SELF Grad Loan FAQ
Find answers to common questions about the SELF Grad Loan program, including eligibility, co-signer information, loan limits, interest rates, repayment terms, and more. Learn what to expect before you apply.
To be eligible for a SELF Grad Loan, a borrower must:
- U.S. Citizen or Permanent Resident
- Minnesota Resident or attending Minnesota School (view participating schools)
- Be enrolled at least half-time
- Be meeting Satisfactory Academic Progress requirements
- Have a minimum 670 FICO (unless co-signed), and pass a credit review
- Be age of majority in the state they reside in
- Be current on existing SELF Program Loans
NOTE: Due to state laws, SELF Grad Loans are not available to residents of Colorado, Connecticut, Maine, or Puerto Rico.
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 Grad Loans are not free money. You are required to pay interest while the loan is outstanding.
- Explore your federal loan options first. Federal student loans may offer additional benefits such as:
- Deferment and forbearance options
- Loan forgiveness programs
- Various repayment plans like income-driven repayments
- SELF Grad Loans are limited to the Cost of Attendance (COA) minus Other Financial Aid (OFA).
SELF Grad Loan Limits:
Select Doctoral Programs
Advanced Dentistry, Dentistry, Medicine, Pharmacy, Veterinary Medicine
- Loan Minimum: $2,000
- Cumulative Limit: $300,000 (no annual limit)
Graduate Programs
All other degrees or certificates beyond a Bachelors
- Loan Minimum: $2,000
- Annual Limit: $50,000
- Cumulative Limit: $150,000
SELF Grad Loans do not require a co-signer if the borrower meets the eligibility criteria on their own. However, having a creditworthy co-signer on your SELF Grad Loan provides access to reduced interest rates.
For a co-signer to be eligible for a SELF Grad Loan, they must:
- Be a U.S. Citizen or Permanent Resident
- Have a minimum 670 FICO
- Pass credit review
- Be current on any existing SELF Program Loan
- Be age of majority in the state they reside in
NOTE: Due to state laws, SELF Grad Loans are not available to residents of Colorado, Connecticut, Maine, or Puerto Rico.
Co-signers are eligible for release:
- After 24 consecutive on-time payments when in full principal and interest repayment.
and - They meet the release credit requirements in effect at the time of release request – these could be different than the initial co-signer credit requirements.
You can find detailed information about SELF Grad Loan interest rates below:
Application Disclosures:
* Interest rates are the same for every borrower depending on repayment term and if the loan has a co-signer. Rates 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 postsecondary institution that participates in the SELF Grad Loan program.
- You must make monthly payments of up to $25 (currently $15) for each new SELF Grad Loan, even if you take out multiple loans in one academic year. You may pay more than the required monthly payment.
- Your first payment is due approximately one month after your first disbursement. You will receive a bill from the loan servicer, Aspire Servicing Center, prior to the payment due date. If you signed up for electronic correspondence, you will receive a notification to log in or create an account with Aspire.
Transition Period
- Begins when you graduate, drop below half-time enrollment, enter a residency program, or transfer to a non-qualifying school.
- Lasts up to 12 months.
- You continue making required monthly payments of up to $25 (currently $15) for each SELF Grad Loan. You may pay more than the required monthly payment.
- 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)
- Only available for the Select Doctorate programs.
- Lasts up to 7 years after the Transition Period.
- Annual residency verification forms must be provided.
- You continue making required monthly payments of up to $25 (currently $15) for each SELF Grad Loan. You may pay more than the required monthly payment.
Repayment Period
- Begins at the end of the Transition or Extension Period or ten 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 Grad 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 Grad Loan if your new school is eligible.
If you transfer to another school, you may return to the In-School Period if:
- Your loan has not yet entered the Mandatory Repayment Period, and
- You are enrolled at least half-time at an eligible school, and
- Your new institution participates in the SELF Grad Loan Program
If you return to school after being in a Transition or Extension Period:
- Transition Period will be reduced to up to six months.
- Extension Period will be reduced to 12 months for Select Doctorate programs.
Further reductions may occur if you have reached, or are close to, the required repayment start date, which is ten years after initial loan disbursement.
You should apply for your loan at least four weeks before you need the funds. You must submit a new loan application each academic year, or anytime you need additional funding within the same year.
If you take out a loan for only one term and later apply for additional funding for another term, you will receive a new SELF Grad Loan. Each loan has its own monthly payment. To avoid multiple monthly payments, apply for the full amount you expect to need for the entire academic year. You can reduce your disbursement or make a payment if you have excess funds.
Your school must approve the loan amount you request. Their review timeline can vary from days to weeks or even months, depending on the time of year. For example, if you apply in February for the upcoming fall/spring academic year, your school may not be able to approve the loan until closer to the start of the fall term.
You do not need to complete the FAFSA or apply for federal loans to be eligible for a SELF Grad Loan. However, you should first explore any available grants, scholarships, or federal loans available to you.
Aspire Servicing Center is the loan servicer for SELF Grad Loans.
Borrower Customer Service
Prospective borrowers who have general questions about the SELF Grad Loan can contact staff by email, selfloan.ohe@state.mn.us, or by phone, (651) 642-0567 or (800) 657-3866.
Borrowers who have a loan or have already started an application and have questions on the process should contact Aspire Servicing Center at (888) 902-6057, available from 8 a.m.-4:30 p.m. CT.