Step 4: Apply for a Stafford, SELF, PLUS, or Private Loan

Stafford Loan
You must be enrolled for at least six credits in order to receive a Stafford loan

The Federal Stafford Loan Master Promissory Note (MPN) is the application for both the Subsidized and Unsubsidized Stafford Loan. Before completing the MPN you might have to complete the entrance loan counseling. The entrance counseling is a requirement for first time borrowers at HTC.

Things you will need to complete the MPN:

*Click here for an explanation of how to request the amount and loan period you want.

Current interest rate: 6.8% fixed rate effective July 1, 2006

Once you submit your MPN, we will certify your loan. By accessing MyHTC you can view the status of your loan to see if we have certified it. When you log in, go to the Awards section. Let us know if more than one week has passed since you submitted your MPN and your loan is still not certified.

After we certify the loan you will receive a Notice of Guarantee from the lending institution when the loan has been approved and guaranteed. Your Notice of Loan Guarantee will project the date of disbursement (add an additional 5-6 days for school processing).

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Student and Co-Signer
The Student Educational Loan Fund (SELF) program is a low interest educational loan provided by the Minnesota Office of Higher Education. The SELF loan may be an additional funding source for you if you have educational expenses which exceed your other sources of federal or state aid.

The SELF loan program has maximum loan limits of $7,500 beginning July 1, 2007 for the freshman and sophomore grade levels. The SELF loan requires a credit-worthy co-signer and you must be enrolled for at least six credits. You are required to make quarterly interest payments while in school. After graduating or leaving school, you are required to pay the monthly interest for up to three years; then you will begin repaying the loan principal as well as interest monthly. Repayment is usually 7 to 9 years. You must have completed the FAFSA, received a current award letter from HTC and applied for the Stafford loans eligible to you before applying for a SELF.

You may obtain additional information about the SELF loan program, including current interest rates, at Minnesota Student Educational Loan Fund (SELF).

To apply for a SELF loan:

1. Complete SELF Online Counseling (if this is your first SELF loan at HTC).

2. Your co-signer must be approved by completing the SELF Online Application pre-approval process.

3. You must complete a SELF Online Application

4. Once you have completed the SELF Online Application and your co-signer has been pre-approved, print the promissory note. Both you and your co-signer must sign the promissory note and have it notarized.

5. Mail the promissory note to the Minnesota Office of Higher Education.

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A PLUS loan is for your parent to take out in his/her name for your educational expenses. You must be enrolled for at least six credits. Your parent must have an acceptable credit history. The amount your parent can borrow cannot be more than the cost of attendance ($20, 414 for the 2006-2007 school year) minus other aid you have received. Repayment begins within 60 days after the loan is fully disbursed.

Current interest rate: 8.5% fixed rate effective July 1, 2006

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HTC recommends filing a FAFSA to ensure you receive any federal and state funding prior to borrowing a private/alternative loan.

Eligible borrowers must be U.S. citizens or permanent residents.

These loans require school certification and disbursements are made to the school. You may use these loans to pay any balances incurred within the past 12 months.

• Apply for a Private Loan

Next - Step 5: Apply for Work Study

Any Questions? Email Us at FA@hennepintech.edu

Contact HTC at 952-995-1300 or info@hennepintech.edu

Copyright © 2008 by Hennepin Technical College