About SELF Loan! 

The SELF Loan is a long-term, low-interest student loan. Because the SELF Loan is administered by the Minnesota Office of Higher Education, a state agency, the interest rates may be lower than private loans and some federal loans. With the SELF Loan, you know before you apply what your interest rate is. Rates are the same for everyone and are not based on credit scores like most private loans.

Student Success Coaching!

SELF Student Success offers first-year undergraduate SELF Loan customers free coaching services to support their unique educational journey. Here’s how Success Coaches empower you to succeed:

Personalized support: Success Coaches work with you to identify your unique goals and develop an individualized plan to achieve them. This can be incredibly valuable for students who may be feeling overwhelmed or unsure about their next steps.

Accountability and motivation: It can be easy to lose motivation when working towards a long-term goal like earning a certificate, diploma or degree. Success Coaches provide you with ongoing accountability and support, helping you stay motivated and focused throughout the academic term.

Access to resources: As a new undergraduate student, you may be unaware of the resources available to you on campus and in your community. Your Success Coach will help you locate and access these resources, which can include tutoring services, study groups, and more.

Incentives for success: Finally, enjoy rewards for meeting with your Success Coach and showing your commitment. These rewards include digital gift cards and a credit towards your loan balance, providing an extra boost of motivation to stay on track and achieve your academic goals.

To learn more about eligibility and getting started, visit the Student Success Coaching Page

Watch our 30 second video about SELF Loan!


Get the Facts About SELF Loan

    • Available to Minnesota residents attending any eligible institution and nonresidents attending eligible institutions in Minnesota
    • NO Application, Processing, OR Guarantee fees
    • Minimum Loan amount is $500 with a maximum amount of $40,000, $20,000 or $3,500 depending on the program
    • SELF Loan is NOT free money, don’t borrow more than you need
    • More information about federal student loans is available at

Download our Fact Sheet



*Annual percentage rate (APR) as of July 1, 2024, assumes a $10,000 loan, 0% origination fee, principal and interest repayment term of 10, 15 or 20 years with deferred principal and interest payments for 57 months with a $15.00 monthly payment during deferral:

10, 15, 20-year variable-rate loans with an initial rate of 7.30%, 7.55%, and 7.80%, respectively. The interest rate is the sum of the initial margin (2.00%, 2.25%, and 2.50% respectively) added to the index, which is based on the three-month term SOFR. The index, margin, and interest rate may all change quarterly. There is no maximum rate; however, the interest rate will not increase more than 3% during any 12-month period.

10, 15, and 20-year fixed-rate loans with rates of 6.35%, 6.60%, and 6.85%, respectively.

While enrolled during any School or Transition Period, you must make monthly payments of at least $15.00. The $15.00 monthly payments while enrolled may not be enough to fully pay the interest that will accrue while you're in the School or Transition Periods. If the interest that accrues each month is more than $15.00, the amount of interest that is not paid will be added to your loan balance. Your loan balance may therefore increase even though you are making the required payments, which is called negative amortization. Because of the negative amortization, your loan will have a larger principal balance at the start of the principal and interest repayment period than the amount that you originally borrowed.