STAFFORD LOANS

In order to be eligible for a Federal Stafford Loan a student must apply for financial aid by completing the Free Application for Federal Student Aid (FAFSA).  Once the FAFSA has been completed the OFA will mail an award letter to the student. If the financial aid award letter includes a Federal Stafford Loan, the OFA will certify the loan based on the student’s maximum loan eligibility. If a student chooses to borrow less than their maximum eligibility, they will need to make that indication on the Financial Aid Award Acceptance Form within 14 days of the date on their award letter or by May 1 whichever is later.  

In order to finalize your Stafford Loan you must complete the following steps:

1. Review the on-line lender list
2. Select a lender and click on “Apply Now” or click on “My Lender is Not Listed”. (Note: if you select “My Lender is Not Listed” you need to obtain the six digit lender code for your lender.)
3. Complete the required loan counseling (Entrance Counseling) and an on-line Master Promissory Note (MPN).
4. Sign for your loan. When completing the on-line MPN you will be given the option of signing it electronically using your Federal PIN from filing your FAFSA. If you do not remember your Federal PIN you can obtain it at www.pin.ed.gov . Other signing options include printing a paper MPN, signing it and mailing it to:

   Great Lakes Educational Loan Services, Inc.
   4689 Hilton Corp. Dr., Columbus, OH 43232-4152

5. All Stafford Loan funds processed through Great Lakes will be electronically transferred to the student’s account (EFT).

Previous Stafford Borrowers: You are not required to sign another Promissory Note unless you are changing your lender.