Anoka Technical College offers a variety of loans that are available for students. 

Borrow wisely - loans must be repaid!

Please keep the following points in mind:

  • All loans must be repaid. Make sure you understand when repayment of principal and/or interest is expected. Payments to some loans may begin earlier than others. 
  • Make sure you understand all of your rights and responsibilities under the loan program(s) you choose and contact the lender with any questions you may have.
  • If you are using a co-signer to acquire a loan make sure they understand their obligations.
  • If you are given the option of either paying or accruing the interest while you are in school, it is recommended that you pay the interest now rather than adding it to your loan debt.
  • Borrow wisely!! Do not borrow more than what is needed to achieve your educational goals.

Federal Subsidized and Unsubsidized Direct Loans

First-year students (< 30 credits) may borrow up to $5,500 per year, second-year students (> 30 credits) may borrow up to $6,500 depending on eligibility. These maximums apply to Federal Direct Loans - Subsidized and Unsubsidized combined.

Independent undergraduate students may borrow additional funds under the Unsubsidized Loan program (up to $4,000).

If from fall semester to spring semester you progress to the next grade level (i.e. from first-year to second-year), please contact the Financial Aid Office to determine if you have additional loan eligibility. 

First-time borrowers must complete loan counseling before your loan will be processed by the Financial Aid Office. 

Each student must also have a completed Master Promissory Note before the loan funds will be disbursed to the students account.

Loan counseling and the MPN can be processed at

Federal Subsidized Direct Loans
These loans are need-based, long-term loans. Interest and principal on the Subsidized Loan is deferred as long as the student carries at least a half-time credit load (6 credits)

When a student graduates or ceases to be enrolled at least half time, there is a six-month grace period before interest begins to accrue and repayment begins. The interest rate for Subsidized Loans is set at 6.8%.

Federal Unsubsidized Direct Loans
These loans are similar to Federal Subsidized Direct Loans except that only the principal is deferred while the borrower is enrolled in school. The interest rate for Unsubsidized Loans is set at 6.8%.

Interest must either be paid during the in school period or the interest will accrue and be added to the principal balance.

Federal Parent Loan for Undergraduate Students (PLUS)

The Federal Direct PLUS (Parent Loan for Undergraduate Students) Loan program provides loans to parents of dependent undergraduate students attending post-secondary schools.

The parent is the borrower of the PLUS Loan and is responsible for paying the interest and principal on the loan.


  • The interest rate on a Federal Direct PLUS loan is 7.9%. Interest is charged on the loan from the date of the first disbursement until the loan is paid.
  • Fees are 4% of the principal. 
  • Parents may borrow up to the cost of attendance minus other aid the dependent student is receiving.
  • Parents have an option of beginning repayment on the PLUS Loan either 60 days after the loan is fully disbursed or wait until six months after the student ceases to be enrolled at least half-time.


  • Federal PLUS loans are available to creditworthy parents
  • Students must be enrolled at least half time (6 credits or more)
  • An eligible parent borrower must be the natural, adoptive, or step-parent of the dependent student
  • The parent borrower must be a U.S. citizen or eligible non-citizen
  • The student must be eligible for Federal Financial Aid


  1. Access the Anoka Tech Federal Direct PLUS Loan Authorization form PDF.
  2. Complete and return the authorization to the Financial Aid Office.
  3. The Financial Aid Office will process the PLUS Loan.
  4. The PLUS Loan borrower (parent) must complete a PLUS Loan Master Promissory note at Anoka Tech will not receive funds for the PLUS Loan until the MPN has been completed.
  5. At the beginning of each semester, 1/2 of the loan funds will be electronically transferred to Anoka Tech. The funds will be applied toward educational charges.
  6. If funds remain the overage amount will be processed via your Higher One preference.

*PLUS Loan applicants are required to complete a Federal Direct PLUS Loan Master Promissory Note (MPN). This note incorporates new functionality that will allow the parent to borrow for multiple years without having to complete a separate MPN for each requested loan amount. The Federal Direct PLUS MPN is valid for up to ten years, provided that the parent borrows within one year from the date the note was signed. If the parent has more than one student, the parent will need to complete a separate MPN for each student.

Dependent students who parents are denied the PLUS Loan may be eligible to receive additional funds from the Unsubsidized Federal Stafford Loan Program. Parents must complete the Federal Direct PLUS Loan Authorization and check the box giving SMSU authorization to perform a credit check. If the parent is denied, additional Unsubsidized Stafford Loan eligibility will be determined and the student will receive a revised award letter. Students wishing to accept the new loan must complete a Stafford Loan Authorization accessed via their eServices Financial Aid award letter.

Begin processing a PLUS Loan application here PDF.

Private Education Loan Options

Have you applied for Federal Student Financial Aid through the FAFSA (Free Application for Federal Student Aid)?

You may be eligible for Federal Financial Aid including grants, work study and loans that may have more favorable terms than the private education loan options. Learn more about the Federal Student Aid process at Applying for Financial Aid at Anoka Tech.

Anoka Tech does not endorse any particular lender but does feel the options listed will provide fair terms and conditions to our student borrowers.

This list is provided as a courtesy to our students and you are not required to use any of these lenders. Please review the details carefully.

Click Here for more information on Private Lenders. 



Financial Aid