Loan Information

More information the differences between:

• Subsidized
• Unsubsidized dependent
• Unsubsidized independent loans

Download a PDF with information.

If you’ve received your Financial Aid Award Notification indicating you are eligible to receive loans as part of your financial aid package, you have loan eligibility and you need to borrow loan funds. At this point, you have to complete a few more steps to accept your loan.

1. Complete Direct Loan Entrance Counseling
2. Complete your Master Promissory Note
3. Accept your loan
   • Log in
   • Click on: Financial Aid
   • Click on: Loans

Federal Direct PLUS Loans are loans that a parent borrows to help their child pay for educational expenses. The borrower must have acceptable credit. To apply for a Federal Direct PLUS Loan, click on www.studentaid.gov. Parent borrower logs in using their FSA ID, not the student's information. Then complete the following two steps:

1. Complete an online PLUS Loan application with the Department of Education. Click on “Apply for a   PLUS Loan” and select type “Direct PLUS Loan Request for Parent Borrowers”.

2. Complete an online PLUS Master Promissory Note (MPN). Under the heading ”Master Promissory Note”, click on “Complete MPN” and select “PLUS MPN for Parents”.

Dependent students whose parents are denied the Federal Direct PLUS Loan may be eligible to receive additional funds from the Federal Direct Unsubsidized Loan Program. A denial notice from the Department of Education will be provided to the school.

Private loans are an additional way to finance the costs of higher education when federal student loan options are exhausted. They are offered through private lenders whose loans are not associated with any federal student loan program so the eligibility criteria, loan limits, interest rates, and repayment terms will vary from one program and lender to the next. Typically, private loans are credit-based, which means that borrowers are required to pass a credit check and a credit-worthy cosigner may be required.

These loans generally should be considered as a borrowing option after you have considered federal loans. St. Cloud Technical and Community College does not endorse any one lender, nor does it or its employees receive any compensation or benefits from any 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.

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 3-4 weeks for processing.