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.

Hearing Canceled on Proposed SELF Rule Amendments:
In the August 27, 2018, State Register Volume 43, Number 9, on pages 207 to 212, the Minnesota Office of Higher Education published a Notice of Intent to Adopt Rules relating to Higher Education Financial Assistance and Supplemental Student Loans (SELF Loan program). The Notice stated that a hearing would be held on the proposed rules if 25 or more persons submitted written requests for a hearing. In response, the Office of Higher Education received 15 requests for a hearing. Consequently, the Office of Higher Education is canceling the hearing.

The Office of Higher Education will adopt the rules without a hearing and then submit the rules and other required documents to the Chief Administrative Law Judge for review by the Office of Administrative Hearings. The Office of Higher Education will consider all written comments when it adopts the rules.

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 federalstudentaid.ed.gov. 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

SELF Loan
Fixed Interest Rate

6.0%

SELF Loan
Variable Interest Rate*

4.3%*

*As of 10/1/2018. Subject to change quarterly.
View Historic Interest Rates