|Fixed Interest Rate||4.25%||5.50%||6.75%|
|Variable Interest Rate *||4.20%||4.85%||5.55%|
*As of 1/1/2020. Subject to change quarterly.
You have the option of selecting either a fixed or variable rate with repayment terms of 5, 10, or 15 years. Depending on your debt-to-income ratio, all options may not be available to you.
Your variable rate can change quarterly and is calculated every January 1, April 1, July 1, and October 1. The interest rate is the sum of the margin for that repayment term added to the index, which is based on the 1-Month LIBOR rate (London Interbank Offered Rates). The margin is a percentage rate determined by the Minnesota Office of Higher Education to cover the cost of operating the program and may change every quarter. Current margins are 2.40%, 3.05%, 3.75% respectively for 5-, 10- and 15-year repayment periods.
The maximum interest rate for the variable loan is 18%.
All students are charged the same interest rate depending upon whether they select a fixed or variable rate and what repayment term they choose. Your eligibility for the loan is based on your credit score (and your co-signer's credit score, if you are required to have a co-signer). However, your credit score does not determine your interest rate.
The maximum amount for your SELF Refi Loan is based on the highest postsecondary credential you earned. The minimum loan amount is $10,000.
|Earned Degree||Maximum Loan Amount|
|Bachelor or graduate degree||$70,000|
|Certificate, diploma or associate degree||$25,000|
No, parent PLUS loans are not eligible to be refinanced. Only loans where the borrower was the student can be included.
Qualified education expenses are the total costs of attending an eligible educational institution, including graduate school. Expenses include amounts paid for the following items:
***The cost of room and board qualifies only to the extent that it is not more than the greater of:
Yes, it is your choice whether to refinance only part of a loan. However, you will need to continue with your payments on the loan if you choose not to refinance the full amount.
No, if you refinance any federal loans into the SELF Refi Loan, you forfeit your federal benefits on those loans. Click on the document below for more information on benefits you may be losing by refinancing federal loans.
By refinancing your federal student loans into a private student loan, you are converting them from federal loans to a privately owned loan and need to take into consideration the risk involved as all federal student loan benefits listed here will be forfeited.
A borrower must:
* TransUnion's FICO® Classic 04
Yes, as long as you have already earned at least one degree and meet the debt-to-income ratio requirements. However, there are no deferment options if you are enrolled in a postsecondary institution.
If you are applying on your own or without a spouse as a co-signer your debt-to-income ratio is your monthly payment obligations divided by your monthly income. Monthly payment obligations include the minimum payment amount on open lines of credit with a zero balance. The full payment amount of any jointly signed mortgage will be included in your debt-to-income calculation. If you have identified your co-signer as your spouse on your Refi Loan, the joint mortgage will only be counted once.
No, we use your credit score to determine whether you qualify for a SELF Refi Loan or if you need a co-signer.
You can qualify on your own if you
* TransUnion's FICO® Classic 04
A co-signer must:
* TransUnion's FICO® Classic 04
Yes, your co-signer may be eligible for release after 48 consecutive on-time payments if you meet the eligibility requirements in effect at that time.
No, the loans enter immediate repayment after disbursement. Even if you re-enroll in a postsecondary institution, there are no deferment options.
No, there are no deferments on SELF Refi Loans. The loans enter immediate repayment after disbursement.
Yes, two four-month forbearances are available over the life of the loan. This will stop your consecutive on-time payments and will restart at zero when the approved forbearance time has ended.
Yes, provided you still meet the eligibility criteria.
Reasons you might want to refinance:
Our repayment calculator can show you how much each refinancing option will cost.
Processing time is primarily dependent upon how quickly you (and your co-signer, if necessary) complete the application and provide the required documents. The loans you are refinancing will be paid off approximately two weeks after approval, in accordance with federally mandated cancellation periods. You will need to continue to make payments to your loan holders/servicers until you confirm the loans have been paid in full.
Information on the loans you wish to refinance:
Borrower and co-signer information needed:
You will need to upload the following documents for verification during the application process:
** Self-employed must provide federal tax return and all schedules
Because the interest is being projected on the loans you are refinancing and you are continuing to make your normal payments, there may be overpayments. Lenders and servicers handle refunds differently. Overpayments may be sent by your lender/servicer directly to you or returned to Firstmark Services. Any overpayment received by Firstmark Services will be treated as a refund and will reduce your SELF Refi Loan amount.
As part of the application process, borrowers are required to certify that student loans being refinanced meet the definition of a qualified student loan. Refer to IRS Publication 970 for further information on student loan interest deductions, or consult with your tax advisor.
Firstmark Services is the loan servicer for the SELF Refi program.
Firstmark Services Borrower Customer Service: 855.324.4908
Representatives are available: Monday - Friday 7:00 am to 8:00 pm Central Time
Firstmark Services E-mail: firstname.lastname@example.org
Loan information is also available at www.firstmarkservices.com.
If, after calling Firstmark Services, you still have concerns about your SELF Refi Loan, you are encouraged to send a letter or email to the Office of Higher Education explaining your concerns.MN Office of Higher Education
1450 Energy Park Drive, Suite 350
St Paul, MN 55164