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University of Wisconsin-River Falls
Office of Financial Assistance
315 North Hall
410 S Third Street
River Falls, WI 54022
(715) 425-3141

 

 

Process My SELF Loan

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. You must re-apply each year for the SELF loan.

Use the "Loan Comparison Chart " to determine if this type of loan is the right choice for you.

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.
• Have a credit worth co-signer.
• Not be delinquent or in default on a SELF or other outstanding student loan(s).

How Much Money Can You Get?

Undergraduate students may borrow up to $7,500 per year.

Graduate students may borrow up to $9,000 per year.

Cumulative SELF borrowing maximums:

$7,500 for grade level 1
$15,000 for grade level 2
$22,500 for grade level 3
$30,000 for grade level 4
$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. Repayment is usually 7 to 9 years. Borrowers with SELF IV loans and balances of $18,750 and greater may have longer repayment periods.

The interest rate charged to the borrower changes throughout the life of the loan, and can change every three months.

How Do I Apply?

To apply for a SELF loan, click the link below:

apply online