A Self Loan, or SELF Loan (Student Educational Loan Fund), is an educational loan for can be borrowed by MN or non MN residents. Two options for interest variable or fixed rates. Must have a credit worthy cosigner. Administered by the Minnesota Office of Higher Education, it offers fixed interest rates, doesn’t require demonstrated need, and is solely repaid by borrowers. While credit checks determine rates, repayment plans vary, and borrowing limits depend on school costs and aid. It’s an exclusive option for Minnesota residents attending eligible schools.
Additional Funding Options
The Direct Parent PLUS Loan is a federal program for parents or guardians of dependent undergraduates. It covers education costs not met by other aid. Parents can borrow up to the cost of attendance, with fixed interest rates. Repayment begins after disbursement, but it can be deferred until after the student graduates. The parent is responsible for repayment, not the student. Eligibility depends on citizenship and dependent status. While it lacks some student loan features, it can bridge educational funding gaps for families.
If you’re an undergraduate student with financial need, Federal Subsidized Loans are an option. The borrowing amount is determined by your school and cannot surpass your financial need. During school and a six-month grace period after, the U.S. Department of Education covers the loan’s interest, along with deferment periods.
Federal Direct Unsubsidized Loans are accessible to both undergraduate and graduate students, regardless of financial need. Your borrowing limit is determined by your school, taking into account your cost of attendance and other financial aid received. Unlike Subsidized Loans, you’re responsible for covering the interest on a Direct Unsubsidized Loan at all times.
Federal Pell Grants are primarily awarded to undergraduate students demonstrating significant financial need, and who haven’t yet attained a bachelor’s, graduate, or professional degree. Unlike loans, Federal Pell Grants are not subject to repayment, except under specific circumstances.
The amounts awarded through Federal Pell Grants can vary annually. For the 2022–23 award year (July 1, 2022, to June 30, 2023), the highest Federal Pell Grant award is $6,895. Your grant’s value, however, hinges on factors such as your financial need, cost of attendance, enrollment status (full-time or part-time), and plans for attending school for a complete academic year or less. It’s important to note that receiving Federal Pell Grant funds concurrently from multiple institutions is not allowed.
If your parent or guardian served in the U.S. armed forces and tragically passed away due to military service in Iraq or Afghanistan following 9/11, you might qualify for additional Federal Pell Grant assistance. This applies if you were under 24 years old or were enrolled in college at least part-time when your parent or guardian passed away.
The GI Bill® is a federal law offering education and training benefits to eligible military service members, veterans, and dependents. It aids in transitioning to civilian life by providing financial support for education and career advancement. It has evolved over the years, covering various educational programs and offering benefits like tuition, housing allowances, and more. Eligibility depends on service details, and certain versions allow benefits to be transferred to family members. The GI Bill® has been a crucial resource for countless individuals in pursuing education and career opportunities after military service.
The Minnesota GI Bill® program provides assistance to eligible Minnesota Veterans, currently serving military, National Guard and Reserve members who served after September 11, 2001 and eligible spouse and children. The Program provides a maximum benefit of $15,000. Eligible participants can use the benefit in Higher Education, On-the-job training (OJT)/Apprenticeship or License and Certification.
This program is different than the Federal GI Bill® (Montgomery, Post 9-11, Veterans Education Assistance Program, Dependents Education Assistance Program, or Vocational rehabilitation). See the MDVA page on Federal GI Bill Programs.
The Minnesota State Grant is a need-based financial aid program for Minnesota residents pursuing higher education within the state. Administered by the Minnesota Office of Higher Education, the grant’s amount varies based on financial need and the cost of attendance. Eligibility relies on completing the FAFSA, and it can be used at various institutions. The grant helps make education accessible and supports students in achieving their academic goals.
The Minnesota Indian Scholarship is a financial aid program supporting American Indian students residing in Minnesota. It assists with higher education costs, including college and vocational programs. Eligibility typically requires tribal affiliation, Minnesota residency, and enrollment in post-secondary education. While some financial need may be considered, demonstrating it isn’t always necessary. Academic standing and application completion are also key factors.