Financial Aid
States
Minnesota College Financial Aid
Minnesota Resources
| Scholarships |
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| State Grants |
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What other Grants are available?
| State Loans |
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The Minnesota Student Educational Loan Fund (SELF) Program helps students who need assistance in paying for education beyond high school. The loan can be used only for educational purposes.
Your school will let you know how you should apply. You must re-apply each year for the SELF Loan.
Who is Eligible?
To be eligible for the SELF program, a student must be either:
- a Minnesota resident who is enrolled at least half time in a certificate, associate, baccalaureate, or graduate degree program, attending an eligible school in Minnesota, another state, or a Canadian province that has signed an operating agreement with the Office of Higher Education.
or
- a non-Minnesota resident attending an eligible school in Minnesota who is enrolled at least half time in a certificate, associate, baccalaureate, or graduate degree program.
To be eligible for a SELF Loan, the student must also:
- have a credit worthy co-signer.
- not be delinquent or in default on a SELF or other outstanding student loan(s).
How Does the Program Work?
Prior to applying, students are required to seek other sources of federal, state, institutional, or private aid for which they might be eligible. The campus financial aid administrator then determines the total amount a student may borrow and recommends a loan amount. The maximum cannot exceed the price of attendance minus all other financial aid that the student is eligible to receive.
How Much Money Can You Get?
The loan limit for students in grade levels 1-5 is $7,500 per year. Graduate students may borrow up to $9,000 per year.
Cumulative SELF borrowing maximums are $7,500 for grade level 1, $15,000 for grade level 2, $22,500 for grade level 3, $30,000 for grade level 4, and $37,500 for grade level 5. The maximum cumulative SELF limit for graduate and undergraduate loans is $55,500. The minimum loan amount is $500.
Borrowers are required to pay interest quarterly while in school. After graduating or leaving school borrowers are required to pay the monthly interest for up to three years; then they will begin repaying the loan principal as well as interest monthly.
The interest rate charged to the borrower changes throughout the life of the loan, and can change every three months.
Interest rates will vary quarterly throughout the life of the loan. The interest rate may increase or decrease depending upon changes in the index and margin.
How Do I Apply?
Since the application process varies by school, you must contact your school's financial aid office. You must re-apply each year for the SELF Loan.
For more information, contact:
- the SELF Program at selfloans@ohe.state.mn.us. (Contact your school first to find out how you should apply.) If your school uses the online application, you may apply online.
- The financial aid administrator at the school the student attends or plans to attend.
What other loans are available?
| 529 Plans |
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Minnesota College Savings Plan
Program type: Savings
How to enroll: Enroll directly with the program.
State residency requirements: None
Benefits - Tax Exemptions: Yes
Benefits - Tax Deductions: No
Benefits - Matching Grant: Yes
Phone: 1-877-338-4646
Website: www.mnsaves.org
What are some other college savings options?
| Other State Resources |
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