How to Apply for a Federal Student Loan

 

1. Complete a FAFSA
Before you begin applying for a Stafford and/or PLUS Loan, 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 PLUS (Parent) Loan
Apply Now for a Federal Graduate/Professional PLUS Loan

5. Your School completes the School Certification Form
Your school must complete a School Certification Form indicating the loan amount and disbursement dates. 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. The completed form should be sent to the loan servicer and guarantor, Great Lakes.

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.

7. Access Your Loan Account Online
To check the status of your loan, view your account information and make payments from your bank account 24/7, and find information to help you manage your loan, go to www.mygreatlakes.org. Choose ”Borrowers” and then log in to access Applications in Progress (AIP) and Internet Borrower Inquiry Service (IBIS).

8. Call These Toll-free Numbers for Loan Inquiries
· BEFORE your loan is disbursed to the school:
Great Lakes at 1-800-247-0462

· AFTER your loan is disbursed to the school:
Great Lakes at 1-800-236-4300

 

Need help?
For help with the student loan process, call the credit union at 800-444-5858 option 3 or e-mail us.