College of Arts & Sciences

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 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.

Steps to Apply

1. Optional - Entrance Counseling. To learn more about the SELF Loan, borrowers may choose to 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 the Minnesota Office of Higher Education SELF Loan website.
   

   

   
   

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 at the Minnesota Office of Higher Education SELF Loan website.
   

   

   
   

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 SELF IV Loan interest rate is variable, adjusted quarterly (3.9% as of 10/1/09-12/31/09). Current interest rates are available at www.ohe.state.mn.us/self/self.cfm.

Loan Fees

None.

Loan Limits

The minimum loan amount is $500. Undergraduates may borrow up to $7,500 each year; graduate students may borrow up to $9,000 each year. In addition, students may not borrow beyond the sum of their annual loan limits. For example, juniors are limited to a $22,500 aggregate SELF debt ($7,500 freshman + $7,500 sophomore + $7,500 junior = $22,500). 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: 888.295.0713).