Frequently Asked Questions

Who is eligible to borrow?

What are the current SELF 7 interest rates?

How much can I borrow?

How does repayment work?

When should I apply?

Do I need to complete a FAFSA?

What are the requirements for a co-signer?

A creditworthy Cosigner must:

• be a U.S. citizen or permanent resident 24 years or older or the age of majority in your state of residence if a brother or sister.
• have an address in the United States.
• have no accounts discharged through bankruptcy; no liens or judgments; no more than $300 in negative credit accounts; and no more than 5% of accounts past due.

Colorado and Maine Residents: We are unable to provide SELF Loans to Colorado and Maine residents due to statute requirements in those states.

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Who is eligible to borrow?

An eligible borrower must be:

• Enrolled in an eligible school in Minnesota or be a Minnesota resident enrolled in an eligible out-of-state school (View a list of schools participating in the SELF program.)
• Enrolled at least half-time in a certificate, associate, bachelor's or graduate degree program
• Making satisfactory academic progress
• Up-to-date on student loan payments

All SELF Loans are required to have a creditworthy cosigner.

Colorado and Maine Residents: We are unable to provide SELF Loans to Colorado and Maine residents due to statute requirements in those states.

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Is there a co-signer release option?

No, to keep interest rates low, the Cosigner is responsible until the loan is paid in full.

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What are the current SELF 7 interest rates?

Fixed Rates through June 30, 2024:

10 Year - 6.35%

15 Year - 6.60%

20 Year - 6.85%

 

Variable Rates through June 30, 2024:

10 Year - 7.30%

15 Year - 7.55%

20 Year - 7.80%

 

SELF 7 variable rates can change quarterly—every three months. The interest rate is the sum of the margin added to the index, which is based on the three-month term SOFR. The variable interest rate will not increase more than 3% during any 12-month period.

Interest rates are not tied to credit scores or income.

Application Disclosures 

• Fixed and Variable Rate Loans

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What are the historic interest rates?

View a chart of historic SELF Loan interest rates.

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How much can I borrow?

What to consider before borrowing?

Don't borrow more than you need. Remember, this isn't free money; you need to pay interest while the loan is outstanding.

Before you apply, make sure you look into any federal education loans you may be eligible for. You should understand these benefits of federal loans:

• No interest payments required during school for subsidized federal loans
• Low fixed interest rates
• Deferments
• Forbearances
• Loan forgiveness
• Various repayment plans (including income-based)

* Programs of at least 8-9 months or 900 hours
** Programs of less than 8-9 months or 900 hours have limits of $3,500 per program up to a cumulative maximum of $7,500 for multiple short programs.

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What are the repayment terms for SELF 7?

Repayment terms for SELF 7 Loans:

There are four different payment periods designed to make repayment manageable:

• School Period
• Transition Period
• Extension Period
• Repayment Period

School Period

The School Period is when:

• you are enrolled at least half-time in a qualifying SELF School

During the School Period, you are required to make monthly payments of up to $25 (currently set at $15) for every SELF 7 Loan that is taken out, even if there are multiple SELF loans taken out for one academic year.

Your first payment will be due approximately one month after your first disbursement.

Any unpaid interest from your School and Transition Periods will be capitalized - added to the principal balance - at the end of the Transition Period.

Transition Period

The Transition Period begins:

• upon graduation,
• if your enrollment drops to below half-time, or
• if you transfer to a school which doesn’t qualify.

During the Transition Period (up to 12 months) you are required to make monthly payments of up to $25 (currently, set at $15) per SELF 7 loan.

Any unpaid interest from your School and Transition Periods will be capitalized - added to the principal balance - at the end of the Transition Period.

Extension Period

During the Extension Period (up to 24 months) you are required to make monthly payments of interest. The Extension Period is optional after the end of your Transition Period.

Repayment Period

The Repayment Period begins:

• at the end of the Transition or Extension Period
  or
• nine years after you took out the loan if you are still in School, Transition or Extension.

Repayment Information:

• Repayment term of 10, 15, or 20 years is selected during the application process.
• During the Repayment Period you are required to make monthly payments of principal and interest.
• There are no grace periods or deferment options.
• SELF Loans cannot be included in a federal loan consolidation.

 

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What happens if I change schools or enroll in a graduate program?

Any pending disbursements will be cancelled if you change schools. You can apply for another loan if your new school is eligible. View a list of schools participating in the SELF program.

If you transfer to another school or enroll in graduate school, you can return to the School Period if:

• your loan has not entered a required repayment period; and
• you are enrolled at least half-time in an eligible school.

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How does returning to the School Period impact Transition and Extension Periods?

If you return to the School Period after being in a Transition or Extension Period you will have reduced Transition (up to six months) and Extension Periods (up to 12 months) when you subsequently leave school. Whether you have Transition or Extension Periods available and the length of time will be based on whether you reached your forced repayment date of nine years from disbursement.

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When should I apply?

You should apply at least four weeks ahead of when you need money.

Your school will need to approve the loan amount you have requested. Depending on the time of the year, this approval may take a few days to a few weeks. For example, if you apply for a SELF Loan in February for the next fall/spring academic year, you may need to want until closer to the start of the fall/spring academic year for your school to approve your loan.

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How do I add to my loan if I need more money?

We do not have a master promissory note. Any time you need more funds a new application is required.

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Do I need to complete the Free Application for Federal Student Aid (FAFSA) or MN Dream Act - State Financial Aid application?

A completed FAFSA is required for all students (other than graduate, international, and undocumented students) to ensure eligible students benefit from available federal, state, and other grants and scholarships.

Undocumented Minnesota residents attending Minnesota postsecondary institutions are required to apply for state financial aid, including the Minnesota State Grant, by accessing the online MN Dream Act - State Financial Aid application before applying for the SELF Loan. Minnesota undocumented residents attending an out-of-state postsecondary institution are not required to complete the MN Dream Act application.

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Do I need to apply for federal education loans?

Before you apply, make sure you look into any federal education loans you may be eligible for. You should understand these benefits of federal loans:

• No interest payments required during school for subsidized federal loans
• Low fixed interest rates
• Deferments
• Forbearances
• Loan forgiveness
• Various repayment plans (including income-based)

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Who do I contact if I have questions or problems with my loan?

Firstmark Services is the loan servicer for SELF 3, 4, 5, and 6 loans:

Borrower Customer Service:
Toll-free 1-888-295-0713 (Automated 24 Hours)

Representatives are available:
Monday - Friday 7:00am to 8:00pm Central Time

Loan information is also available via
www.firstmarkservices.com

Aspire Servicing Center is the loan servicer for SELF 7 loans:

Borrower Customer Service:
Toll-free 1-800-243-7552 (Automated 24 Hours)

Representatives are available:
Monday - Friday 8:00am to 6:00pm Central Time

Loan information is also available via
www.aspireservicingcenter.com

If, after calling Firstmark Services or Aspire Servicing Center, you still have concerns, you are encouraged to contact the Office of Higher Education:
MN Office of Higher Education
1450 Energy Park Drive, Suite 350
St Paul, MN 55108
selfloan.ohe@state.mn.us

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What is Student Success Coaching?

SELF Student Success offers coaching services to first-time, first-year, undergraduate SELF Loan borrowers. This includes students working towards a certificate, diploma, associates or bachelor's degree. Students have the opportunity to work with a Success Coach who has specialized training focused on what it takes to be successful in college. Our Coaches work with student borrowers to ensure they have the knowledge, skills and resources to persist through college year after year and achieve their educational goals. Coaching services are offered at no-cost to the student.

To learn more, view the Student Success Coaching page.

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View a Glossary of Loan Terms