Student Educational Loan Fund (SELF Loan)
Contact: Firstmark Services
P.O. Box 25410
Woodbury, MN 55125-0410
(651) 265-7666 or
(888) 538-7378
www.firstmarkservices.com
What Are the Terms of The Loan? The SELF Loan is a variable rate loan available through the State of Minnesota, on which interest accrues during the “In-School Period.” The rate usually varies around 8%. Quarterly interest payments are required during the In-School Period.
When Do I Begin Repayment? You enter the “Repayment Period” of the SELF Loan at the end of your “Transition Period.” During the Transition Period you must make monthly interest only payments. After you leave school (or drop to less than half-time status), you are automatically granted a one year Transition Period. At the end of that year you will be offered an additional twenty-four months (two years) of Transition Period. The maximum Transition Period you will be allowed is three years.
What If I’m Still In School? If you plan to or have already transferred to another school after leaving St. Olaf, you may only return to the In-School Period (required quarterly interest payments) if you are still in your Transition Period (see above), AND you are attending a SELF Loan member school. Most schools in Minnesota are member schools, and a few out-of-state schools. Contact on the Minnesota Higher Education Services Office at (651) 642-0533 for a current list of member schools.
You cannot return to an In-School Period if you have already entered your Repayment Period. In other words, if you think you may be returning to school within three years of leaving St. Olaf, it is in your best interest to utilize the maximum three-year Transition Period; this will give you maximum flexibility.
If you do not meet BOTH of the above criteria for reentering the In-School Period, you will be required to make principal and interest payments while enrolled in school (this differs from federal loans)!
What Will My Monthly Payment Be? Use the SELF Repayment Calculator at: www.mheso.state.mn.us/self/self.cfm to estimate your monthly payment. You may also contact Firstmark Services for an estimate.
What If I Can’t Afford to Repay My Loan? The SELF Loan does not have as flexible repayment options as most federal loans. If you fail to meet your repayment obligation, Firstmark Services will contact your co-signer for repayment. If both you and your cosigner fail to repay the SELF Loan, it will enter default, which will affect both of your credit ratings and state income tax refunds.
IF YOU ARE HAVING DIFFICULTY WITH YOUR STUDENT LOANS, YOU MAY STILL CONTACT THE ST. OLAF FINANCIAL AID OFFICE FOR HELP AND ADVICE! WE CAN BE REACHED AT:
1520 St. Olaf Avenue
Northfield, MN 55057
(507)786-3019
finaid@stolaf.edu
