New SELF Grad Loan Launches to Help Students Attain Advanced Degrees

A new, low interest loan option is now available for graduate students attending Minnesota colleges and universities. The SELF Grad Loan offers fixed rates that are not based on credit score but instead are based on whether the loan has a co-signer and the repayment term chosen. Borrowers can choose between a 10-, 15-, or 20-year repayment term with lower rates offered if a co-signer is added.

The SELF Grad Loan offers graduate students a lower rate than many private loan options and is intended to fill a gap left by the decrease in Federal support for advanced degree programs. This includes 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.

For students attending graduate programs in advanced dentistry, dentistry, medicine, pharmacy, and veterinary medicine, the SELF Grad Loan offers up to $300,000 in cumulative borrowing with no annual limit and the option for an extension period during residency/training.

For students attending all other graduate programs, the SELF Grad Loan offers up to $50,000 annually, with a cumulative maximum of $150,000.

There is also a $15 minimum payment that begins while the student is still enrolled in school.

Current fixed interest rates for the SELF Grad Loan (as of June 2, 2026) are:

• Rates with a co-signer 
  • 10-year loan: 6.00% (5.73% APR)
  • 15-year loan: 6.45% (6.19% APR)
  • 20-year loan: 6.95% (6.68% APR)
• Rates without a co-signer 
  • 10-year loan: 7.25% (6.84% APR)
  • 15-year loan: 7.75% (7.35% APR)
  • 20-year loan: 7.95% (7.53% APR)

For more information or to access the SELF Grad Loan application, visit the Minnesota Office of Higher Education SELF website.