Fixed Rate Decreasing!

The SELF fixed rate will decrease to 5.75% on July 1, 2019 for new loans. If you are interested in the fixed rate and don’t need money immediately you may want to wait to apply. If you are applying for a summer loan allow 3-4 weeks from when you start your application to disbursement of funds.

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.

SELF Loan Fact Sheet

Watch our 30 second video about SELF Loan!


Stop: Before applying, check out the benefits of federal loans: 1) no in-school payments for subsidized loans 2) Deferments 3) Forbearances 4) Loan forgiveness 5) Various repayment plans. See Don't borrow more than you need. Remember, this isn't free money.

Am I Eligible?

You may be eligible if you are a Minnesota resident attending a participating college nationwide or if you are a Minnesota resident or nonresident attending a college in Minnesota.

Check If You Are Eligible

Current Rates

Fixed Rate Decreasing – refer to top of page for more information

Fixed Interest Rate


Variable Interest Rate*


*As of 4/1/2019. Subject to change quarterly.
View Historic Interest Rates