Getting a college degree is a worthwhile goal. College graduates make an average of one million dollars more than those without college degrees (http://www.studentloanfacts.org). But the cost of a college education can be overwhelming for both students and parents. That's why Fox Communities Credit Union offers Federal Family Education Loan Program (FFELP) loans. If you or another family member plans to attend a university, technical college, or any specialized training program, Fox Communities Credit Union can help you with the funding you need to pursue your dreams.

 

• Stafford Loans
  
  • The subsidized Federal Stafford Loan is based on financial need. The government pays the interest while you are in school.
  • The unsubsidized Federal Stafford Loan is not based on need but family income is a determining factor. You pay all the interest, although you can have the payments deferred until after graduation.
• PLUS (Parental Loan for Undergraduate Students) Loans
  Creditworthy parents of dependent undergraduate students and graduate/professional students can apply for this loan, which is not based on need.

 

Refer to the Student Loan Quick Reference Guide for more details on Stafford and PLUS Loans including:

• the application process
• current rates
• loan limits
• toll-free numbers to check the status of your loan account

 

 

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 Stafford Master Promissory Note
   Complete and print the Stafford Master Promissory Note (MPN) and Addendum to Stafford MPN to get your loan at Fox Communities Credit Union. While you must complete the FASFA process to apply for aid each academic year, this Master Promissory Note will be used by the credit union to process all of your loans over multiple academic years at the same school. Be sure to indicate your FULL school name (no abbreviations) and school code (if known), city and state in the upper right-hand corner of the Master Promissory Note. Return it to the address below so we can complete the processing for you.
   
   Fox Communities Credit Union
   Attn: Loan Processing
   3401 E. Calumet Street
   Appleton, WI 54915
   
   
5. If Needed, Complete a PLUS Master Promissory Note
   Parents or graduate/professional students can complete and print the PLUS Loan Master Promissory Note (MPN) and Addendum to PLUS MPN. The PLUS Loan Master Promissory Note will be used for all of your loans over multiple academic years at the same school. Be sure to indicate you or your child's school name (no abbreviations) and school code (if known), city and state in the upper right hand corner of the Master Promissory Note. Return it to the address below so we can complete the processing for you.
   
   Fox Communities Credit Union
   Attn: Loan Processing
   3401 E. Calumet Street
   Appleton, WI 54915
   
   
6. Your School will Receive the Funds
   Both Stafford and PLUS Loans are guaranteed and serviced by Great Lakes Educational Loan Services, Inc. (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.
   
   
7. 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 http://www.mygreatlakes.com. 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.
   
   
8. Call These Toll-free Numbers for Loan Inquiries
   
   • Contact BEFORE your loan is disbursed to the school:
     Great Lakes Educational Loan Services, Inc. at 1-800-236-6600
   • Contact AFTER your loan is disbursed to the school:
     Great Lakes Educational Loan Services, Inc. at 1-800-236-4300

 

Fox Communities Credit Union and Great Lakes are committed to helping students learn to manage their finances. The regularly updated Personal Financial Management Resources provides information on anticipating college costs and staying in control of your finances while in school.

 

• www.mapping-your-future.org - Detailed information about career planning, selecting a school, and paying for college.
• studentaid.ed.gov/students/publications/student_guide/2005-2006/english/glance.htm - The Student Guide is a comprehensive resource on student financial aid from the U.S. Dept of Ed.
• www.studentaid.ed.gov - Detailed student aid and student loan info from the U.S. Dept of Ed.
• www.fastweb.com - Scholarship information.
• www.fafsa.ed.gov - Online application for financial aid (FAFSA).
• www.pin.ed.gov - Apply for a PIN number to complete online FAFSA.
• www.mygreatlakes.com - Great Lakes Educational Loan Services, Inc. is the guaranty agency for your student loans. You can check the status of your student loans here.
• www.nslds.ed.gov - View the history of the federal student financial aid you have received.
• www.loanlocator.org - Helps you keep track of your loans if you have more than one loan servicer. This site is useful when consolidating student loans.
• www.finaid.org - Guide to student financial aid and scholarship search services.
• www.collegeplan.org - Information on college selection, admissions, financial aid and scholarships.
• www.princetonreview.com/home.asp - Offers powerful college search tools, useful links, expert advice and guidance from an experienced college panel.
• www.usnews.com/usnews/edu/college/cohome.htm - US News & World Report's college search and financial aid assistance.

 

This calendar gives a broad overview of the important tasks the student will need to complete as college approaches.

September

• Narrow college choices and visit the campuses of top picks.

 

October/November

• Start sending out applications to top college picks.
• Intensify financial aid search. Request financial aid information from the colleges on the student's short list; try to attend financial aid workshops.
• Pay close attention to deadlines and procedures for applying for financial aid.
• Contact Fox Communities Credit Union for advice on how to fund the student's education.

 

December/January

• Submit admission applications before deadlines.
• Get a Free Application for Federal Student Aid (FAFSA) from the student's high school guidance counselor, a college financial aid office or online at the Department of Education's Web site at www.fafsa.ed.gov.
• Pay close attention to the instructions and deadlines.

 

February/March

• File the FAFSA as soon as your income tax returns are complete.
• Become familiar with all admissions, financial aid and scholarship deadlines.
• Quickly respond to information requests from college admissions and financial aid offices.

 

April/May

• Make final decision on which school the student will be attending.

 

June/July/August

• Confirm that colleges have received the students high school transcripts.
• Confirm in person or over the phone that admission and application information is complete.
• Attend college orientation.
• Plan a financial budget for the upcoming year.