What is the SELF Loan Program?
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 program is distinctive to Minnesota, and OHE is the only lender in the program.

Who may borrow in the program?
You may apply for the SELF loan if you are a Minnesota resident attending an eligible postsecondary institution in-state or out-of-state, or are a nonresident attending an eligible postsecondary institution within Minnesota. A SELF eligible school is one that has signed a participation contract with OHE - Lake Superior College is an eligible school.

How much am I allowed to borrow?
The minimum loan amount is $500. First or second year undergraduate students may borrow up to $6,000 per year.

What is the interest rate?
The interest rate on the SELF loan varies quarterly throughout the life of the loan.

How do I apply for a SELF loan?
Make sure the school you're attending participates in the SELF Program. Contact your school to find out how to apply.

Are there any application, processing, or guarantee fees deducted from my SELF loan?
No. There are no application, origination, guarantee or other processing fees deducted from your SELF loan.

What are my repayment requirements?
You must begin quarterly payment (interest only) within 90 days after disbursement of loan funds, and quarterly interest payments continue as long as you are properly enrolled at the school. When you finish your study, you begin monthly (interest only) payments for up to 36 months.

Is there a choice of repayment plans?
Yes, there are two repayment options once you finish school. They are: The Standard Plan – requires monthly payment of both principal and interest for up to nine years. These payments start 12 months after you leave school. The Extended Interest Plan – provides two more years of monthly interest only, followed by up to seven years of monthly principal and interest payments.

Are there any "grace" periods or deferment options?
No

If I transfer to another school or go on to graduate school, can I still make interest only payments?
Yes, but only if you transfer before the 12-36 month Transition Period elapses and only if the school to which you transfer is an eligible school and you continue to be enrolled at least half-time.

What is the maximum repayment period?
The length of the repayment period is determined by the following variables: 10 years from termination of study 15 years from the date of the first loan disbursement on your first SELF loan A shorter period arranged with OHE

How is my eligibility for a SELF loan determined?
Eligibility is not based on a minimum income requirement or amount of financial need. It's determined by subtracting your available financial aid from the yearly cost of attendance. Cumulative SELF loan debt is considered. You must have the SELF application certified by the financial aid administrator and completed by a credit-worthy co-signer.

What is a credit-worthy co-signer?
A credit-worthy co-signer is:

If your co-signer cannot be located in the credit bureau listings, a Personal Financial Statement provided by your co-signer will be evaluated. Using this method, your co-signer must have a net worth equal to ten times the amount of the SELF loan requested. The OHE performs the credit check on each co-signer for each application.

Why is a credit-worthy co-signer or an in-school payment necessary?
The SELF Program is not subsidized by the federal or state government. Therefore, SELF must pay for itself. A credit-worthy co-signer is needed to insure continuous repayment on your loan. By using co-signers and requiring that interest be paid while you are in school, costs are kept to a minimum and, in turn, the loan may be offered to you at low interest.

How many SELF eligible schools are there from which to choose?
As of April 2004, 334 institutions had agreed to participate in the program: * 151 Minnesota institutions (both state and private schools) * 183 out-of-state schools Schools participating in the SELF-Loan program

How can I tell if a school is SELF eligible?
You contact the financial aid administrator at the school, or talk to staff at the Minnesota Higher Education Services Office (OHE). Schools participating in the SELF-Loan program

Can I apply for a SELF loan without applying for other federal or state financial aid?
No, you can't. The SELF Program wants to be certain that you do not qualify for a more desirable form of financial aid. Your school is required to obtain enough financial information from you about your situation to make an evaluation of your family's likelihood of qualifying for other forms of financial aid before handing you a SELF application. We call this the "Maximum Effort Test". Lake Superior College requires that you complete the Free Application for Federal Student Aid (FAFSA) in order to document and verify your family's financial information. However, there is a shortcut for families who have already gone through the need analysis once, were found to be "no-need," and have reason to believe the same thing will happen this year if they apply. Ask your financial aid administrator about the "Affidavit of No-Need and Request for Waiver of the Maximum Effort Test."

Where can I obtain more information about the SELF Program?
You can talk with the financial aid administrator at your school, or you can contact OHE.

Where can I find out information about my existing SELF loans?
Information on existing SELF loans is available on the Firstmark Services website at www.Firstmarkservices.com.

What do I do if I have a question or problem with my SELF loan?
Firstmark Services is the loan servicer for the SELF Program. If you have a question about your SELF loan, please contact Firstmark Services at: Borrower Customer Service 651-265-7666 or 1-888-538-7378 (automated 24 hours)

For more Self Loan FAQ's: Self Loan Online