Alternative/Supplemental Loan Options

Private Educational Loans are commercial loans made by banks or other lenders to students. These loans are designed for students and offer rates and fees competitive to secured loans such as car loans or home mortgages. Private educational student loans are based on a student's overall credit profile. Your history of repayment on prior credit obligations and your current use of credit determine your eligibility and the terms offered to you under these programs. Often, a co-signer is required.

The Undergraduate Financial Aid Office recommends that students first apply for financial aid by filing the Free Application for Federal Student Aid (FAFSA). Filing the FAFSA will automatically allow students to be considered for Federal Stafford and Perkins Loans.

The following list is not a comprehensive list of private loan programs available.  Students may borrow a private loan from any lender.  The loan programs listed here are offered by experienced student loan lenders.  UST also has electronic processes in place with these programs.

Supplemental Loan Program List for Undergraduate Students

The form above is in PDF format. If you do not have Adobe's Acrobat Reader, please click here.

State Loans

A Student Education Loan Fund (SELF Loan) is a low-interest, variable-rate loan established by the state of Minnesota to help students pay for their education. The program is intended to help students who are ineligible to borrow under federal loan programs or who need to borrow more than the annual federal limits. You need not be a Minnesota resident to apply. A credit-worthy co-signer is required.
The maximum annual loan limit is $7500.  The cumulative maximum for the program is $37,500.

First-time borrowers of state SELF Loan funds must complete entrance loan counseling. This requirement can easily be completed online. SELF Loan borrowers who withdraw from the university, drop to less than half-time status or graduate also must complete exit counseling at the same site.

Federal PLUS (Parent) Loans or Private Educational Loans?

The decision of whether or not to borrow additional loans and which program to use is a difficult one for some families. Before making the decision, the Undergraduate Financial Aid Office encourages families to consider the differences between the Federal PLUS Loans and other private educational loans.

In addition to the features noted above, some lenders offer additional benefits which may reduce the cost of a Federal PLUS Loan. Our Lender list for PLUS Loans explains some of these benefits. To apply for a Federal PLUS Loan, please complete a UST Federal PLUS Loan Information Request Form and return it to the Financial Aid Office.

The forms above are in PDF format. If you do not have Adobe's Acrobat Reader, please click here.