Minnesota SELF Loan

Students that aren't eligible for the Federal Direct or other need-based aid may apply for the Minnesota SELF Loan, which is a non-need based and offers variable interest rate loan for students that have a creditworthy co-signer and meet Satisfactory Academic Progress requirements.

The minimum loan amount is $500. Loans are limited to the institutional cost of attendance minus other financial aid. Besides budget limitations for these loan programs, program limits apply for each grade level.

The SELF loan is a variable interest rate loan with quarterly interest that must be repaid while in school. Repayment of the loan begins 12 months after a student drops below half-time enrollment. SELF loans cannot be consolidated with your federal loans once in repayment.

Obtaining a a MN SELF loan:

If this if your first SELF loan, begin by completing a SELF Online Counseling session. You may then complete a SELF loan application. Your co-signer must be approved by completing the SELF Online Application pre-approval process.

If you and your co-signer electronically signed the promissory note, you are done with the application process. If not, print out and complete the SELF promissory note. Both you and your co-signer must sign the promissory note and have it notarized. Mail the promissory note to :

Minnesota Office of Higher Education
PO Box 64449
St Paul, MN 55164

BSU will review the application data electronically and certify the loan.

Receiving MN SELF loan funds

Upon arrival, the loan funds will be applied to your account at the beginning of term. If there are funds in excess of your bill, a check will be mailed to your permanent address or deposited into your account through direct deposit.

Quarterly interest payments will begin 90 days after disbursement.