St. Cloud Federal Credit Union
Note: You do not have to be a current credit union member to apply through our web site. However, to receive the loan, you must join the credit union before the final loan approval. Anyone can join if they live, work, or worship in Stearns, Benton, or Sherburne county, or are an immediate family member of one of our members.
Link to helpful videos: Student’s Guide to the Free Application for Federal Student Aid.
Here’s a good CBS News article about “Private College Loans: 7 Things You Need To Know”, from March 2012.
Our low-cost Student Loan is designed to meet your education needs. (** See bottom of this page.)
It can be used to pay for qualified education expenses including:
- Room & board
- Books & computer
- Even past due tuition bills
Also check out the College Resource Center.
Q: Am I eligible for a cuStudent Loan?
A: The borrower must be a Credit Union member or become a member during the application process, as well as:
* Be a U.S. citizen or permanent resident
* Be enrolled at least half-time in an eligible school
* Meet minimum credit requirements
Q: What is the importance of a Cosigner?
A: Applying with a creditworthy cosigner not only increases your chance of approval, but also may lead to a lower loan interest rate and fewer fees.
Q: What are some tips to keep in mind?
A: Remember to:
* Exhaust all federal loans
* Get started early
* Reduce interest expense
* Only request the amount you need for the current academic period
For more information, also check out the College Resource Center.
** Private student loans should be used as supplemental funding after exhausting all other sources of financial aid, including grants, scholarships, and federal student loans. Federal loans offer more attractive terms when compared to most other borrowing options, including private student loans. For more information on federal loans, visit http://www.fafsa.ed.gov/.