SELF Loan

SELF Updates 

Loan limits increase up to $10,000 for 1-3 year programs effective August 1, 2020. For more details review FAQ link.

 

COVID-19 UPDATE 

The Minnesota Office of Higher Education (OHE) is offering COVID-19 payment relief options.
  • 0% interest rate
    • All SELF and SELF Refi Loans have a 0% rate beginning March 13, 2020 through September 30, 2020. No action is needed to obtain this rate.  
    • New loans will have the temporary COVID -19 rate of 0% through September 30, 2020 and will return to posted rates on October 1, 2020. Disclosures will reflect the July 1, 2020 posted rates. 
  • Six-month forbearances
    • Special six-month COVID-19 forbearances are available upon request for SELF and SELF Refi Loans serviced by Firstmark Services.  Request a COVID-19 forbearance by logging into your Firstmark account at FirstmarkServices.com.
    • COVID-19 forbearance must be requested by September 30, 2020.
    • COVID-19 forbearances are not available for loans with first disbursement dates after June 30, 2020. 
  • Defaulted loans
    • Contact OHE if you are experiencing financial difficulties due to COVID-19             
    • All revenue recapture claims are on hold through September 30, 2020.
  • Withdrawal disbursement forgiveness
    • Students who withdrew from school March 13th or later due to COVID-19 may be eligible for disbursement forgiveness if the payment period includes March 13. Students should work with the financial aid office at their school or contact OHE.

About SELF Loan

The SELF Loan is a long-term, low-interest student loan. Because the SELF Loan is administered by the Minnesota Office of Higher Education, a state agency, the interest rates may be lower than private loans and some federal loans. With the SELF Loan, you know before you apply what your interest rate is. Rates are the same for everyone and are not based on credit scores like most private loans.



Watch our 30 second video about SELF Loan!


Get the Facts About SELF Loan

  • Available to Minnesota residents attending any eligible institution and nonresidents attending eligible institutions in Minnesota
  • NO Application, Processing, OR Guarantee fees
  • Minimum Loan amount is $500 with a maximum amount of $20,000, $7,500 or $3,500 depending on the program
  • SELF Loan is NOT free money, don’t borrow more than you need
  • More information about federal student loans is available at
    http://studentaid.ed.gov/sa
Download our Fact Sheet