Minnesota Student Educational Loan Fund (SELF) Program

SELF is a low-interest student loan program, administered by the Minnesota Office of Higher Education (OHE), that is available to students attending eligible Minnesota schools. This is an interest-bearing loan and requires borrowers to make quarterly interest payments while in school. The borrower must have a credit-worthy cosigner to receive this loan. This is a loan in the student's name that must be repaid.

To be eligible for the SELF loan, you must meet the following requirements:

• Be enrolled in a degree-seeking program through one of the following collegiate units:
  • College of Science and Engineering
  • College of Liberal Arts
  • College of Education and Human Service Professions
  • Labovitz School of Business and Economics
  • School of Fine Arts
  • UMD Graduate School
• Have a FAFSA on file for the current academic year
• Be enrolled at least half-time
• Be meeting all Satisfactory Academic Progress standards
• Meet all of the General Eligibility Requirements for financial aid recipients

If you are interested in the SELF program, will need to stop into the Student Assistance Center, Solon Campus Center 23, to request this loan as a part of your financial aid package. Once the loan has been added to your award, you will receive a revised eFAAN, which will include a SELF Loan offer. Accept the amount you wish to borrow in your award response. Respond to all loan offers that you have not already accepted or declined at this time. Next, you will receive a step 5 loan e-mail communication, directing you to the online SELF application with the Minnesota Offices of Higher Education. Follow the SELF program application instructions, including completing online SELF loan entrance counseling. Be aware that you need to complete your section of the application before your co-signer can complete their section. After the SELF program fully approves your application, they will request school certification of your eligibility from UMD, electronically. Step 5 for your SELF loan will be completed once we've received and processed the loan certification from SELF.

To reinstate a declined SELF loan, you must complete a Student Loan Request Form at the Student Assistance Center.

• About SELF Loans
• Repayment
• Calculate your monthly SELF Loan payment
• Disbursement
• How to apply for a SELF Loan
• What happens after I complete the online application?
• Apply for a SELF Loan now

About SELF Loans

The interest rate, effective October 1, 2009 through December 31, 2009, is 3.9%. The interest charged is the sum of the margin, which is currently 3.5%, added to the index, which is based on the average rounded to the nearest tenth of one percent of the three-month London Interbank Offered Rates (LIBOR) rate during the previous calendar quarter. The index rate is 0.8%. The interest rate cannot increase or decrease by more than 3% in any 12-month period. The historical average rate since 2002 is 5.83% for Phase III. The historical average rate since 2006 is 6.56% for Phase IV. No new loans are being made under Phase III.

Students can borrow funds from the SELF Program based on their grade level, cost of attendance, other financial aid, and previous SELF debt. Grade level is defined by the number of credits completed in a UMD degree program, not the number of years a student has attended college.

The SELF Program does not allow students to borrow the full amount of their annual SELF loan limit in one semester or during the May/Summer terms unles the student has unusual educational expenses, such as study abroad costs. The minimum loan amount is $500. There are no grace periods or deferments on this loan. If you leave school or reduce your enrollment to less than half-time status after you have applied for the loan, funds cannot be disbursed to you even if you owe the University money.n

Repayment

While the student is in school, quarterly, interest-only payments must be made. After leaving school, interest-only payments continue for either 12 months (standard plan), or 36 months (extended interest plan). Thereafter, a regular monthly payment is established for the repayment of principal and interest until the loan is paid in full.

Calculate your Monthly SELF Loan Payment

Disbursement

The Minnesota Office of Higher Education prohibits schools from disbursing SELF loan funds to students before the first day of classes; however, in special circumstances the University may request loan disbursement dates up to 10 days prior to the first day of classes to allow sufficient processing time.

Funds are electronically applied to your UMD student account to pay toward any outstanding tuition, fees, housing or other University charges. Once your student account is paid in full, any surplus is sent to you via either direct deposit or a mailed surplus check.

How to apply for a SELF Loan

Accept the SELF loan offer when you respond to your e-FAAN. If you initially declined your SELF loan offer, you may complete a Student Loan Request Form at the Student Assistance Center to reactivate the SELF loan process. If you have not been awarded financial aid yet, go to Check Your Financial Aid Status to see where you are in the financial aid process.

Accept or decline your federal loan offers also—UMD cannot certify your SELF application for the OHE until you have responded to your federal loan offers.

With your cosigner, apply online at:

Remember to print your application and submit it online. Note: you will not be able to print or submit your application until you have an approved cosigner.

Both you and your cosigner must complete pages 2 and 3 of your printed application.

What happens after I complete the online application?

UMD will automatically receive notification from the lender that your application is ready for school certification.

UMD will review your application and financial aid record and certify your application electronically, requesting disbursement dates to correspond to your enrollment/loan period.

Firstmark Services, the SELF Program’s loan servicer, will electronically transfer your loan disbursement(s) to UMD on the requested disbursement dates.

The University will electronically transfer your loan disbursement to your tuition account with Student Accounts Receivable on or after the first day of classes. Funds will first be credited toward any outstanding tuition and fees.

Apply for a SELF Loan now