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.
   Complete the Free Application for Federal Student Aid (FAFSA) for each academic year in which you would like to receive federal aid. The FAFSA can be obtained from the local library, your high school guidance counselor, a college financial aid office, or by calling 1-800-4FEDAID. The FAFSA is also available from the Department of Education’s Web site at www.fafsa.ed.gov. To make it easier to complete on-line, print out the Web Pre-Application Worksheet. FAFSAs are accepted and processed after January 1 of the year in which you plan to attend school. Be sure to indicate that you want to be considered for a student loan by answering “yes” to that question on the FAFSA.
   
   
2. Receive your SAR.
   Once your FAFSA is processed, a Student Aid Report (SAR) is created. One copy is sent to you in the mail and electronic copies are sent to all the schools you listed on the FAFSA. If you filed a paper FAFSA, allow 6–8 weeks to receive your SAR. If you filed an electronic FAFSA over the Internet, allow 1–2 weeks to receive your SAR.
   
   
3. Receive your Award Letter.
   The school(s) use data from your SAR to determine your financial aid award for the current academic year and sends you an award letter by email or US Mail. Pay particularly close attention to the type of federal loan(s) noted in your award letter. If there is mention of the William D. Ford Direct Lending Program, contact your school for the appropriate promissory note.
   
   
4. Complete the online Master Promissory Note (MPN) for the requested loan type.
   Complete and print the Stafford Master Promissory Note (MPN) to get your loan at Fox Communities Credit Union. If your financial aid award is not sufficient to cover your cost of education, your parents or step parents can apply for a PLUS loan (if you are a dependent undergraduate student). Or if you are a professional or graduate student, you may be eligible to apply for a Grad/PLUS loan.
   
   
5. School completes School Certification Form.
   Your school must complete a School Certification Form indicating the loan amount and disbursement dates and return to the loan servicer, Great Lakes. It is suggested that you stay in contact with your school to determine their timeline to certify and to expedite the completion of the form.
   
   
6. Your School will Receive the Funds.
   Upon receipt of the school certification form, verification of credit union membership, and credit approval for Parent PLUS/Grad PLUS borrowers, the loan will be guaranteed within 24 hours. Funds will be sent to the school on the date the school has indicated. Once the loan is guaranteed, you will receive a disclosure outlining the amount of the loan, disbursement dates, and the interest rate.
   
   
7. Access Your Loan Account Online.
   To check the status of your loan, view your account information, make payments from your bank account 24/7, and find information to help you manage your loan, go to http://www.mygreatlakes.com. Choose "Borrowers" and then log in to access Application in Progress (AIP) and Internet Borrower Inquiry Service (IBIS).
   
   
8. Call These Toll-free Numbers for Loan Inquiries.
   
   • Contact BEFORE your loan is disbursed to the school:
     Great Lakes at 1-800-247-0462
   • Contact AFTER your loan is disbursed to the school:
     Great Lakes 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.