If you’ve received your Financial Aid Award Letter indicating you are eligible to receive loans as part of your financial aid package, you have a few more steps to accept your loan.
The links below connect you to information about specific loans as well as the remaining forms needed to accept your loans.
Federal Direct Loans
William D. Ford Federal Direct Loan Forms (Subsidized and Unsubsidized)
Upon graduation or termination of enrollment, you need to complete your Direct Loan Exit Counseling.
Federal Direct Parent Loan to Undergraduate Students (PLUS)
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.studentloans.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.
Loan Repayment Calculator
To get an idea of how much you'll pay each month on your Federal Direct, Direct PLUS Loan or private student loans -- and how different interest rates affect your future monthly payments -- use an online loan repayment calculator.
Locate/Repay Your Federal Student Loan
Depending on the type of federal loan you have, you have different options for repayment. To find out what's best for you, or to learn more about your college loan and your repayment options.
Upon graduation or termination of enrollment, you need to complete your Exit Counseling (William D. Ford Direct Loan).
Repayment for Withdrawal
Students who withdraw completely from SCTCC before completing 60% of the term for which the student has been charged will be required to return a portion of the Title IV financial aid funds they received (including Pell Grants and Direct Loans). This is the repayment for withdrawal policy. The return amount will be calculated using the number of days the student attended in the given term and the total number of days in the given term.
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.