Student loans are sources of financial aid which must be repaid at a future time. All types of loans are usually disbursed on a quarterly basis and require the student to be enrolled at least half-time to be eligible. Repayment and deferment terms for student loans vary, with information available from the financial aid office or from lenders. UMD students receiving loans through the Federal Direct Loan Program or SELF must attend loan entrance counseling before receiving the first loan disbursement. Loan payments are not released until loan entrance counseling attendance is documented.
Exit counseling is required before withdrawing or graduation.
Loan counseling requirements are school specific and must be met at each school attended. These loans are for both undergraduate and graduate students with exceptional financial need. You must repay this loan, beginning 6 or 9 months after graduation or leaving school for any reason. Currently, the annual interest rate is at 5 percent, with a maximum of 10 years to repay. The University of Minnesota, Duluth participates in the William D. Ford Federal Direct Student Loan Program.