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TO APPLY
FOR STAFFORD LOANS
This page will explain how to apply for Stafford
loans
and provide important information to assist you in
applying for the loans.
How to
Apply for Stafford Loans
The Stafford loan is the backbone of most financial
aid packages. The interest rates for the Stafford
loans are a fixed 6.8%. These interest rates are
set by the federal government.
There are two types of Stafford loans:
Subsidized (these do not accrue interest while
you have the in-school deferment) and
Unsubsidized Stafford loans (these accrue
interest as soon as the funds are released). We
always award the Subsidized Stafford loan (up to the
annual $8,500 limit) first before the
Unsubsidized Stafford loan (annual limits vary – see
below).
To assist you with your selection of a Stafford Loan
lender, we have provided the following Preferred
Lender List. The Preferred Lender List is provided
as a convenience for you. You are NOT limited to
the Stafford Lenders on this list. We will
certify Stafford loans from the lender of your
choice. If you wish to borrow from a lender not
on our list, contact us and we will be happy to
assist you.
Some
Things to Consider when selecting a Lender:
Since the 6.8% interest rate is fixed by the federal
government, you may want to consider some factors
other than interest rate when selecting your
lender. Here are some things to consider:
Origination Fee:
Most lenders charge a fee to create and process the
loan. This is a fee that is charged as a percentage
of your total loan amount.
Back End Benefits:
Back end benefits come into play when the loan goes
into repayment and may include reductions in the
interest rate or principle for using automatic
payment plans (generally referred to as ACH) or
making on-time payments, etc.
Servicer:
The servicer is the company that will handle your
loan in repayment. You will make loan payments to
your servicer. If you have several different
servicers, you will have to deal with each
separately when your loans are in repayment. Some
students find it helpful to have all of their loans
serviced by the same company.
To assist you in comparing loans, we have listed
these three considerations below the link for each
lender below. There are other considerations such
as customer service, length of time in student loan
business, etc that may also be considerations.
How to
Fill Out the Loan Application:
Once you select a lender, you have to decide how
much you want to borrow. There are annual limits
(see below) that are determined by the number of
months out of the year that you will be enrolled.
When you complete the actual loan applications at
the links below, you will note that there is not a
place for you to indicate the amount of Stafford
Loan money that you want to request for the upcoming
year. This is because the application you will
complete is linked to a master promissory note which
allows you to borrow for multiple years without
having to complete a new promissory note each year.
If you would like to borrow less than the maximum
amounts listed below, you need to complete this
“Lower Loan Amount Request Form” so that we will
know how much Stafford Loan money to certify for
you.
Lower Loan Amount Request Form
(complete this form only if you want LESS
than the maximum amount.
If you wish to borrow the maximum amount, you do not
need to let us know. If we do not receive a “Lower
Loan Amount Request Form” from you, we will assume
that you want to borrow the maximum amount.
It will also be helpful for you to have your
enrollment dates when you complete you application.
Below is a list of the annual loan limits for each
class;
the dates to use
for enrollment periods; and the OU-COM school code
for loans which is required on most loan
applications.
The
enrollment dates listed below
as well as dates to use for enrollment
periods. These enrollment dates do NOT necessarily
coincide with the dates that your loans will
disburse. We will provide that information on your
award letter.
Class of: Annual Stafford
Limit
Enrollment period
2013 $42,722 ($8,500
subsidized/$34,222 unsub)
07/30/2009
– 06/11/2010
2012 $40,500 ($8,500
subsidized/$32,000 unsub)
08/31/2009
– 05/21/2010
2011 $47,167 ($8,500
subsidized/$38,667 unsub)
06/22/2009
– 05/30/2010
2010 $47,167 ($8,500
subsidized/$38,667 unsub)
06/08/2009
– 06/04/2010
OU-COM School Code to use
for loan applications is
003100-08
Determine how much Stafford loan money you want to
request. If you don’t request the maximum, you can
always request more later in the year. You may also
reduce the amount of Stafford loan money during the
year if you desire. Once you have decided how much
you want to borrow, determine which lender you want
to use. If they are a lender on our preferred list,
click on the links below that will take you directly
to that lenders website to complete the on-line
Stafford loan application. If you want to use a
lender that is not on our list, just contact us and
we will assist you.
Preferred Lender List for 2009-10 (in alpha order)
Students are NOT limited to Lenders on this list.
If you want to use another lender, contact us and we
will assist you.
Access Group
Origination Fee:
.5%
ACH Benefit: .25% reduction
of
interest
Servicer:
Access
Charter One Bank
Origination Fee:
.5%
ACH Benefit: .25% reduction
of
interest
Servicer: Sallie
Mae
Chase Education Finance Group
Origination Fee:
.5%
ACH Benefit: .25% reduction
of
interest
Servicer:
Dept. of Education
Discover Student Loans
Origination Fee:
.5%
ACH Benefit: .25% reduction
of
interest
Servicer:
Great Lakes
EdAmerica
Origination Fee:
.5%
ACH Benefit: .25% reduction
of
interest
Servicer: EdFinancial
Key
Education Resources
Origination Fee:
.5%
ACH Benefit: .25% reduction
of
interest
Servicer:
Great Lakes
PNC Bank
Origination Fee:
.5%
ACH Benefit: .25% reduction
of
interest
Servicer:
Great
Lakes
Sallie Mae
Origination Fee:
.5%
ACH Benefit: .25% reduction
of
interest
Servicer: Sallie
Mae
For more information about the selection process for
the preferred lenders list
Click here. For
a detailed comparison chart
Click here
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