be a U.S. citizen or permanent resident 24 years or older or 18 years 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.
The fixed rate is 4.85% and will not change over the life of the loan.
The variable rate is currently 2.2% and can change quarterly‐every three months. The interest rate is the sum of the margin (currently 2.0%) added to the index, which is based on the 3-Month London Interbank Offered Rates (LIBOR) rate. The variable interest rate will not change more than 3% during any 12-month period.
Interest rates are not tied to credit scores or income.
Don't borrow more than you need. Remember, this isn't free money; you need to pay interest while you are in school and then repay what you borrowed.
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)
Loan Limits
Program Type
Annual Limit
Cumulative Limit
4 Year
$20,000
$100,000
Graduate
$20,000
$140,000
1-3 Year Programs *
$10,000
$30,000
Programs Shorter Than 1 Year **
$3,500
$7,500
* 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.
The calculator estimates repayment amounts for your loans based on your current SELF interest rate(s) and repayment terms. If you are still in school or in a transition period, the repayment amount is based on your original loan amount rather than your current principal balance. The amount of interest paid is estimated and does not take into account actual interest you may have already paid.
Can I capitalize my SELF interest instead of making quarterly payments?
The SELF Loan does not allow you to add your in-school interest onto your loan balance. Capitalizing increases your payment and the amount of money you will eventually repay.
There are benefits of paying interest while in school:
the overall amount of interest you pay will be less and
quarterly bills keep you aware of your loan balance and the interest cost of your loan.
If, after calling Firstmark Services, you still have concerns, you are encouraged to contact the Office of Higher Education explaining your concerns:
MN Office of Higher Education
1450 Energy Park Drive, Suite 350
St Paul, MN 55108 selfloan.ohe@state.mn.us