SELF FAQ

To be eligible for a SELF Loan, a borrower must:

• Be a Minnesota resident attending an eligible school (in-state or out-of-state) or a non-resident attending an eligible school in Minnesota (view participating schools)
• Be enrolled at least half-time in a certificate, associate, bachelor’s, or graduate degree program
• Be making satisfactory academic progress
• Be current on all existing student loan payments
• Have a creditworthy co-signer (required for all SELF Loans)

Note for Colorado and Maine residents: Due to state laws, SELF Loans are not available to residents of Colorado or Maine.

Before you apply, it’s important to understand how much you can borrow and what to consider before taking out a loan.

Things to Consider:

• Only borrow what you need. SELF Loans are not free money. You will be required to make interest payments while the loan is outstanding.
• Explore your federal loan options first. Federal student loans may offer additional benefits such as:
  • No interest payments required during school for subsidized federal loans
  • Deferment and forbearance options
  • Loan forgiveness programs
  • Various repayment plans like income-driven repayments

SELF Loan Limits:

Bachelor’s Degree

• Annual Limit: $40,000
• Cumulative Limit: $140,000

Graduate Degree

• Annual Limit: $40,000
• Cumulative Limit: $140,000

Associate Degree

• Annual Limit: $20,000
• Cumulative Limit: $60,000

Long-Certificate Programs (at least 8 months or 900 hours)

• Annual Limit: $20,000
• Cumulative Limit: $60,000

Short-Certificate Programs (less than 8 months or 900 hours)

• Annual Limit: $3,500 per program
• Cumulative Limit: $7,000 total for multiple short programs

Yes. All SELF Loans require a creditworthy co-signer.

A co-signer is someone who commits to the joint responsibility of repaying a loan along with the student borrower. Co-signers are legally obligated to repay the loan if the student does not make payments. This person is often a parent, guardian, or family member.

A creditworthy co-signer must:

• Be a U.S. citizen or permanent resident at least 24 years old or the age of majority in the state they live in if they are the borrower’s sibling.
• Have a U.S. address.
• Have no accounts discharged through bankruptcy, no liens or judgments, no more than $300 in negative credit accounts, no more than 5% of accounts past due, no repossessions, and no accounts settled for less than the full amount.

No. To keep interest rates low, the co-signer remains responsible until the loan is repaid in full.

You can find detailed information about SELF Loan interest rates below:

• Current Interest Rates
• Historic Interest Rates

Application Disclosures

Additional Notes:

• SELF Loan variable rates can change quarterly (every three months). The rate is based on the three-month term SOFR plus a fixed margin.
• Variable rates will not increase more than 3% within any 12-month period.
• Interest rates are the same for every borrower and are not based on credit scores or income.

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

In-School Period

• Begins when you are enrolled at least half-time at a qualifying SELF school.
• You must make monthly payments of $15 for each new SELF Loan, even if you take out multiple loans in one academic year.
• Your first payment is due approximately one month after your first disbursement.

Transition Period

• Begins when you graduate, drop below half-time enrollment, or transfer to a non-qualifying school.
• Lasts up to 12 months.
• You continue making monthly payments of $15 for each SELF Loan.

Any unpaid interest during the In-School and Transition Periods will be capitalized (added to the principal) at the end of the Transition Period.

Extension Period (Optional)

• Lasts up to 24 months after the Transition Period.
• You are required to make monthly interest payments.

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 the In-School, Transition, or Extension Period.
• You begin making full monthly payments of principal and interest.
• A 10, 15, or 20-year repayment term is selected during the application process.

NOTE: There are no grace periods or deferment options, and SELF Loans cannot be included in a federal loan consolidation.

If you change schools, any pending disbursements will be canceled. You may apply for a new SELF Loan if your new school is eligible.

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

• your loan has not yet entered the required Repayment Period, and
• you are enrolled at least half-time at an eligible school.

View Eligible SELF Loan Program Schools

If you return to school after being in a Transition or Extension Period:

• Transition Period will be reduced to six months.
• Extension Period will be reduced to 12 months.

Further reductions may occur if you have reached, or are close to, the required repayment start date, which is nine years after initial loan disbursement.

You should apply at least four weeks before you need the funds.

Your school must approve the loan amount you request, and this process can take anywhere from a few days to a few weeks, depending on the time of year. For example, if you apply in February for the fall/spring academic year, your school may not approve the loan until closer to the start of that term.

Before applying for a SELF Loan, you should first explore federal and state financial aid options to ensure you receive any available grants, scholarships, or federal loans.

Federal education loans may offer benefits such as:

• No interest while in-school (for subsidized loans)
• Deferment and forbearance options
• Loan forgiveness opportunities
• Flexible repayment plans, including income-based repayment

A completed FAFSA is required for all students except graduate, international, and undocumented students to determine eligibility for federal, state, and other financial aid.

Undocumented Minnesota residents attending a Minnesota postsecondary institution must complete the MN Dream Act State Financial Aid application instead. 

Aspire Servicing Center is the loan servicer for SELF Loans.

Borrower Customer Service

Phone: 800-243-7552 (toll-free, automated 24 hours). Representatives are available Monday-Friday, 8 a.m. to 6 p.m. CST. Loan information is also available at aspireservicingcenter.com.

If you still have concerns after contacting Aspire, you can contact the Minnesota Office of Higher Education:

1450 Energy Park Drive, Suite 350
St. Paul, MN 55108
selfloan.ohe@state.mn.us