Make College a Reality
Get Your Student Loan
from VBSFCU
Lender Code:
833935
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 (www.studentloanfacts.org).
But
the cost of a college education can be overwhelming for both students and
parents. That’s why VBSFCU 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, VBSFCU can help you with the
funding you need to pursue your dreams.
FFELP offers loans for students and parents.
·
Stafford
Loans
o
The
subsidized Federal Stafford Loan is based on financial need. The government
pays the interest while you are in school.
o
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.
·
PLUS (Parental
Loan for Undergraduate Students) 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:
·
the application process
·
current rates
·
loan limits
·
toll-free
numbers to check the status of your loan account
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 VBSFCU.
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.
Virginia Beach Schools Federal
Credit Union
Attn: Lending Department
3701 Bonney Road
Virginia Beach, VA 23452
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.
Virginia Beach Schools Federal
Credit Union
Attn: Lending Department
3701 Bonney Road
Virginia Beach, VA 23452
6.
Your School will Receive the Funds
Both Stafford and
PLUS Loans are guaranteed and serviced by Great Lakes Educational Loan Services,
Inc. (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
www.mygreatlakes.com,
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 Educational Loan Services, Inc. at
1-800-236-6600
·
Contact AFTER
your loan
is disbursed to the school:
Great Lakes Educational Loan Services, Inc. at
1-800-236-4300
Manage your finances.
VBSFCU
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.
Ca$hCourse College Package Study
Guide
(85
KB/ 3 pages) 