Applying for Loans

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Applying for Loans

Complete the FAFSA and return all completed required documents to your M State campus financial aid office. When all required documents are received and processed, you will receive an email notification that your award letter from M State is available online. You must be actively enrolled in a minimum of 6 credits during each term of the loan period.


Responsible Borrowing


Federal Direct Loans

Federal Direct Subsidized/Unsubsidized: To begin the loan application process, review your award letter at SpartanNet>E Services>Financial Aid>Loans. You will need to specify the amount you wish to borrow and will be required to complete the following prerequirements:

  • Complete Entrance Counseling. Once you have completed loan entrance counseling, the school will be notified electronically that you have successfully completed it.
  • Electronically sign your Master Promissory Note. When electronically signing the Master Promissory Note, please turn off pop-up blockers to enable successful completion.

Please have the following things ready when you complete your Master Promissory Note.

  • Your Federal Student Aid ID (FSA ID)
  • Your driver's license number
  • Names and addresses of two personal references from two different households.

If you have problems electronically signing your Master Promissory Note for Direct Loans, assistance can be obtained at Direct Loan Applicant Services at 1-800-557-7394.

Federal Direct Loan Limits

1st year $3,500/$2,000
2nd year $4,500/$2,000

  • To be considered for a second-year loan limit, students need to be in a two-year program and have completed 30 or more applicable (required) credits in their program.
  • As an independent student, you may be eligible to borrow up to an additional $4,000 in an unsubsidized loan.

Parent Loan for Undergraduate Students (PLUS): Parent will complete a paper application and sign the electronic Master Promissory Note for PLUS Loan. Parent will need an FSA ID, driver's license number and names and addresses of two personal references from two different households. Once the credit check has been approved and M State has documentation that the parent has signed the Master Promissory Note, the loan will be disbursed following the schedule set by the college.


Alternative and Private Loans

Alternative and private loans are loans to help pay for your education and are intended to be used only after all eligibility for Federal Direct and PLUS loans has been exhausted. Minnesota State Community and Technical College does not endorse any one particular lender. We do provide the service of FASTChoice to assist with education and comparison of lender loan options such as interest rates, fees, repayment terms and application instructions. You will be provided with a historical list of lenders from which Minnesota State Community and Technical College students have borrowed in the past three years.

If you determine you need to apply for an Alternative Loan, please go to: FASTChoice.

Last modified: July 12th, 2018 at 01:12pm