gov/offices/OSFAP/DCS - Guide to defaulted student loans sponsored by the U.S. Department of Education

Gainful Employment Reports Addendum

Phone: (320) 222-1529
finaid@ridgewater.edu
Financial Aid Hours

Both campuses:

Monday - Friday
8:00 a.m. - 4:30 p.m.

FAFSA ID# 005252