Back to the William Mitchell home page

Lender links

Federal Stafford Loans

Federal Grad PLUS Loans

Bar loans

Please note: Lender links are provided as a convenience to our students and are accurate to the best of our knowledge.

Subject to change at the lenders' discretion.

You are free to choose any lenders. Please supply the Lender ID Code on your financial aid eligibility reply.

Low-cost federal loan programs are available to assist you in meeting expenses at William Mitchell. The Free Application for Federal Student Aid (FAFSA) determines your eligibility to apply for federal loans. Private, or non-federal loan programs do not require FAFSA application. We strongly urge you to file the FAFSA before you consider applying for private loans. Federal loans have fixed interest rates.

Federal Stafford Loans

First-time borrowers

Contact your lender to complete a Stafford Loan master promissory note

Complete Stafford and Grad PLUS Loan online entrance counseling
before the first loan disbursement can be made

  • $138,500 aggregate maximum
  • Interest rate is fixed at 6.8%
  • 6-month principal repayment grace period after you graduate or leave school or are less than half time
  • No credit check is required
  • Subsidized loan accrues no interest until repayment: $8,500 annual maximum
  • Unsubsidized loans accrue interest from initial disbursement
  • Total Stafford Loan annual limit is $20,500

Questions

If you have questions about loans, program details, credit worthiness, or application processing, please contact the William Mitchell financial aid office

All students must return their Financial Aid Eligibility Letter before loans will be processed. Continuing students who have previously had Stafford and Grad-PLUS loans will have their loans renewed based on the returned eligibility letter.

Federal Grad-PLUS Loans

AnnualCreditReport.com
Effective March 1, 2005, free annual credit reports are available. Federal loan limits leave many students seeking additional funds through non-federal loans. It is important that you take early steps to review and, if necessary, update your credit report.

Federal Grad-PLUS loans require credit approval. Since these loans are dependent on credit worthiness, we urge you to review your credit report well in advance to allow you to consider your borrowing options.

Loans guaranteed after July 1, 2007 have a fixed interest rate of 8.5%

Plan your budget carefully, and allow several weeks loan processing time so that your funds are available when you need them.

Several lenders offer the option of sponsored or co-signed loans. This can be an important solution for your borrowing situation. Early preparation allows you to seek the best possible loan terms, and avoids costly surprises.

New website, IBRInfo, provides Loan Repayment information:
www.ibrinfo.org