How to Apply for a Federal Stafford Loan

how to apply for a stafford student loan

Step 1: Complete the 2013-2014 Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov to apply for the 2013-2014 academic year. Complete the 2012-2013 FAFSA to apply for spring 2013 or summer 2013. List LMU's school code, 001234, on the FAFSA.

Step 2: Accept or decline you offered Federal Stafford Subsidized and/or Unsubsidized Loan through PROWL. We will automatically offer you maximum amount of Federal Stafford Loan for which you are eligible. You may accept a reduced amount of loan; only borrow what you need.

Step 3: Complete Loan Entrance Counseling. This federally mandated requirement is for your understanding of the borrower rights and responsibilities when borrowing federal loans. Your Stafford Loans will not be disbursed until this requirement has been successfully completed.

Step 4: Complete the Online Master Promissory Note (MPN) with the lender of your choice. Although you have already been approved by LMU to borrow a Federal Stafford

Loan, you must complete the application process by selecting a lender, and completing that lender's application materials, which includes the MPN. You will satisfy the MPN requirement by following your lender's application instructions.

You are not obligated to use the lenders listed on our Web site, and may borrow from any lender or credit union of your choice. Please review each lenders' terms and conditions carefully before making a decision. You will only need to complete this requirement once as a first-time borrower. This lender will fund your loans for subsequent years unless you choose to borrow from a different lender at a later time. You will then need to complete a new MPN with your new lender.

What's next?

The LMU Financial Aid Office will certify your Stafford Loan once we receive notice from your lender that an MPN was successfully completed, and the Entrance Counseling requirement is completed.

Source: financialaid.lmu.edu

Category: Credit

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