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Financial Aid Office

Alternative Loans

It is important to first consider your lowest cost options which include scholarships, state grants and federal student aid. The terms and conditions of federal loans may be more favorable than the provisions of private education loans. We encourage you to complete the Free Application for Federal Student Aid (FAFSA) to determine your eligibility for federal and state aid.

If federal aid, along with scholarships, state grants, tuition waivers and personal savings are not enough to cover your educational expenses, you may wish to consider borrowing an alternative loan. Below you will find information which should help guide you as you decide whether an alternative loan is right for you. Please visit the Department of Education Federal Aid First web site to learn the differences between federal and private student loans.

Alternative loans are non-federal loans offered by lending institutions to assist students in meeting their educational expenses.  They are also referred to as private education loans.  Interest rates and fees are generally determined by the credit-worthiness of the borrower and/or co-signer.

Students should be aware of the difference between federal and private loans.  A private loan counseling session, located at mappingyourfuture.org, will provide information to guide you in determining if a private loan is an option for you.

Minot State University does not participate in a preferred lender arrangement.  Below is a comprehensive list of alternative loan lenders that have provided loans to students of Minot State University in the last three years and are currently still providing loans.  The MSU Financial Aid Office and its staff do not endorse or accept any incentives, financial or otherwise from any lender.  Lender information is provided as a courtesy and in no way should it be interpreted as a requirement to use one of the lenders listed below.  MSU will process loans from any lender that participates in any educational loan program.

Bank of North Dakota DEAL Loan
Wells Fargo Collegiate Loan
Discover Private Education Loan
Sallie Mae Smart Loan

The lender will send the loan applicant a Self-Certification form. This may be incorporated into the application process, e-mailed to the applicant, or mailed to the applicant. The form is also available here: Private Loan Self-Certification Form.

Truth in Lending Act