• What are the SELF Refi interest rates?

• What types of student loans can I refinance?

• What are the eligibility criteria for borrowers?

• Does my credit score determine my interest rate?

• Do I need a cosigner?

• Why would I want to refinance?

• Who do I contact if I have a question or problem with my SELF Refi Loan?

 

What are the SELF Refi interest rates?

*As of 07/01/2024. Subject to change quarterly.
View a chart of historic SELF Refi Loan variable interest rates.

 

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What types of student loans can I refinance?

• Federal loans you took out as a student borrower.
• Private loans you took out as a student borrower that meet the definition of a qualified student loan.

 

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What are the eligibility criteria for borrowers?

A borrower must:

• be a Minnesota resident.
• have earned a certificate, diploma, associate, bachelor or graduate degree.
• be employed with the same employer for at least 60 days or their spouse is the Cosigner and qualification is based on household income and expenses.
• have no delinquencies on his or her credit report.
• have no unpaid charge offs, liens or judgments totaling $300 or more.
• Criteria to qualify without a cosigner: Minimum FICO* score of 700 and a maximum debt-to-income ratio of 45%
• Criteria to qualify with a cosigner:
  Minimum FICO* score of 700, and a maximum debt-to-income ratio of 60%
  Minimum FICO* score of 650 and less than 700, and a maximum debt-to-income ratio of 50%
• Criteria to qualify with a spouse as the cosigner and use family/household income and expenses
  • Borrower minimum FICO* score of 650
  • Cosigner minimum FICO* score of 700
  • Maximum combined debt-to-income ratio of 60%

* TransUnion's FICO^® Classic 04

Colorado and Maine Residents: We are unable to provide SELF Refi Loans to Colorado and Maine residents due to statute requirements in those states. 

 

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Does my credit score determine my interest rate?

No, we use your credit score to determine whether you qualify for a SELF Refi Loan or if you need a cosigner.

 

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Do I need a cosigner?

You can qualify on your own if you

• are a US citizen or permanent resident,
• have a minimum FICO* score of 700, and
• have a maximum debt-to-income ratio of 45%.

* TransUnion's FICO^® Classic 04

 

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Why would I want to refinance?

Reasons you might want to refinance:

• pay less in interest
• reduce your monthly payment
• switch between a fixed and variable interest rate
• release your cosigner

 

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Who do I contact if I have a question or problem with my SELF Refi Loan?

MN Office of Higher Education

Phone: 651-642-0567

Email: selfloan.ohe@state.mn.us

Mailing Address:
1450 Energy Park Drive, Suite 350
St Paul, MN 55108-5227

 

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