1. What is the Minnesota SELF Loan program?
The SELF program is a long-term (up to 10 years to repay), low-interest educational loan provided by the Minnesota Office of Higher Education.
2. Do I have to be from Minnesota to get the SELF Loan?
No, you qualify for the SELF Loan program by attending our school here in Minnesota.
3. Are there any application, processing, or guarantee fees deducted from my loan?
No. There are no application, origination, guarantee or other processing fees deducted from your loan.
4. How much am I allowed to borrow?
Students may borrow up to $7,500.
5. How is my eligibility for a SELF Loan determined?
Eligibility is NOT based on a minimum income requirement or amount of financial need. Every applicant must have the SELF application certified by the financial aid administrator at The Travel Academy, and completed by a credit-worthy co-signer. The student must be physically attending training in our 300-Hour Expanded program, and must not be delinquent on any other loans.
6. Are FAFSA or Pell Grants options?
FAFSA and Pell Grant programs require a minimum of 600 classroom hours and are designed for general education. The Travel Academy’s 300-Hour Expanded Program offers hands-on training and placement services to help people begin travel careers. 300 hours is the optimal amount of time to train and place our students. We work with all students until they are hired!
7. What is the maximum repayment period?
Ten years from when you leave school
8. What are my repayment requirements?
You must begin quarterly payment (interest only) within 90 days after disbursement while in school, and monthly interest payments continue up to 12 months after graduation. Repayment of principal and interest starts the 13th month after graduation.
9. What is a credit-worthy co-signer?
The Office of Higher Education performs the credit check on each co-signer for each application. A co-signer must be:
A U.S. citizen or permanent resident 24 years of age or older, or 18 years if a sibling (i.e., a brother or sister) of the borrower.
Someone with an address in the United States, who has no credit bureau balances discharged through bankruptcy, no garnishments, attachments, foreclosures, repossessions, or suits.
Someone with no more than $300 combined total in unsatisfied credit or unsatisfied payment obligations.
Someone with no more than 5 percent of credit bureau balances past due.
10. Do you accept international students who use the SELF loan?
No. Unfortunately, at this time The Travel Academy does not accept international students using the SELF loan.
Please Note: You can apply for class within 30 days of the course start date as long as your SELF loan is approved before class begins- or you have a different way to pay for tuition and housing. Please apply for the SELF Loan as soon as possible with a credit-worthy cosigner. Processing times vary.