St. Cloud State University values the integrity in the actions of its employees and expects them to comply with all applicable laws, regulations, and University policies in performance of their duties according to the highest standards of honesty and integrity. The Student Loan Code of Conduct applies to:
The complete Student Loan Code of Conduct may be found at: http://www.stcloudstate.edu/financialaid/documents/Code_Conduct.pdf
The federal loan program requires students and parents (for dependent students) to apply for financial aid with the FAFSA. Students must be enrolled at least half-time (6 credits) to qualify for federal loans. There are three types of federal loans:
Many banks and credit unions provide educational loan options, commonly referred to as private loans. These loans may have higher interest rates than federal loans and generally should be considered as a borrowing option after you have considered federal loans. St. Cloud State University does not endorse any one lender. We do provide FASTChoice as a way for you to compare private loan options. Please note that should you decide to borrow under the private loan program, you may select any lender of your choosing and are not required to select one from this list of lenders.
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 students may want to consider.
A short term loan for St. Cloud State University students who have unexpected, temporary educationally related expenses. Allowable educational expenses include tuition, fees, books, supplies, room, board, and transportation.
Required of all first-time borrowers under the federal Direct loan. Loan funds will not be disbursed until you have completed loan entrance counseling. If your loan funds arrive at the University before you have completed loan counseling, the funds will be held for ten days and then returned to the lender if loan counseling has not been completed.
Required of all borrowers under the federal Perkins, federal subsidized Direct, federal unsubsidized Direct loan, and federl TEACH Grant programs. Federal regulations require that you complete loan exit counseling once you graduate, withdraw, or drop below a half-time (6 credits) enrollment level, or in the case of a TEACH Grant once you leave school or are no longer eligible for the TEACH Grant. . Exit counseling also helps you understand your borrower rights and responsibilities, as well as providing you tips and information on how to manage your student loans.
Now that you have decided to borrow, what do all of those terms mean? It is important for you to know and understand what they mean to make sure you are an informed borrower. For complete lists of loan terms, visit the Get Ready For College site.
St. Cloud State University is an affirmative action/equal opportunity educator and employer.
St. Cloud State University is a member of the Minnesota State Colleges and Universities system.
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