SELF Loan

Eligibility

Undergraduates who are Minnesota Residents

Credit-worthy co-signer required. 

Students must have a valid Free Application for Federal Student Aid (FAFSA) on file with the UW-Stout Financial Aid Office for the current award year before this loan can be pursued. 

Terms and Conditions

Interest Rate

  • The SELF loan program has two loan types available to students:
    *Self Loan V Fixed Loan– a fixed interest rate of 7.25% (decreases to 6.9% after May 20, 2013)
    *Self loan V –Variable loan - interest rate is variable, but cannot change more than 3% in a 12-month period.

Awards

  • Awards up to $10,000, per grade level, per year for undergraduate and graduate students.
  • A cumulative maximum of $50,000 for undergraduate loans, and up to $70, 000 for undergraduate and graduate (combined) loans.
  • Self loan funding must also fit within the student's cost of attendance (COA) budget, minus any financial aid awarded, for the academic year.

Repayment

  • Borrowers are required to make interest payments on a quarterly basis while currently enrolled. Interest payments being within 90 days from the first disbursement.
  • Monthly repayment after borrower graduates or leaves school.