Grants are need-based and do not need to be paid back. 

• Pell Grant

  • You must be an undergraduate student who does not have a bachelor’s or a professional degree. This grant is based on the financial need of the applicant.

• Federal Supplemental Education Opportunity Grant (FSEOG)

  • This grant is based on financial need and awarded by the institution.

Grants are need-based and do not need to be paid back. Some states offer additional funding in the form of grants, scholarships, or loans. Contact the Financial Aid Office for more information about what your state offers. 

View State Grant Opportunities

Loans are money that must be paid back with interest. There are various types of Federal Direct Loans:

• Direct Subsidized Loans
  • Only available to undergraduate students,
  • Based on financial need,
  • The government pays the interest as long as you are enrolled at least half-time, during your Grace* period, and during periods of deferment.
  • YOU are responsible for the interest charged during repayment periods and Forbearance.
• Direct Unsubsidized Loans
  • Available to undergraduate and graduate students.
  • YOU are responsible for paying the interest charged while enrolled, during the Grace* period, and until your loans are paid in full.
    • If your enrollment status falls below half time, (6 credit hours for undergraduate students and 4 credit hours for graduate students), your six-month grace period clock begins. 

• Direct PLUS Loans
  • Available to parents of dependent undergraduate students
  • Available to graduate students
  • Borrower is responsible for paying the interest charged while enrolled, during the Grace* period, and until the loans are paid in full.
    • Parents of dependent undergraduate students may request a deferment of repayment while the student is enrolled at half-time status (6 credit hours) and for up to 6 months after.

If the amount of financial aid awarded to you is not enough to cover your educational expenses, you may wish to consider a private (also known as alternative) loan. Although private loans are a convenient source of additional funding, it is important to note that they are funded by for-profit loan companies, and interest will accrue while you are in school. To help you select the best one for you please review Tips on Selecting and Applying for an Alternative Loan.

Rasmussen offers online private loan comparison tools, Credible and FastChoice. Click on either of the links below to compare lenders, and select the one that is best for you.: 

• Compare Private Loan Rates with Credible
• Compare Private Loan Rates with FastChoice

Rasmussen University does not endorse, recommend or promote any lender for private loans. The listings shown on Credible and FastChoice are not preferred lender lists, nor do they represent every lender that provides private educational loans. For residents of Minnesota, you may also want to review the terms and conditions of the MN SELF Loan before selecting a lender.