Financial Aid Office
Types of Financial Aid

Private Loans

Eligibility for private loans is based on the credit worthiness of the borrower and/or co-signer. There are federal student loan programs that may have more favorable terms and conditions than private educational loans. An Estimated Budget Worksheet is available to assist you in determining the amount you might need to borrow.

St. Cloud State University does not endorse any one lender. We do provide FASTChoice as a way for you to compare loan options from among a number of preferred lenders.

Under the Truth-in Lending Act (TILA) rules*, private education loans are subject to self-certification, three consumer disclosures at specific times in the application process, and a three day delay in disbursement. Due to the number of steps involved in the private loan application process, applicants should allow a minimum of 3 weeks for processing.

If your private loan lender sends your loan funds as a check co-payable to you and St. Cloud State University (SCSU), the SCSU Business Services Office requires your signature or other special handling requirements before it can apply the loan funds to your account.

Some students may not qualify for federal or private loans, or may choose not to use loans that require interest to be paid.  There are some private organizations that provide interest-free loans that may be options for you to consider.

Neither St. Cloud State University nor its employees receive benefits or remuneration as a result of your choice of lender.  You may choose a lender other than those appearing on this list.  See our Student Loan Code of Conduct for additional information.

This information is intended to be accurate, but the publisher does not assume liability for errors or omissions. 

*TILA disclosures are available in the St. Cloud State Financial Aid Office upon request.

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