The SELF Loan is a long-term, low-interest educational loan primarily for Minnesota students who need assistance paying for education beyond high school. The SELF program has provided over $1.7 billion in loans to students since 1984 and is administered by the Minnesota Office of Higher Education, a state agency.

Who is eligible?

Eligible students are Minnesota residents attending eligible postsecondary institutions in-state or out-of-state, and nonresidents attending eligible postsecondary institutions within Minnesota. Students must be attending a SELF eligible school at least half-time and making satisfactory progress. A SELF eligible school is one that has a participation contract with the Office of Higher Education.

Because the SELF program is not subsidized by the federal or state government, a credit-worthy co-signer is needed to insure continuous repayment on the loan. By requiring co-signers and interest to be paid while the borrower is in school, costs are kept to a minimum allowing for lower interest rates for students.

There is no minimum income threshold or requirement to demonstrate financial need. There are no application, origination, guarantee or other processing fees deducted from the loan. The interest rate varies quarterly throughout the life of the loan.

How much can I borrow?

Undergraduate students may borrow up to $7,500 per year. Graduate students may borrow up to $9,000 per year. The cumulative SELF borrowing maximums are $37,500 for undergraduates and $55,500 for graduate students. The minimum loan amount is $500.

In November SELF V will be available with loan limits of $10,000 for students enrolled in a bachelor's degree, postbaccalaureate or graduate program. Since SELF V will not be available until November, students in eligible programs have a few options in order to receive the increased amount:

• Apply for a $7,500 full-year SELF IV Loan now, and in November apply for a $2,500 full-year SELF V Loan.
• Apply for a $5,000 fall SELF IV Loan now, and in November apply for a $5,000 spring SELF V Loan.
• Apply for a $10,000 full-year SELF V Loan in November.

NOTE: Applications for SELF V will not be available until November.

The actual amount you are allowed to borrow is determined by the college based on the cost of attendance minus other financial aid. Cumulative SELF Loan debt is considered. Every applicant must have the SELF application certified by the school's financial aid administrator.

Frequently Asked Questions

• Do I need to complete the FAFSA?
• When should I apply?
• How is the SELF IV interest rate calculated?
• What are the historic interest rates?
• What are the repayment terms?
• What are the requirements for a co-signer?
• What happens if I change schools or enroll in a graduate program?
• Can I capitalize my SELF interest instead of making quarterly payments?
• Who do I contact if I have a question or problem with my SELF Loan?
• Glossary of Loan Terms