SELF Loan Repayment
Contact Information:
Firstmark Services
P.O. Box 82522
Lincoln, NE 68501-2522
(888) 295-0713
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.” Quarterly interest payments are required during the "In-School Period."
When Do I Begin Repayment?
The SELF Loan is always in repayment. There is no “grace period,” and no deferment of payment is available. Quarterly payment (interest only) begins 90 days after disbursement and continues as long as you are properly enrolled. At termination of study, monthly payment (interest only) begins and continues for up to 12 months. On the 13th month out of school, you have a choice of two repayment plans:
- The Standard Plan requires monthly payment of both principal and interest for up to nine (9) more years.
- The Extended Interest Plan provides two more years of monthly interest only, followed by up to seven (7) years of monthly principal and interest payments.
What Will My Monthly Payment Be?
Use the SELF Repayment Calculator to estimate your monthly payment. You may also contact Firstmark Services for an estimate.