Interest is capitalized once when repayment begins. Repayment begins nine months after graduation or when enrollment drops below half time. All students attending the University of Minnesota who are enrolled at least half time in a degree or certificate program are eligible to apply for a SELF loan. The SELF variable interest rate is calculated by adding the average quarterly sale price of the 91-day Treasury bill plus 1.25 percent. Quarterly interest payments begin 90 days after disbursement of the loan check.
Interest begins to accrue the day the check is printed.
On the thirteenth month out of school, students will begin repaying both principal and interest. This program provides jobs for students who demonstrate financial need and must earn part of their educational expenses during their second and third years. Many work-study students are employed as research assistants for faculty members and in the Law Library. A complete financial aid application is required. The CLEO program conducts academic Summer Institutes and provides annual fellowships.