The Minnesota SELF Loan Program
What is the 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.
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.
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.
How much am I allowed to borrow?
Students may borrow up to $7,500.
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 Expanded 300 Hour Program, and must not be delinquent on any other loans.
What is the maximum repayment period?
10 years from when you leave school
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.
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 either a United States citizen or permanent resident
- Be a at least 24 years old- if a sibling (sister, brother, half-sister, half-brother, stepsister, or stepbrother) of the borrower be at least 18 years old
- Have no account balances discharged through bankruptcy
- Have no garnishments, attachments, foreclosure, repossession, or suit
- Have no more than $300 combined total in unsatisfied credit or unsatisfied payment obligations including, but not limited to, charged-off loans, credit, medical, utility accounts, collection items, and tax or mechanics liens
- Have no more than five percent (5%) of total credit bureau balances past due, unless the amount past due is $300 or less
- Agree to the release of information to a consumer credit reporting agency
- Permanently reside in the United States
Follow Directions for the Application Process!!- very important!
Please click here to view and print the instructions for applying for the MN Self Loan. The application process is done completely online.
Please Note: you can apply for class within 30 days before the start date as long as your SELF loan is approved before class begins or you have a different way to pay your tuition & housing. Please apply for the SELF Loan as soon as possible with a credit worthy cosigner. Processing times of the Self Loan vary depending upon the government time frame. Loans could be approved in as little as 24 to 48 hours or you pay your tuition and housing with some other means.