The Student Educational Loan Fund (SELF) program is an alternative loan offered by State of Minnesota through the Minnesota Office of Higher Education. The SELF program is available to all students, regardless of income level. However, students must first exhaust all grant aid before applying for a SELF Loan. In addition, the SELF loan requires a credit worthy co-signer.
The maximum SELF loan available per year at RCTC is $10,000.00.
Repayment on the SELF loan begins approximately 30 days after the first disbursement. A small repayment ($15-$25) is required each month while the student is enrolled and for the first 12 months after graduation or dropping to less than 6 credits. The repayment amount is then adjusted to include both principal and interest. An option for ‘interest only’ payments is offered for up to 24 months. Full repayment details can be found on the Office of Higher Education site.
See the Loan Comparison Chart for more information about the SELF loan and how it compares to other loans available at RCTC.
To apply for a MN SELF Loan, start here!