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Applying for a SELF loan - Student and Co-Signer
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The Student Educational Loan Fund (SELF)
program is a low interest educational loan provided by the Minnesota
Office of Higher Education. The SELF loan may be an additional
funding source for students that have educational expenses which exceed
their other sources of federal or state aid.
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The SELF loan program has maximum loan
limits of $7,500 for the freshman and sophomore grade levels. The
SELF loan requires a credit-worthy co-signer and the borrower must be
enrolled for a t least six credits. Borrowers are required to make
quarterly interest payments while in school. After graduating or
leaving school, they 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.
Students who apply for a SELF loan must have completed the FAFSA,
received a current award letter from CLC and applied for the Stafford
loans eligible to the student.
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If you have borrowed a SELF Loan previously
at another school, you may not be eligible to borrow additional SELF
Loan funds at Central Lakes College. Previous SELF loan borrowers
should speak with the Loan Officer at 218-855-8020 or 1-800-933-0346 in
order to determine any remaining SELF loan eligibility.
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Now to apply for the SELF loan:
1. Complete
SELF Online Counseling
(if this is your first SELF loan at CLC)
2. Your Co-signer must be approved by completing the
SELF Online Application
pre-approval process.
3. You must complete a
SELF Online Application.
4. Once you have completed the SELF Online Application and your
Co-signer has been pre-approved, print
the promissory note. Both you and
your Co-signer must sign the promissory note and have it notarized.
5. Mail the promissory note to:
Minnesota Office of
Higher Education
PO Box 64449
St. Paul MN 55164 |
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