MVFCU Parent Student Education Loan

Planning for college doesn't have to be stressful. MVFCU wants to help provide you with the tools and resources to make financing your education simple. Money for college can come in various forms: scholarships, grants, federal financing and savings. Even with all the funding options, it may not be enough. That's why MVFCU offers our Parent Student Education Loan. 

The MVFCU Parent Student Education Loan is an educational loan supplement  for full-time, half-time, and part-time undergraduate and graduate students. The Parent Student Education Loan is available to students with a co-signer.

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Eligibility:

• Not need based-FAFSA recommended, but not required
• Student must be enrolled and seeking a degree at an eligible school
• Student must have a positive credit history established, an acceptable debt-to-income ratio, minimum income and co-signer
• MVFCU unsecured credit qualifications do not apply

Loan Limits (per family)

• $5,000 annual student loan limit
• $20,000 cumulative student loan limit

Fees

• No origination, guarantee, disbursement or repayment fees

For more information about Minnesota Valley Student Loans, please call (507)387-3055 or email loan@mnvalleyfcu.coop with your questions.

                   Student Loans for MVFCU by Sallie Mae

Whether you're an undergraduate, career training or graduate student, these flexible student loans are designed to meet your needs. 

• Competitive variable and fixed interest rates
• No origination fee or prepayment penalty
• Multiple repayment options

Learn which loan is right for you

• Undergraduate and career training students
• Smart Option Student Loan
• Pay for your Bachelor's, Associate's, or Certificate Expenses at a degree-granting school or for a professional training and trade certificate courses (culinary, technical, ect.) at a non-degree granting school.

To learn more or to apply, get started here.

Graduate School Loan
Pay for expenses as you pursue your Master's and Doctoral Degrees

MBA Loan
Pay for your business school expenses as you pursue your Masters of Business Administration degree

Medical School Loan
Pay for your medical degree expenses in allopathic, general, osteopathic, podiatric, radiology, sports and veterinary medicine.

Dental School Loan
Pay for your dental degree expenses in general dentistry, endodontics, oral and maxillofacial surgery, orthodontics, pediatric dentistry, periodontics and prosthodontics.

Graduate School Loan for Health Professions 
Pay for your health professions degree expenses in allied health, nursing, pharmacy and other graduate-level health programs. 
 

Borrow responsibly
We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan. These loans are made by Sallie Mae Bank or a lender partner. Minnesota Valley Federal Credit Union not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers. Applications are subject to a requested minimum loan amount of $1,000.  Current credit and other eligibility criteria apply.  Click here for additional eligibility information about each product. 1 Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note—first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal. SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. © 2022 Sallie Mae Bank. All rights reserved. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America.

Paying for a College Education

Follow these easy steps to apply for Federal financial aid and student loans:

1. Apply for Federal Direct Loans by filling of the Free Application for Federal Student Aid (FAFSA).  Most students use FAFSA on the web (www.fafsa.ed.gov) to complete their application.  Electronic filing is the most time efficient method, however, a hardcopy version of the FAFSA The FAFSA can be obtained from the local library,  your high school guidance counselor, college financial aid office, or by calling 800-4FEDAID.
     
2. The information on your FAFSA is transmitted to the schools that you list on the FAFSA, and those schools use the information to assess your financial need for student aid.
     
3. Your school will notify you of the loan amounts being offered in a award letter that lists all of your proposed financial aid awards.
     

4. Work with the financial aid office at your school to access and complete the Federal Direct Loan Master Promissory Note (MPN).

5. You will receive a disclosure statement that gives you specific information about any loans that the school plans to disburse under your MPN, including the loan amount, fees and the expected disbursement dates and amounts.

All questions regarding your Federal Direct Student Loan funding should be directed to the Financial Aid Office of your school.  Work closely with your school as you move through the financial aid process.  For more information, CLICK HERE to visit the Department of Education website.