Undergraduate
Undergraduate loan comparison chart
| Loan type | Federal Direct Subsidized Loan | Federal Direct Unsubsidized Loan | Federal Direct Parent PLUS Loan | Private loans |
|---|---|---|---|---|
| Interest rates | 0% while in school. 6.52% fixed rate for loans disbursed after 7/1/2026 | 6.52% fixed rate for loans disbursed after 7/1/2026 | 9.07% fixed rate for loans disbursed after 7/1/2026 | Varies, based on the lender and the credit scores of borrower (and co-signer) |
| Eligibility | Must complete the FAFSA and be enrolled half time. Loans will be prorated based on actual enrollment. | Must complete the FAFSA and be enrolled half time. Loans will be prorated based on actual enrollment. | Must complete the FAFSA, be a parent of an undergraduate dependent student, and be enrolled half time. | Varies |
| Lender | U.S. Department of Education | U.S. Department of Education | U.S. Department of Education | Varies |
| Loan amount (annual maximum) | Determined by FAFSA dependency status and academic level. See below | Determined by FAFSA dependency status and academic level. See below | $20,000 on behalf of each student for new Federal Loan borrowers after July 1, 2026. Students who qualify for an interim exception* may receive up to the total cost of attendance (COA) minus all other accepted aid. | Varies |
| Aggregate limits | Determined by FAFSA dependency status and academic level. See below | Determined by FAFSA dependency status and academic level. See below | $65,000 for new Federal Loan borrowers after July 1, 2026 | Varies |
| Fees | 1.057% after October 1, 2020, and before October 1, 2027 | 1.057% after October 1, 2020, and before October 1, 2027 | 4.228% after October 1, 2020, and before October 1, 2027 | Varies |
| Principal repayment | 6 months after graduating or dropping below half-time enrollment | 6 months after graduating or dropping below half-time enrollment | 60 days after final disbursement per loan. Student may choose to defer payments until six months after the date the student ceases to be enrolled at least half time. | Varies |
| Other considerations | No co-signer needed, may consolidate, no credit-check required | No co-signer needed, may consolidate, no credit-check required, accrues interest while in school, may postpone in-school interest payments | Parent borrower must pass credit check, an endorser may be used if parent's credit is denied, may consolidate, parent borrower is responsible for repayment | Varies |
*Students may be eligible for an “interim exception” to continue borrowing under the previous regulations. To learn more about the eligibility requirements, see H. R. 1 (One Big Beautiful Bill Act).
Loan amount for dependent students (annual maximum)
Federal Direct Subsidized Loan and Federal Direct Unsubsidized Loan
| Student status | Annual maximum for Direct Loans | May include Direct Subsidized amount up to |
|---|---|---|
First year | $5,500 | $3,500 |
Second year | $6,500 | $4,500 |
Third year+ | $7,500 | $5,500 |
Federal Parent PLUS Loan
| Student status | Annual maximum for Parent PLUS Loans |
|---|---|
Interim exception | Total cost of attendance (COA) minus all other accepted aid |
Not eligible for the interim exception and subject to new limits | $20,000 |
Students may be eligible for an “interim exception” to continue borrowing under the previous regulations. To learn more about the eligibility requirements, see H. R. 1 (One Big Beautiful Bill Act).
Loan amount for independent students (annual maximum)
Federal Direct Subsidized Loan and Federal Direct Unsubsidized Loan
| Student status | Annual maximum for Direct Loans | May include Direct Subsidized amount up to |
|---|---|---|
First year | $9,500 | $3,500 |
Second year | $10,500 | $4,500 |
Third year+ | $12,500 | $5,500 |
Aggregate limits
Federal Direct Subsidized Loan and Federal Direct Unsubsidized Loan
| Student status | Aggregate limit |
|---|---|
| Dependent students | $31,000 (of which no more than $23,000 may be subsidized) |
| Independent students | $57,500 (of which no more than $23,000 may be subsidized) |
Federal Parent PLUS Loan (only available to dependent-status students)
| Student status | Aggregate limit |
|---|---|
Interim Exception | None |
Not eligible for the Interim Exception and subject to new limits | $65,000 |
Students may be eligible for an “interim exception” to continue borrowing under the previous regulations. To learn more about the eligibility requirements, see H. R. 1 (One Big Beautiful Bill Act).
