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| Student Loan Application Process
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Discover the process of obtaining a federal or plus student loan.
Federal Stafford Student Loans
These loans are intended for undergraduates, graduates, or professionals who are seeking financial aid as a low-cost loan backed by the government. MECU no longer offers four types of Federal Stafford Student Loans (Subsidized Federal Stafford Loans, Unsubsidized Federal Stafford Loans, Parent PLUS Loans, and Graduate PLUS Loans)
Step 1 – Complete a FAFSA
Before you begin applying for a Stafford and/or PLUS Loan, you must first complete the Free Application for Federal Student Aid (FAFSA). This form must be completed for each academic year that you request federal aid. FAFSAs are available online at http://www.fafsa.ed.gov; be sure to review the state and federal deadlines.
Step 2 – Receive Your Student Aid Report
Once your FAFSA is processed, a Student Aid Report (SAR) is created. If you completed your FAFSA online, allow 1-2 weeks for you and your school to receive the SAR electronically. Paper FAFSAs take 6-8 weeks to process.
Step 3 – Receive Your Award Letter
Your school(s) use data from your SAR to determine your financial aid award for the current academic year and send you an award letter by e-mail or US Mail. (If your letter mentions the William D. Ford Direct Lending Program, contact your school for the appropriate promissory note.)
Step 4 – Complete a Master Promissory Note
To apply for a Federal Stafford Loan, fill out the Federal Stafford Master Promissory Note (available as an editable pdf form or secure web form) and review the addendum.
To apply for a Parent or Graduate PLUS Loan, fill out the Federal PLUS Loan Master Promissory Note (available as an editable pdf form or secure web form for Parent or for Graduate) and review the addendum.
Step 5 – Your School Will Receive the Funds
Stafford, Parent PLUS and Grad PLUS Loans are guaranteed and serviced by our partner, Great Lakes. When Great Lakes receives your Master Promissory Note and School Certification Form from the school indicating the loan amount and disbursement dates, funds will be sent to the school.
Step 6 – Access Your Loan Account Online
You can check the status of your loan, view your account information and make payments from your bank account 24/7 at www.mygreatlakes.org. Choose ”Borrowers” and then log in to access the Internet Borrower Inquiry Service. This site offers a variety of tools for calculating the cost of your loan. It’s your resource to forms, a glossary of financial aid terms, contact information, and lots of other information to help you manage your loans.
Step 7 – Call These Toll-Free Numbers for Loan Inquiries |
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