Student Registration & Financial Services


Loans are sources of funding that allow you to spread the cost of education over time. When you take out a student loan, you must pay it back - with interest - even if you do not complete your education. Loans are available from various sources, including federal and state governments and private lenders. We recommend you only borrow what you need to cover your educational costs. Working part-time while in school to pay for books and personal supplies will help keep your debt load down. You must pay back student loans with interest even if you do not complete your education. If you decide to borrow, it’s important that you know and understand the loan terminology.

Federal Loans (Direct, Perkins, PLUS Loans)

All federal loans require that you and your parent (dependent students) complete the FAFSA. There are three types of federal loans: Direct, Perkins and Parent Loan to Undergraduate Students (PLUS). Additional federal loan requirements:

  • You must be enrolled at least half-time (6 credits).
  • You must be making satisfactory academic progress.
  • New borrowers must complete entrance counseling and a Master Promissory Note (MPN) at You will use your FSA ID to complete the counseling and sign your MPN.
  • The U.S. Department of Education will assign your loan to a federal loan servicer. Your servicer will contact you (email or U.S. mail) when your loan funds are disbursed. Your loan servicer is also listed on the National Student Loan Data System (NSLDS), which you can access with your FSA ID.
  • Your loan must be certified before the end of the enrollment period.
  • Once you drop below half-time (6 credit), withdraw from school, or graduate, complete loan exit counseling at This Next Steps for Loan Borrowers (PDF) checklist provides information on loan forgiveness, repayment plans, and loan consolidation.

Private Loans

After considering your federal loan options, you may still require additional funds to pay your educational expenses.  Some banks, credit unions, and states provide educational loan options, commonly known as private loans. Private loans may have higher interest rates than federal loans. Eligibility for private loans is based on the credit worthiness of the borrower and/or co-signer.

St. Cloud State University does not endorse any one lender. We provide an online loan comparison tool FASTChoice as a way for you to compare private loan options. The choice of lender is yours; you are also not required to select one from this list of lenders. Check the borrower requirements of the private lenders before you borrow.

Due to the number of steps involved in the private loan application process, allow a minimum of 3 weeks for processing.

Some private loans allow payment for previous term charges, allow for less than half-time (6 credits) enrollment, or do not require that you are making satisfactory academic progress. We are aware of four lenders that allow students who are not making satisfactory academic progress to borrow - Citizens One, Sallie Mae, SunTrust, and Wells Fargo.

Loan Cancellation

You have the right to cancel your loan, all or in part, if you borrowed more than you need. Students and parents have the right to cancel loans made available through the Federal Perkins, the Federal Direct Loan Programs, the Minnesota SELF Loan Program, the Private Education Loan Program, and the Federal Teach Grant any time prior to disbursement or within 14 of notification of disbursement of the loan.

Cancellation of Loan Funds (PDF)

If it has been more than 14 days since your loan was disbursed and you wish to cancel or return loan funds, you must contact your loan servicer to make a payment.

Bessie E. Campbell Emergency Loan

This short-term loan provides financial assistance to St. Cloud State University students who have unexpected, temporary emergency expenses. Allowable expenses include auto repairs, emergency travel, medical expenses, and textbook purchases.

  • Students must be enrolled at least half-time (6 credits) with no past due balance owed to the University.
  • Current students must be in good academic standing with a 2.00 GPA.
  • Student must have at least one earned SCSU credit. New entering freshmen and transfer students are not eligible for this loan during the first term of their enrollment at SCSU.
  • If a student wishes to borrow funds during semester break, the student must be pre-registered for the following semester.
  • Students may borrow up to $600. There is an origination/processing fee for all loans that is included in the loan amount - $10 processing fee for loans up to $400 and $25 processing fee for loans up to $600. This fee will be deducted from the loan proceeds. For example, if you borrow $600 your loan check will be $575.
  • Students may not have more than one outstanding emergency loan at any one time.  There is a 28 day waiting period from the payoff date before another emergency loan will be processed.
  • Loans are due within 60 days, including weekends and holidays. Any loan not paid by the due date will be subject to a $30 late fee.
  • If the loan check is not picked up from the Business Services Office (AS Building, Room 123) within five (5) business days of the check issue date, the check will be canceled. The processing fee will still be assessed.
  • Funds are disbursed and repayment is managed by the St. Cloud State Business Services Office.
Bessie E. Campbell Emergency Loan Application

Student 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 performing their duties and 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 Financial Aid Office.