Graduate
Graduate loan comparison chart
| Loan type | Federal Direct Unsubsidized Loan | Federal Direct Graduate PLUS Loan | Private loans |
|---|---|---|---|
| Interest rates | 8.07% fixed rate (effective 7/1/2026) | 9.07% fixed rate, payable from date of first loan disbursement (effective 7/1/2026) | Varies, based on the lender and the credit scores of borrower (and co-signer) |
| Eligibility | Must complete FAFSA and be enrolled half time | Grad PLUS Loans are no longer available to new Federal Loan borrowers after July 1, 2026 as this loan option has been eliminated. Graduate or professional students who qualify for an interim exception* may still receive a Grad Plus Loan if they complete the FAFSA, are enrolled half time, and are credit worthy. | Varies |
| Lender | U.S. Department of Education | U.S. Department of Education | Varies |
| Loan amount (annual maximum) | $20,500 | Total cost of attendance (COA) minus all other accepted aid | Varies |
| Aggregate limits | Determined by a student’s interim exception status. See below | None | Varies |
| Fees | 1.057% after October 1, 2020, and before October 1, 2027 | 4.228% after October 1, 2020, and before October 1, 2027 | Varies |
| Principal repayment | 6 months after graduating or dropping below half-time enrollment | 60 days after final disbursement per loan. Current students may request an in-school deferment. | Varies |
| Other considerations | No cosigner needed, may consolidate, no credit-check required, accrues interest while in school, may postpone in-school interest repayments | Borrower must pass credit check, if credit check fails, an endorser may be obtained, borrower is responsible for repayment, may consolidate | Varies |
*Students may be eligible for an “interim exception” to continue borrowing under the previous regulations. To learn more about the eligibility requirements, see H. R. 1 (One Big Beautiful Bill Act).
Aggregate and lifetime maximum limits
Federal Direct Subsidized Loan and Federal Direct Unsubsidized Loan
| Student status | Graduate Aggregate limit | Lifetime maximum |
|---|---|---|
Interim exception | $138,500 — No more than $65,000 of this amount may be in subsidized loans. The graduate debt limit includes loans received for undergraduate study | None |
Not eligible for the interim exception and subject to new limits | $100,000 — Does not include undergraduate borrowing | $257,500 — Includes all federal loans received, except Parent PLUS loans, over all academic levels |
Professional
Professional loan comparison chart
Professional programs at the University of Minnesota, Twin Cities include Pharmacy (Pharm.D.), Dentistry (D.D.S. or D.M.D.), Veterinary Medicine (D.V.M.), Law (L.L.B. or J.D.), and Medicine (M.D.).
| Loan type | Federal Direct Unsubsidized Loan | Federal Direct Professional PLUS Loan | Private loans |
|---|---|---|---|
| Interest rates | 8.07% fixed rate (effective 7/1/2026) | 9.07% fixed rate, payable from date of first loan disbursement (effective 7/1/2026) | Varies, based on the lender and the credit scores of borrower (and co-signer) |
| Eligibility | Must complete FAFSA and be enrolled half time | Grad PLUS Loans are no longer available to new Federal Loan borrowers after July 1, 2026 as this loan option has been eliminated. Graduate or professional students who qualify for an interim exception* may still receive a Grad Plus Loan if they complete the FAFSA, are enrolled half time, and are credit worthy. | Varies |
| Lender | U.S. Department of Education | U.S. Department of Education | Varies |
| Loan amount (annual maximum) | $50,000 | Total cost of attendance (COA) minus all other accepted aid | Varies |
| Aggregate limits | Determined by a student’s interim exception status. See below | None | Varies |
| Fees | 1.057% after October 1, 2020, and before October 1, 2027 | 4.228% after October 1, 2020, and before October 1, 2027 | Varies |
| Principal repayment | 6 months after graduating or dropping below half-time enrollment | 60 days after final disbursement per loan. Current students may request an in-school deferment. | Varies |
| Other considerations | No cosigner needed, may consolidate, no credit-check required, accrues interest while in school, may postpone in-school interest repayments | Borrower must pass credit check, if credit check fails, an endorser may be obtained, borrower is responsible for repayment, may consolidate | Varies |
*Students may be eligible for an “interim exception” to continue borrowing under the previous regulations. To learn more about the eligibility requirements, see H. R. 1 (One Big Beautiful Bill Act).
Aggregate and lifetime maximum limits
Federal Direct Subsidized Loan and Federal Direct Unsubsidized Loan
| Student status | Graduate Aggregate limit | Lifetime maximum |
|---|---|---|
Interim exception | $224,000 — No more than $65,000 of this amount may be in subsidized loans. The graduate debt limit includes loans received for undergraduate study. | None |
Not eligible for the interim exception and subject to new limits | $200,000 — Does not include undergraduate borrowing | $257,500 — Includes all federal loans received, except Parent PLUS loans, over all academic levels |