Minnesota Valley Credit Union

Student Loans

PSEL (Parent Student Education Line)

MVFCU wants to help finance your education.  Money for college can come in various forms: scholarships, grants, federal financing and savings.  Even with all these funding options, it may not be enough.  That's why MVFCU offers our Parent Student Education Line. 

The Parent Student Education Line (PSEL) is available to undergraduate, graduate or continuing education students and their parents. The PSEL supplements your federal loans to help cover your unexpected college costs such as tuition, housing, and books. The PSEL provides a smart and easy solution to fill the gap between the Federal Aid you receive and the money you need.   APPLY TODAY

  • Borrow up to $5,000 per year for undergraduate students
  • Borrow up to $7,000 per year for graduate students
  • No origination, disbursement or early payment penalties
  • Interest only payments are required while in school
  • Use it for housing, books, tuition and more...

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

MVFCU Smart Option Student Loan

Now you can pay for college the smart way with great repayment options!  The MVFCU Smart Option Student Loan by Sallie Mae is an ideal solution to help bridge that gap between federal loans and the cost of your education expenses. The Smart Option Student  Loan features and benefits: 

  • Competitive Interest Rates
  • Borrow up to 100% of school certified education costs (minimum $1,000)
  • Multiple in-school repayment options available
  • Borrower benefits available
  • Rates that reward credit worthy borrowers
  • Applying with a credit worthy cosigner may help you qualify and/or receive a lower rate.
  • Fast Online Application. Our easy-to-complete application takes about 20 minutes. It's quick and easy.

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.

Federal Application for Financial Aid

View student aid and student loan information from the US Department of Education.  VISIT FAFSA
 

Great Lakes Student Loan Services

For questions related to an existing Federal Family Educational Loan secured through the MVFCU, contact Great Lakes at 800-236-4300 or CLICK HERE.
 

Consolidation Loans

You may have the opportunity to consolidate your existing loans through the Federal Direct Loan Consolidation Program.  CLICK HERE visit the Department of Education website.