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Education is important for your future
plans and Neighbors FCU is here to help you pursue your dreams of earning that
degree with Federal Stafford Loans (Subsidized or Unsubsidized), PLUS
Loans, and Student Consolidation Loans.
You will find information below that
will help you determine which loan to apply for and the steps from start
to finish of how to obtain the perfect loan to get you started on the
right track to educational success.
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Overview of Loan Types
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- Federal Subsidized Stafford Loan
- loaned directly to students
- loan amounts begin at $2,625 for freshmen
- government pays interest on loan while student is in school
- awarded based upon financial need
- available to undergraduate, graduate and professional students
- Federal Unsubsidized Stafford Loan
- loaned directly to students
- loan amounts begin at $2,625 for freshmen
- government does not pay interest on loan while student is in
school
- interest can be deferred upon request
- available to undergraduate, graduate, and professional students
- Parent Loans for Undergraduate
Students (PLUS)
- loaned to parents, not students
- only allowed if student is a dependent, undergraduate student
- not based upon financial need
- loans limits equal cost of education, minus any other financial
aid
- payments are not deferred
- Student Loan Consolidation
- combine existing student loans into one fixed rate loan with
extended repayment terms
- interest rate will be the average interest rate of loans being
consolidated
- once consolidated loan can not be reversed
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Application Process from
Start to Finish
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Follow the instructions below to begin the
loan process. Some of the links below require Adobe Acrobat Reader to
view PDF files. Click
here to download a free version of Adobe Acrobat Reader.
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1. Read
the Student
Loan Quick Reference Guide (PDF).
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2.
Complete the FAFSA from (Free Application for Federal Student Aid). You
can submit an online FAFSA form today whether applying for a new student
loan or renewing a student loan. FAFSA
Online Application. At anytime during the loan process or after
you have obtained the loan you can visit www.mygreatlakes.org,
to view your loan status.
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3. After your
FAFSA is processed, a Student Aid Report (SAR) will be sent to you via
mail. Then, if you qualify for a Stafford loan, you will receive a award
letter from the school of your choice. The letter will include a MPN
(Master Promissory Note) or will instruct you to get a MPN from
Neighbors FCU. Neighbors FCU will help you complete the
right-hand corner of the promissory note. The following information is
needed in order to process the MPN.
Credit Union Name: Neighbors Federal Credit
Union
Lender Code: 834031
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4. Once
you have completed your MPN and indicated the school of your choice in
the upper right-hand corner, Neighbors FCU will send the original note to the
loan processor - Great Lakes Higher Education Corporation. Neighbors FCU will
also provide the school indicated on the MPN with a School Certification
Form to complete and send to the loan processor as well.
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5. If
your financial aid is not sufficient to cover all costs listed on your
award letter, or you do not qualify for either Stafford loan, your
parents or stepparents can apply for a PLUS loan. Fill out the PLUS
Loan Application and either drop the application off at one of our branch
locations or mail the application directly to:
Credit Union Student Loan
Network
Great Lakes Higher Education Corporation
P.O. Box 7890
Madison, WI 53707-7890
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Student Loan
Consolidation
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Members can combine existing student loans
with Neighbors FCU and/or multiple lenders into a fixed rate loan with extended
repayment terms of up to 30 years. For more information about student
loan consolidation, please contact our Member Service Department at
225-819-2178.
If you would like to apply for Student
Loan Consolidation, applications are available at any of our branch
locations or we will mail you an application upon request via postal
mail.
For more information or questions about
Student Financial Aid, please contact
us today.
Back
to Educational Loans Main Page
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