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 to pay for books and personal supplies will help keep your debt load down.

If you decide to borrow, it’s important that you know and understand loan terminology.

Federal Loans (Direct, PLUS, Perkins*)

Federal Direct Loans include student Direct Loans (subsidized and unsubsidized) and graduate and parent PLUS Loans. All federal loans require that you and your parent (dependent students) complete the Free Application for Federal Student Aid (FAFSA)


Direct Loans
Perkins Loan*

Additional federal loan requirements:

When you borrow a federal loan, the U.S. Department of Education assigns your loan to a federal loan servicer. Your servicer will contact you (email or U.S. mail) when your loan funds are disbursed. You can find your loan servicer on the Federal Student Aid dashboard (requires log in with your FSA ID) under "My Aid." 

Once you drop below half-time (6 credits), withdraw from school, or graduate, you will be required to complete loan exit counseling (login with your FSA ID required). Review the Next Steps for Loan Borrowers (PDF) checklist for information on loan forgiveness, repayment plans, and loan consolidation.

*The federal Perkins Loan program ended Sept. 30, 2017 with final disbursements through June 30, 2018.

Private Loans

After considering your federal loan options, you may need 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 two lenders that allow students to borrow if they are not making satisfactory academic progress - Citizens One and Sallie Mae.

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 minimum 2.00 GPA.
  • Students must have at least one earned St. Cloud State credit. New entering freshmen and transfer students are not eligible for this loan during the first term of their enrollment at St. Cloud State.
  • 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 included in the loan amount - $10 processing fee for loans up to $400 and $25 processing fee for loans up to $600. This fee is deducted from the loan proceeds before disbursement. 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

Loan Cancellation

Students and parents have the right to cancel loans, all or in part, if they borrowed more than needed. Loan cancellation options include the federal Direct Loan Programs, the Minnesota SELF Loan Program, the Private Educational Loan Program, and the federal TEACH Grant any time prior to disbursement or within 14 days 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.

Student Loan Code of Conduct

St. Cloud State values integrity in its employees and expects them to comply with laws, regulations and University policies while performing their duties.

The Student Loan Code of Conduct applies to Financial Aid Office employees and University employees involved with education loans.