University of Minnesota Morris


Student loans are sources of financial aid which must be repaid. The University of Minnesota, Morris will offer student loans as part of your financial aid award after reviewing your eligibility for grants, scholarships, and work-study.

Most student loan programs offer favorable terms reserved for students. Interest rates on student loans are typically lower than on other types of consumer loans, and repayment often does not begin until you are done with school or drop below half-time enrollment. Additionally, there may be an interest-free grace period before repayment begins and some loans offer forgiveness options if you work in a particular program or position after graduation.

You must have a completed Free Application for Federal Student Aid (FAFSA) on file at Morris to be eligible for federal loans.

Federal Loans »

Ford Federal Direct Subsidized Loan
The Ford Federal Direct Subsidized Loan is a need-based program, subsidized by federal funds that allows you to borrow money interest-free while in school at least half-time. You must complete the Direct Loan Master Promissory Note. (MPN) and Entrance Counseling if you are a first-time borrower.
Ford Federal Direct Unsubsidized Loan
The Ford Federal Direct Unsubsidized Loan is a non-need-based program. You will be charged interest on this loan, but have the option to defer paying the interest while in school at least half-time. You must complete the Direct Loan Master Promissory Note (MPN) and Entrance Counseling if you are a first-time borrower.
Federal Perkins Loan
The Federal Perkins Loan is a low interest (five percent) need-based program available to students who have exceptional financial need (the lowest EFC). There is no origination fee and interest does not accrue while you are enrolled. Repayment begins nine months after you graduate, withdraw or drop below half time status (six credits). Full details are provided on the promissory note. You must have a completed Free Application for Federal Student Aid (FAFSA) on file at Morris to be eligible.

The loan is made with federal government funds, but the University is the lender. Be aware that funds are limited. If you have not been awarded a Perkins loan, you must schedule an appointment with a Financial Aid Officer to apply. You must have a cumulative grade point average (GPA) of 2.5, be registered for 12 or more credits, and be working towards your first bachelor’s degree to be eligible.
Ford Federal Direct Parent Loan for Undergraduate Students (PLUS) Loan
Apply for a PLUS loan - Parent borrowers:
  • Log in with your FSA ID
  • Complete the PLUS loan application
  • Complete the PLUS Loan Mater Promissory Note (MPN)
  • Complete PLUS Counseling
You (the parent) may borrow an amount up to the cost of attendance minus other financial aid. At disbursement, the funds will first be transferred into your student’s University account to pay for on-campus charges, e.g., tuition and fees, room and board, and other school charges. If any money remains, you (the parent borrower) will receive the balance, unless you designate that your student should be the recipient.

Deferment and repayment
There is no grace period for a Parent PLUS Loan. Repayment begins 60 days after the last disbursement of the loan. You must call your federal loan servicer to request a deferment based on your student's enrollment status.

PLUS credit denial
If you (the parent) receives notice from Direct Loans that your credit has been denied for the Parent PLUS Loan, you have one of two options:

  1. Find an endorser for your PLUS Loan, they will have to complete a new application. The endorser will need their own FSA ID and a new MPN will need to be completed.
  2. Request that your PLUS Loan be cancelled and receive additional Unsubsidized Loan funds instead. Freshman and sophomores can receive up to an additional $4000 in Unsubsidized Loans, and juniors and seniors can receive up to an additional $5000.
Please note that you can only receive one of the above options if you are denied a PLUS Loan.

Private Loan Programs»

The University of Minnesota, Morris does not promote nor endorse lenders. You may borrow from any lender you choose.

A private loan is a non-federal educational loan, through a private lending institution, typically issued to the student and requiring a cosigner. These loans vary in the terms, conditions, and eligibility requirements. Before submitting a loan application, you are encouraged to carefully evaluate the criteria for each loan program to determine which one best meets your unique needs and circumstances.

It is in your best interest to complete the Free Application for Federal Student Aid (FAFSA) and apply for any federal student loans for which you are eligible prior to borrowing private loans. Private loans typically offer both fixed and variable interest rates, are based on credit strength, may require interest payments while you are in school, and may have less flexible repayment options than federal loans.

The University of Minnesota, Morris developed private lender list criteria based on:

  • quality of customer service to students and the university,
  • timely problem resolution,
  • online certification for school and electronic funds transfer (EFT),
  • products that meet the varied needs of students and/or,
  • lender history.

Use FASTChoice to choose your private loan.

Student Loan Exit Counseling »

Exit counseling – leaving the University

Exit counseling sessions are required of all borrowers of federal (Direct) and University-administered (Perkins) student loan programs. Exit counseling provides you information regarding the rights and responsibilities of a borrower and a lender/servicer. You learn about repayment, deferment, and cancellation of your loan. These sessions prepare you to be responsible and effective in repayment of your educational loans.

You are required to complete exit counseling when you:

  • are about to graduate.
  • leave the University (even if it is just temporary).
  • drop your registration below half-time enrollment (6 credits).
  • transfer to another school.
  • leave for a National Student Exchange (NSE) experience.

Once you have been selected for the exit process, you will receive an email with instructions to complete your exit counseling online.

Did you transfer or withdraw?

If you recently transferred or withdrew from the University, please contact Student Account Assistance to let us know that your enrollment status has changed. Otherwise, it may take several months for us to identify you as needing to complete the exit counseling process. Delaying your exit could negatively affect your student loan grace period and/or repayment terms.


Make sure you respond by completing your exit counseling in a timely manner! A hold will remain on your student record until your exit counseling is complete, delaying your diploma, preventing registration, and preventing access to your transcripts.


For more information about student loan exit counseling, contact Student Account Assistance.

Repaying your Student Loans »

Federal Loans can be managed at, where you can find information about repayment, deferments, and consolidation. You can also access your financial aid history and monitor your total federal loan debt and interest accrued.

Perkins Loans are serviced through the Student Account Assistance office on the Twin Cities campus. They can be reached at or 612-625-8007.

Private Loans can be managed through your lender. If you are unsure about which lender you’ve borrowed from and what amount, you can contact One Stop Student Services for details about your school-certified private loans. Another helpful resource is, where you can access your credit report once each year from the three main credit reporting agencies.