You know the value of a college education.

Getting a college degree is a worthwhile goal. College graduates make an average of one million dollars more than those without college degrees (Student Loan Facts). But the cost of a college education can be overwhelming for both students and parents. That's why Mississippi Federal 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, Mississippi Federal Credit Union can help you with the funding you need to pursue your dreams.

FFELP offers loans for students and parents.

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.

Parent PLUS/Grad PLUS Loans

• Creditworthy parents of dependent undergraduate students and graduate/professional students can apply for this loan, which is not based on need.

Learn more about low-interest federal student loans.

Refer to the Student Loan Quick Reference Guide for more details on Stafford and PLUS Loans including:

• current rates
• loan limits
• borrower fees

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 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 will Receive the Funds Stafford, Parent PLUS and GradPLUS Loans are guaranteed and serviced by Great Lakes. When Great Lakes receives your Master Promissory Note and School Certification Form from the school indicating the loan amount and disbursement dates, funds will be sent to the school.

6. 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.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.

7. 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

Manage your finances.

Mississippi Federal 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.
• 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 before applying online, call the credit union at 601-984-1315, option 2, or email cjenkins@msfcu.us.

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