How to Obtain a Federal Education 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 at http://www.fafsa.ed.gov 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: You can either apply online, or you can complete and print the 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 PLUS

• Apply Now for a Federal Graduate/Professional PLUS Loan

OR

Complete and print the Stafford Master Promissory Note (MPN) to get your loan at Sidney Federal 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.
Sidney Federal Credit Union

42 Union Street

Sidney, NY 13838

Attn: Nicole Krom

5. If Needed, Complete a PLUS Master Promissory Note 
Parents can complete and print the PLUS Loan Master Promissory Note online. 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 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.
Sidney Federal Credit Union
42 Union Street
Sidney, NY 13838
Attn: Nicole Krom

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 www.mygreatlakes.com.  After you log in, choose My Loans, then Internet Borrower Inquiry Service to get started. 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
     BEFORE your loan is disbursed to the school:
       Great Lakes Educational Loan Services, Inc. at 1-800-366-0032

     AFTER your loan is disbursed to the school:

  Great Lakes Educational Loan Services, Inc. at 1-800-236-4300

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