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Interest Rates

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The SELF Loan, administered by the Minnesota Office of Higher Education, offers low-interest student loans with both fixed and variable rate options. These rates are often lower than private or even some federal loans. Unlike most private loans, SELF Loan rates are not based on credit scores and are the same for every borrower. You'll know your interest rate before you apply, so you can plan with confidence.

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Current Interest Rates

SELF Loan interest rates as of April 1, 2025:
*Variable rates are subject to change quarterly.

Fixed
Variable

10-Year Term: 5.95% (5.69% APR)

10-Year Term: 6.30% (6.00% APR)

15-Year Term: 6.20% (5.96% APR)

15-Year Term: 6.55% (6.28% APR)

20-Year Term: 6.45% (6.22% APR)

20-Year Term: 6.80% (6.54% APR)

View current index rates, margin details, and historical SELF Loan interest rates

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Fixed vs. Variable Rates

Fixed Rate provides a consistent interest rate over the life of the loan, offering predictability and stability.​

Variable Rate fluctuates quarterly based on financial market conditions.

Interest Accrual

Interest begins accruing upon disbursement. During the School and Transition Periods, borrowers are required to make monthly payments of at least $15 per loan. If payments do not cover the accruing interest, the unpaid interest will be capitalized, increasing the principal balance. 

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