self loan minnesota

Self Loan
It offers financial assistance to students pursuing education beyond high school, with interest rates that may be lower than those of private loans and some federal loans. Notably, SELF Loan interest rates are uniform for all borrowers and are not determined by credit scores, unlike many private loans.

SELF LOAN

Eligibility Criteria:

Student Requirements:

Enrollment at least half-time in a certificate, associate, bachelor’s, or graduate degree program.
Attendance at an eligible school in Minnesota, or being a Minnesota resident attending an eligible out-of-state school.
Maintaining satisfactory academic progress.
Being current on existing student loan payments.

Co-signer Requirements:

A U.S. citizen or permanent resident aged 24 or older, or 18 if a sibling.
Residing in the United States.

Loan Details:

Interest Rates (as of October 1, 2024):

Fixed Rates:
10-year term: 5.95% (5.69% APR)
15-year term: 6.20% (5.96% APR)
20-year term: 6.45% (6.22% APR)
Variable Rates:
10-year term: 6.70% (6.35% APR)
15-year term: 6.95% (6.64% APR)
20-year term: 7.20% (6.90% APR)
These rates are subject to change quarterly.
SELF LOAN

Loan Amounts:

Minimum: $500

Repayment Terms:

While enrolled, borrowers are required to make monthly payments of at least $15.
The $15 monthly payments during enrollment may not fully cover accruing interest, potentially leading to an increased loan balance over time.

Application Process:

Applications can be completed online through the SELF Loan website.

SELF LOAN

SELF LOAN

Sources

It is designed to provide students with affordable financing options for their education, featuring low-interest rates and flexible terms.

What is the SELF Loan?

The Minnesota Student Educational Loan Fund (SELF) is a long-term, low-interest loan program for students attending college, university, or technical schools.

Eligibility Requirements

For Students:
Enrollment Status:

Academic Progress:

Financial Standing:

Must be current on all existing student loan payments.

For Co-signers:
Eligibility Criteria:

Must be at least 24 years old (or 18 if a sibling) and a U.S. citizen or permanent resident.
Must reside in the U.S.

Creditworthiness:

No accounts discharged through bankruptcy.
No significant liens, judgments, or excessive past-due accounts.
Loan Feature.

Loan Amounts:
Minimum loan: $500.

Up to $40,000 for graduate programs.
Up to $20,000 for bachelor’s programs.
Up to $3,500 for shorter certificate programs.
Interest Rates (as of October 2024):
Fixed Rates:

10-year term: 5.95% (5.69% APR).
15-year term: 6.20% (5.96% APR).
20-year term: 6.45% (6.22% APR).
Variable Rates:

10-year term: 6.70% (6.35% APR).
15-year term: 6.95% (6.64% APR).
20-year term: 7.20% (6.90% APR).
Note: Variable rates may change quarterly.

Interest Features:

SELF Loans do not have origination fees.
Students must make small interest-only payments of at least $15 per month while enrolled.

Repayment Terms

Students can choose between fixed or variable rates when they start repaying.
Loans can have terms of 10, 15, or 20 years depending on the loan amount and choice of plan.
Application Process

Research Other Aid Options:

Online Application:

Applications can be completed via the official SELF Loan website: selfloan.state.mn.us.

Co-signer Agreement:

Advantages of the SELF Loan

Low interest rates compared to many private loans.
No reliance on credit scores for the student.
Flexibility to choose between fixed and variable rates.
No prepayment penalties.

Considerations

Monthly payments of $15 are required during school, which might not fully cover accrued interest.

The loan requires a co-signer with strong creditworthiness.
For more detailed information or to apply, visit the official Minnesota SELF Loan website: selfloan.state.mn.us.