Here’s how to obtain a federal student 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 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 Duluth Teachers 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.

 

Duluth Teachers Credit Union                             

Attn: Deb Herstad

4433 Trinity Road

Duluth, MN 55811

             

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.

 

Duluth Teachers Credit Union

Attn: Deb or Lorenda

11 West 2nd St

Duluth, MN 55802

 

6. Your School will Receive the Funds
Stafford, Parent PLUS and Grad/PLUS Loans are guaranteed and serviced by 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 MyGreatLakes.org, 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.

 

9. Call These Toll-free Numbers for Loan Inquiries

·         Contact BEFORE your loan is disbursed to the school:

Great Lakes at 1-800-366-0032

 

·         Contact AFTER your loan is disbursed to the school:

Great Lakes at 1-800-236-4300

 

After graduation, consider consolidating your student loans.

After you graduate, lock into a low fixed rate by consolidating your student loans. It is recommended that you call a Great Lakes Consolidation Representative to see if this is the best option for you. 

Consolidation Loan Application & Promissory Note

Addendum to Consolidation Application & Promissory Note

Consolidation Additional Loan Listing Sheet

Consolidation Request to Add Loans

 

 

Manage your finances.

Duluth Teachers 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.

 

Plan your future. Visit these Web sites.
www.mapping-your-future.org  - Detailed information about career planning, selecting a school, and paying for college.

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.org  - Great Lakes 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.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.

 

Need help?

For help with the student loan process, call the credit union at 218-722-9242 or e-mail deb@datcu.com

 

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