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.
Get the Facts About SELF Loan
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- 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 $3,500
- SELF Loan is NOT free money, don’t borrow more than you need
- More information about federal student loans is available at
https://studentaid.gov
Am I eligible for a SELF Loan?
All Student Borrowers must start the process here. Once you are finished applying then Cosigner can proceed.