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Minnesota Office of Higher Education

SELF Loan Repayment Calculator

This calculator provides an estimate of repayment amounts for your SELF Loans. Many factors can influence actual repayment amounts, including interest rate, length of time in school and your payment patterns.

Important information on the repayment of SELF Loans.

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Important information on the repayment of SELF Loans:

SELF V Loans require quarterly interest payments while you are in school. Loans must enter repayment no later than nine years after the first disbursement date. If your loan is not required to be in repayment, you will be given a one-year transition period after your in-school period ends where interest is paid monthly and then, if available, an option to extend interest-only payments for another two years.

The maximum SELF V repayment period is based on your SELF Loan balances:

Total SELF Loan BalancesMaximum Repayment Period
Less than $20,00010 years from when you stop being an eligible student
$20,000 to $40,00015 years from when you stop being an eligible student
$40,000 or greater20 years from when you stop being an eligible student

 

SELF IV Loans require quarterly interest payments while you are in school. All SELF IV Loans enter repayment seven years from the first disbursement date on your loan. If your loan is not required to be in repayment, you will be given a one-year transition period after your in-school period ends where interest is paid monthly and then, if available, an option to extend interest-only payments for another two years. You are required to repay your SELF IV Loans 10 years from when you stop being an eligible student or 15 years from when you stop being an eligible student if the balances on all your SELF Loans are $18,750 or greater.


 

SELF II and SELF III Loans require quarterly interest payments while you are in school. After the in-school period ends, you have a one-year transition period where interest is paid monthly. You have the option to extend interest-only payments for another two years. If you choose this option, your repayment period will not be extended. With a one-year transition period, the maximum repayment term is nine years. With the three-year transition period, the maximum repayment term is seven years. However, the repayment term could be less than the seven or nine years depending upon the amount you borrow and the length of time you spend in school. You are required to repay all SELF II and SELF III Loans before the earlier of 10 years after you stop being an eligible student or 15 years from the date of the first SELF disbursement on your first SELF Loan.



A minimum monthly repayment amount of $50.00 is required on SELF Loans.

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Here’s How It Works

The program calculates your estimated repayment amounts based on the current SELF interest rate 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.

The results may include up to three sections, depending upon your current status (in-school, transition or repayment). The results include the estimated start and end dates of your repayment, the total months, the estimated monthly payment amount, the total principal paid and the total interest. Keep in mind the numbers are only estimates and many factors will influence the interest amount you ultimately pay on your loan.

Amount of Loan:
Interest Rate Option: Fixed    Variable
Expected Date of Graduation:
  
If you want existing loans figured into the calculation, or if you only want to calculate repayment of existing loans, enter your Social Security number and birth date:
  
Social Security Number (999999999):
Birth Date: