The Minnesota Office of Higher Education is an executive branch agency of the State responsible for the coordination and administration of higher education programs among the various public and private institutions of higher education in the State. In addition to its private loan program, the Student Educational Loan Fund ("SELF"), the Office manages financial aid programs for the State, including scholarship, grant, work study and reciprocity programs, as well as research and facilitation of higher education programs in the State and communication of information to parents and students regarding higher education.
The SELF loan program provides a source of long-term, low-interest funding to Minnesota residents attending postsecondary education institutions both in and outside Minnesota and non-residents attending Minnesota institutions. M.S. 136A.1701 authorizes the creation of such supplemental loan programs. The fund within the state's accounting system that administers the student loan programs is known as the Loan Capital Fund. There are no general fund appropriations for the SELF loan program. The student loans are financed from revenue bonds, loan repayments and investment income. The bonds do not constitute general obligations of the state.
The Minnesota Office of Higher Education's current outstanding bonds are secured under three separate indentures of trust. The bonds issued under each indenture share the same trust estate. The bonds issued under one indenture have no claim on the assets held under another indenture or the assets of the Loan Capital Fund.