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• College of Arts & Sciences Home

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• SELF

Student Education Loan Fund (SELF)

The Student Educational Loan Fund (SELF) program is a long-term, low-interest educational loan provided by the Minnesota Office of Higher Education. The program is distinctive to Minnesota, and the Office of Higher Education is the only lender in the program.

The SELF loan is available to students enrolled at least half time, pursuing a degree or certificate. Students do not need to be residents of Minnesota to apply. Students must have a credit-worthy cosigner and must pay quarterly interest payments while in school.

New Steps to Apply

1. Entrance Counseling: First-time SELF borrowers must complete online SELF Loan Entrance Counseling (located at the Minnesota Office of Higher Education website).
   
2. Student borrower begins the online application/promissory note at www.ohe.state.mn.us/self/apply.cfm.
   
3. Once the student borrower initiates the process (step 2), cosigners will receive an Application Reference ID via email.
4. The cosigner completes the online application/promissory note.
   
5. Follow online instructions for either e-signing the application/promissory note or printing the application/promissory note and signing it in the presence of a notary.
   

Interest Rate

Students are required to make quarterly interest payments on their SELF loan while enrolled. The interest rate is variable, adjusted quarterly (6.0% as of 4/1/08-6/30/08). Current interest rates are available at www.ohe.state.mn.us/self/self.cfm.

Loan Limits

The minimum loan amount is $500. Students in grade levels 1-5 may borrow up to $7,500 each year; graduate students may borrow up to $9,000 each year. Cumulative SELF borrowing maximums are $7,500 for grade level 1, $15,000 for grade level 2, $22,500 for grade level 3, $30,000 for grade level 4, and $37,500 for grade level 5. The maximum cumulative SELF limit for graduate and undergraduate loans is $55,000.

Repayment

Borrowers are required to pay interest quarterly while in school. After graduation or leaving school, borrowers are required to pay monthly interest for up to three years; then they will begin repaying the loan principal as well as interest monthly. Repayment is usually seven to nine years.

Lender and Servicer

SELF loans are provided through the Minnesota Office of Higher Education  (800.657.3866). SELF loans are serviced by FirstMark (651.265.7666 or toll-free: 888.538.7378).