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Loans

Step 1
Complete a FAFSA

 Step 2
SAR and Other Information

Step 3
Award Letter

Step 4
Apply for a Loan

Step 5
Apply for Work Study

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

Loans are financial aid that require repayment. All applicants for loans, except parents applying for PLUS loans, are required to file a Free Application for Federal Student Aid (FAFSA). Your eligibility for loans cannot be determined until Anoka Technical College receives your FAFSA information and reviews it. You must be enrolled in and attending at least six credits during the semester to be eligible for federal and state loans during that semester. 

Stafford Loan

The Stafford Loan is the best loan option for most borrowers. You must be enrolled in and attending six or more credits during the semester to receive a Stafford Loan.

PLEASE NOTE: If the length of your major/program of study is less than 30 credits, or you will graduate in the middle of the academic year, then we will have to prorate your loans. This means you will not be eligible to receive the full amount of the Stafford loans listed on your award letter. If you have any questions, please contact our office at (763) 576-4760 before you apply for your loans.

APPLY FOR 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 Anoka Technical College.

You will need the following things to complete the MPN:

First Time Borrower at ATC

Returning Borrower at ATC

  • Award Letter
  • Amount
  • Loan Period
  • Federal PIN
  • Driver's License Number
  • Addresses and phone numbers for two references (The references cannot have the same address as each other. One reference can be your parent.)
  • Award Letter
  • Amount
  • Loan Period
  • Federal PIN
  • Driver's License Number
  • Addresses and phone numbers for two references (The references cannot have the same address as each other. One reference can be your parent.)

 

Current Interest Rates:

Subsidized Stafford Loan = 5.6% fixed rate effective July 1, 2009
Unsubsidized Stafford Loan = 6.8% fixed rate effective July 1, 2009

After you submit your MPN, we will certify your loan. By accessing your Student eServices Account, you can view the status of your loan to see if we have certified it. After logging in to your eServices account, click on "Financial Aid" and then "Awards."  Look for "Certified" to the right of the loan amounts.  If it has been more than two weeks since you submitted your MPN and your loan is still not certified, please contact the Financial Aid Office at finaid@anokatech.edu or 763-576-4760.

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.  Note:  Add an additional 5-6 business days for school processing.

Loan Counseling

  • Exit Counseling - The Stafford Loan Exit Counseling gives you important information about understanding your debt. The exit counseling is for students who have either graduated, dropped below half-time status, or are no longer attending Anoka Technical College.

Loan Deferments

If you have trouble repaying your loans when they enter repayment, you may be eligible to postpone your payments through a deferment. The following circumstances may make you eligible for a deferment:

  • At least half-time study at a postsecondary school
  • Study in an approved graduate fellowship program or in an approved rehabilitation training program for the disabled
  • Unable to find full-time employment
  • Economic hardship (includes Peace Corps Service)
  • Active military duty

If you are having any trouble making payments on your loans, you should contact your loan servicer immediately.
 

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SELF Loan

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 financial aid.

The SELF loan program has maximum loan limits of $7,500 beginning July 1, 2008, for the freshman and sophomore grade levels. The SELF loan requires a credit-worthy co-signer, and you must be enrolled in and attending 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.  You will begin repaying the loan principal as well as interest monthly. Repayment is usually 7 to 9 years. You are required to have completed the FAFSA and received a current award letter from Anoka Technical College before applying for a SELF loan. We advise you to use Stafford loans before considering the SELF Loan.

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 ATC).
  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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PLUS Loan (Parent Loan)

A PLUS loan allows your parent to take a loan in his/her name for your educational expenses. You must be enrolled in and attending 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 ($21,122 for the 2007-2008 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, 2009

APPLY FOR A PLUS LOAN

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