St. Cloud State University
Types of Financial Aid
Loans
Loan Code of Conduct
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:
- all employees of the University who have any responsibility with respect to education loans; and
- all employees of the University who are employed in the Office of Scholarships and Financial Aid.
The complete Student Loan Code of Conduct may be found at: http://www.stcloudstate.edu/financialaid/documents/Code_Conduct.pdf
Federal
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: Perkins, Direct, and Parent Loan to Undergraduate Students (PLUS).
State
The Minnesota Student Education Loan Fund (SELF) Loan, available to both undergraduate and graduate students, is a supplement to the federal loan programs. Students must apply for federal and state financial aid and are encouraged to apply for institutional and private aid (e.g., scholarships) before applying for a Minnesota SELF Loan.
The minimum loan amount is $500; maximum loan amounts are determined by grade level. The SELF Loan has a variable interest rate, based on the LIBOR rate, which is subject to change every three months. The interest rate is 3.9% (a 0.4% decrease) for October 1, 2009 - December 31, 2009. All SELF Loan borrowers are required to provide a creditworthy co-signer. Complete information on the SELF Loan is available at http://www.ohe.state.mn.us/self/self.cfm.
Private Loans
Most banks provide educational loan options, commonly referred to as private loans. These loans generally have higher interest rates and generally should be considered as a final borrowing option.
Find out more about Private Loans and review a list of some lenders that offer private loans. 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.
Bessie E. Campbell Short-Term Loan
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.
Loan Entrance Counseling
Required of all first-time borrowers under the federal Stafford and Minnesota SELF loans. 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.
Loan Exit Counseling
Required of all borrowers under the federal Perkins, federal subsidized Stafford, and federal unsubsidized Stafford loan programs. Federal regulations require that you complete loan exit counseling once you graduate, withdraw, or drop below a half-time (6 credits) enrollment level.
Loan Terminology
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.
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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.
