Contact: Sandy Connolly, Director of Communications
Office of Higher Education
St. Paul, MN--The Minnesota Office of Higher Education (OHE) wants to remind college students that if they need a loan to help cover costs for the current school year, the Minnesota SELF Loan is an affordable and responsible option.
The SELF Loan is a managed by the Minnesota Office of Higher Education. Both a fixed rate option of 6.9% and a variable rate option of 3.3% are currently available.
"Our first recommendation to every student is to consider all options other than loans when paying for college," said Marilyn Kosir, SELF Loan Manager at OHE. "However, if borrowing is the only option, it is important for students and families to find the most affordable loan program."
Minnesota is one of 15 states that offer a state loan program with borrower-friendly terms. Colleges must certify the loan, there is no prepayment penalty, and students are charged the same rate of interest regardless of the type of postsecondary institution they attend. State loans help meet the net price of attendance after other forms of financial aid are deducted.
The SELF program operates at no cost to the state, with funding provided by revenue bond proceeds, investment earnings and student loan repayments from borrowers. SELF Loans are available to Minnesota students attending eligible postsecondary institutions within or outside Minnesota and to non-residents attending eligible postsecondary institutions in Minnesota. There are no minimum or maximum income thresholds and no application fees for the SELF Loan program. Students pay only interest on their SELF Loan while in school.
For information about the SELF Loan program, students can contact the financial aid office at the college they attend or are considering attending, or contact the Minnesota Office of Higher Education at (800) 657-3866 or (651) 642-0567, or visit www.selfloan.state.mn.us.