Make Your Student Loans More Manageable

Frequently Asked Questions

What are the SELF Refi interest rates?

SELF Refi Current Rates
  5-year 10-year 15-year
Fixed Interest Rate 6.00% 6.50% 7.00%
Variable Interest Rate * 7.80% 8.55% 9.05%

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




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.




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. 




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.




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




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




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


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