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SELF Loan Application Information
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The Student Educational Loan Fund (SELF) program is a long-term low interest educational loan provided by the Minnesota Office of Higher Education (OHE). The SELF loan may be an additional funding source for students that have educational expenses which exceed their other sources of federal or state aid.
The SELF Loan program has annual maximum SELF Loan limits. For Grade Level 1 and 2 the amount is $7500 per grade level. If you have borrowed a SELF Loan previously, you may not be eligible to borrow additional SELF Loan funds at Lake Superior College. Previous SELF loan borrowers should speak with a financial aid professional at 218-733-7601 or 1-800-432-2884 in order to determine if she or he has remaining SELF loan eligibility.
The SELF loan requires in-school interest payments quarterly and a credit-worthy co-signer.
To apply for a SELF loan, you must:
- Complete online SELF counseling located in the right hand column of the MN Student Education Loan Fund (SELF) web page.
- Both the borrower and the co-signer must have a valid email address to complete the online MPN. The borrower will need to provide an e-mail address for their co-signer. The co-signer will need to wait for the e-mail requesting them to be a co-signer and then use the link provided in the e-mail to access the self loan application for the student.
- Signatures can now be provided either electronically or manually. If you sign manually you must notorize the Promissory note and return it to the address indicated on the checklist that prints out with the paper promissory note. You will be notified by OHE regarding your eligibility and dates that the loan will be disbursed.
- Complete and submit a SELF loan certification form - only if you want the SELF loan promissory note mailed to you.
It is NOT necessary to contact Lake Superior College before completing the SELF loan application unless you have further questions about the loan process that are not answered in the online SELF loan counseling.
