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.
The recent announcement regarding student loan forgiveness is only applicable for Federal student loans. The SELF Loan is serviced by Firstmark Services and is not a Federal loan and is not included in the Federal government's forgiveness package. Please refer to the studentaid.gov website for additional information.
All new SELF Loans are now under the sixth phase of the SELF program. SELF VI has significant changes to payment requirements designed to ease the financial burden during the School and Transition Periods. Monthly payments of $15 per SELF VI Loan are required during School and Transition Periods instead of the quarterly interest payments required under SELF V. Repayment terms (10, 15 and 20 years) start at the end of the Transition or Extension Period rather than the end of the School Period. Unpaid accrued interest is capitalized when the Transition Period ends. Additional information is available in Frequently Asked Questions.
Watch our 30 second video about SELF Loan!