The state of Minnesota this month launched the SELF Grad Loan program, a new low-interest loan option for grad students that offers fixed rates based not on their credit score but on whether the loan has a co-signer and which repayment term the borrower chooses: 10, 15 or 20 years.
Officials created the program in direct response to the federal government’s elimination of Grad PLUS loans and caps on certain other federal loans, which go into effect July 1.
“The elimination of the Federal Grad PLUS Loan, which offered loans that covered up to the full cost of attendance, and lower caps for all Federal loans indicated a need for a new, low-interest loan option for graduate students,” a spokesperson for Minnesota’s Office of Higher Education wrote in an email. “Our SELF Grad Loan was launched to provide that option to students.”
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