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 $7,500.00. This maximum increases to $10,000 on August 1, 2020.
There are no deferment provisions for the SELF Loan.
See the Loan Comparison Chart for more information about the SELF loan and how it compares to other loans available at RCTC.
How do I apply for a SELF loan?
- STEP 1: Complete the Student Section of the online SELF loan application, including SELF loan Entrance Counseling at www.selfloan.org. If you have borrowed a SELF loan before or have complete the Entrance Session previously, you will be allowed to bypass this step. When you are finished you will be prompted to PRINT your application/promissory note.
- STEP 2: Co-Signer completes their section of the SELF Loan application and a credit check is completed.
Your co-signer must log into the SELF loan website at www.selfloan.org to complete their section of the loan application. A credit check will be run for the co-signer.
- STEP 3: Provide signatures and submit your application.
Your and your co-signers signatures must be witnessed by a notary public. If you need help locating a notary, please contact the RCTC Financial Aid Office.When your application is complete, signed and notarized, please send it to the Minnesota Office of Higher Education. The address will be printed on your application. Options for online signatures may also be available.
- STEP 4: Track the progress of your loan. Your loan will be serviced by Firstmark Services. If you have questions about the status of your loan, please call 1-888-295-0713. When your loan is approved, your funding will be sent directly to RCTC and will be applied toward your RCTC Bill on the next available disbursement day. Questions regarding the SELF loan program should be directed to the RCTC Financial Aid Office. The Financial Aid Office can be reached either by email or by phone at (507) 285-7271.