The interest rate for borrowers is variable. The same terms and conditions apply except the borrower accrues interest while in school. It allows law students to apply for up to the cost of attendance minus other financial aid. Borrowers may defer interest until six months after graduation, or until their student status drops below half time. Interest accrues from the date of loan disbursement.
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.