Student Educational Loan Fund (SELF)

The Student Educational Loan Fund (SELF) Program is a long-term, low-interest educational loan provided by the State of Minnesota. SELF is for students who cannot obtain the financing they need from the existing need-based aid programs. The Minnesota Office of Higher Education is the only lender in the program. The program is unique to Minnesota.

If you are enrolled at least half-time in a degree program you are eligible to apply for a SELF loan. Both Minnesota residents and non-residents may apply. The following table reflects maximum loan amounts. There is a $500 minimum loan amount.

• You must have a credit worthy co-signer to qualify for a SELF loan.

• No insurance or origination fees currently apply. This is subject to change.

• The interest rate on the SELF loan will vary quarterly throughout the life of the loan. The simple interest charged will be the sum of 1.50 percent added to the average quarterly sale price on the 91-day Treasury Bill. Because the 91-day Treasury Bill varies, the interest rate to the borrower will go up, or down, accordingly. There is a cap on interest rate changes of 2 percent during any 12-month period. Call Office of Higher Education for current rates at 800-657-3866.

• Interest charges begin to accrue on the date your loan check is printed. Interest must be paid quarterly while you are in school. After you graduate or drop below half-time status, interest must be paid monthly.

• At termination of study, monthly payment (interest only) begins and continues for up to 12 months. On the 13th month out of school, you will begin one of two repayment plans: 

1. The Standard Plan requires monthly payment of both principal and interest for up to nine more years.

2. The Extended Interest Plan provides two more years of monthly interest only, followed by up to seven years of monthly principal and interest payments.

• The SELF Loan can be used to replace Family Contribution.

1. A co-signer must go out to www.selfloan.org and click on the "online application" box located in the upper righhand corner.  The co-signer must first get pre-approved for this loan.

2. Once the co-signer has been pre-approved, then you the student borrower need to go back to the www.selfloan.org website and click on the "online application" box again.  Then you, the borrower would click on the link "click here to apply online now".

3. After you have filled in the borrowers portion of the Self loan application, please make sure to print off the promissory note at the end.  Note:  The co-signer will need to sign this with a notary present.

4. Send the appropriate pages of the promissory note to the processor.  Address should be listed on the note.   5. After you have completed the whole application process for the Self loan, you will still need to take the online entrance counseling quiz.  Please go back to www.selfloan.org and click on the "Self online counseling" link.