Other Loan Types

Learn more about additional loan types beyond Federal Direct or Private Educational loans

  1. Admissions & Aid
  2. Financial Aid & Scholarships
  3. Loans
  4. Other Loans

Other types of Loans

There are a few other types of loans students can take out in addition to, or in lieu of, Federal Direct Student Loans or Private Educational Loans. Read below for details on Alaska State Student Loans, Minnesota Self Loans, and Direct-to-Consumer Loans. Each loan has its own eligibility requirements and repayment options.

Alaska State Student Loans

Alaska State Student Loans are available to students (or their family members) who are residents of Alaska. Students may receive these funds in addition to, or in lieu of, Federal Direct Loans. 

Eligibility

  • Be an Alaska resident, or attend an eligible Alaska school
  • Have a FICO credit score of at least 640 and an absence of adverse credit, or apply with an eligible cosigner
  • Be enrolled at least half-time
  • Meet all other requirements under AS 14.43.172 and 20 AAC 15.705

Interest Rates

The ASEL has a fixed interest rate for both the in-school and repayment periods. This means once the rate is set, it remains the same throughout the life of the loan. Unlike other private lenders, there are no origination or prepayment fees on the ASEL.

Loan Limits

Varies by class level and enrollment. Find more information on the Alaska Commission on Postsecondary Education website.

The Alaska Family Education Loan (FEL) is a low-cost option for families to help cover education costs. These family members may be eligible to borrow on behalf of a student:

  • Spouse
  • Parent
  • Step-Parent
  • Foster Parent
  • Grandparent

Eligibility

  • Borrower and student must be Alaska residents
  • Student must be enrolled at least full-time
  • Borrower credit history does not demonstrate a chronic inability or unwillingness to pay an extension of credit
  • Meet all other requirements under AS 14.43.172 and 20 AAC 15.705

Interest Rates

The FEL has a fixed interest rate which means once the rate is set, it remains the same throughout the life of the loan. Unlike other private lenders, there are no origination or prepayment fees on the FEL.

Loan Limits

Varies by class level and enrollment. More information is available at the Alaska Commission on Post Secondary Education's website.

Minnesota SELF Loans

The Minnesota Student Educational Loan Fund (SELF) is a long-term, low-interest student loan program administered by the Minnesota Office of Higher Education and was created to help students and families finance higher education.

Eligibility

To be eligible, a student must:

  • Be a Minnesota resident enrolled in an eligible school (Seattle University is eligible)
  • Be enrolled at least half-time in a program leading to a certificate, associate, baccalaureate or graduate degree program
  • Be making satisfactory academic progress as defined by the school
  • Not be in default or delinquent on any student loans
  • Have a credit-worthy co-signer (required)

Interest Rates

Interest rates can be fixed (the same for the life of the loan) or variable (subject to change quarterly). View current rates.

Loan Limits

Varies by class level and program. More information is available on the Minnesota Office of Higher Education website.

Direct to Consumer Loans 

Direct-to-Consumer Loans, while uncommon, are like the Private Educational Loans except lenders make these loans directly to students without contacting the Student Financial Services Office to verify how much the student is able to borrow without affecting their other financial aid. 

Students are strongly encouraged to talk with the Student Financial Services Office before taking out one of these loans because they may find they are eligible for other financial aid, including Federal Direct Loans or Private Educational Loans with more favorable interest rates and repayment terms.

Students who choose to take out a Direct-to-Consumer Loan must report the amount of the loan to the Student Financial Services Office where it must be considered as a resource in combination with any other financial aid received. Students who have not coordinated with the Student Financial Services Office about their Direct-to-Consumer Loan may find that it results in a reduction in or required repayment of other financial aid.