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Student Loans and Repayment Options

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Student loans are a financial aid option that can be considered after taking advantage of available grants and determining if federal loans are available first. Student loans are a specific type of loan that have interest rates and repayment options different from other private loans.

Student loans are useful if you:

  • don't qualify for scholarships or grants
  • receive some grant money, but need additional assistance to meet expenses
  • are a graduate or professional student
  • enroll at a college or university out of state
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SELF Loan
The SELF Loan is a long-term, low-interest student loan. Because the SELF Loan is administered by the Minnesota Office of Higher Education, a state agency, the interest rates may be lower than private loans and some federal loans. With the SELF Loan, you know before you apply what your interest rate is. Rates are the same for everyone and are not based on credit scores like most private loans.
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Federal Loan Options
How to Afford and Evaluate Student Loans

Make sure you choose a loan that best meets your needs, but keep in mind that the cheapest loan is not always your best option. Because loans must be repaid, you should plan your debt financing carefully:

  • Ask for information about interest rates and fees, repayment terms and options, and other obligations.
  • Review loan terminology to understand banking terms.
  • Consider your future income and don't borrow more than you can afford to pay back.
Student Loan Repayment Programs
Federal John R. Justice Student Loan Repayment Program
The John R. Justice Student Loan Repayment Program is a federal program administered by the Minnesota Office of Higher Education.
Minnesota Agricultural Education Loan Repayment Program
The Minnesota Agricultural Education Loan Repayment Program was established to provide student loan repayment assistance to teachers providing agricultural education (grades 5 through 12) at a Minnesota school during the current year.
Minnesota Aviation Degree Loan Repayment Program
The Minnesota Aviation Degree Loan Repayment Program was established to provide student loan repayment assistance to eligible pilots and aircraft technicians residing in Minnesota.
Minnesota Rural Veterinarian Loan Repayment Program
The Minnesota Rural Veterinarian Loan Repayment Program was established to provide student loan repayment assistance to eligible veterinarians serving in designated rural areas in Minnesota.
Minnesota Teacher Shortage Loan Repayment Program
The Minnesota Teacher Shortage Student Loan Repayment Program was established to provide student loan repayment assistance to teachers providing classroom instruction in Minnesota.
Alternative Loans

Alternative loans are available from private lenders, such as banks, savings and loan associations or credit unions. Typically, these loans cost the student and family more in the long run, but they may have fewer eligibility restrictions.

For more information, contact commercial financial institutions or the financial aid administrator at the school you are attending or are planning to attend.

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Related Links
Repaying Student Loans 101
Review important concepts, tips, and recommendations for repaying your student loans.
Student Aid Glossary
Understand terms and definitions related to student aid.
Public Service Loan Forgiveness
The Public Service Loan Forgiveness (PSLF) Program is intended to encourage individuals to enter and continue to work full-time in public service jobs.
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