Stay Curious. Stay Connected.
MailNewsletters♡Donate Now
Sign up
*Password must be at least 8 characters and contain one uppercase letter, one lowercase letter, one number and one symbol.
Already have an account?
By submitting, you consent that you are at least 18 years of age and to receive information about MPR's or APMG entities' programs and offerings. The personally identifying information you provide will not be sold, shared, or used for purposes other than to communicate with you about MPR, APMG entities, and its sponsors. You may opt-out at any time clicking the unsubscribe link at the bottom of any email communication. View our Privacy Policy.
Sign in to your profile
Forgot Password?
New to MPR News?
Welcome back
to news
for you
Reset Password

Enter the username on file and we'll send you a code to reset your password.

Still require assistance or not sure what your User Name is?
Welcome back
to news
for you
Email Verification

A verification code has been emailed to

Still awaiting the code?
Alex Friedrich
ST. PAUL, Minn.

State reduces interest rate on SELF loan

Go Deeper.

Create an account or log in to save stories.

Log inCreate a free Account

Like this?

Thanks for liking this story! We have added it to a list of your favorite stories.

Show me!

The Minnesota Office of Higher Education has reduced the interest rate on one of its student loans.

The variable rate on the SELF Loan is now 3.5 percent, down from 4 percent. That saves students and their families about $50 a year on a $10,000 loan, state officials said.

Last year, more than 16,000 Minnesotans borrowed through the state. Office Director Larry Pogemiller said Minnesota is one of 15 states with a low-rate loan program.

"Usually the Minnesota state SELF Loan program is at a lower interest rate than the federal loan program," Pogemiller said.. "We would like to encourage families to look at the Minnesota program before they go to the federal loan."

The current rate for subsidized federal Stafford Loans is 3.4 percent. But that rate could expire next year. Unsubsidized federal loans have a rate of 6.8 percent.