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Student Loan
Here’s how to obtain a federal student loan.
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). It
must be completed for each academic year that you request federal aid.
FAFSAs for the upcoming academic year are available
online on or
after January 2. Contact your school for their application deadline.
2. Receive your SAR
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.
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.)
4. Complete a Master Promissory Note
Apply fast and easy on-line and receive answers to frequently asked
questions.
Apply Now for a Federal Stafford Loan
Apply Now for a Federal Graduate/Professional PLUS Loan
Apply Now for a Federal Fast Plus Graduate Loan
5. Your School will Receive the Funds
Stafford and GradPLUS Loans are guaranteed and serviced by Great Lakes.
When Great Lakes receives the Master Promissory Note from the credit
union and School Certification Form from the school indicating the loan
amount and disbursement dates, funds will be sent to the school.
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 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.
7. Call These Toll-free Numbers for Loan Inquiries
· Contact BEFORE your loan is disbursed to the school:
Great Lakes at 1-800-366-0032
· Contact AFTER your loan is disbursed to the school:
Great Lakes at 1-800-236-4300
Click
here for more student loan information.
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