Financial Aid Office

Applying for the Federal Stafford Loan

General Information

You must complete Entrance Loan Counseling when applying for your student loan. You must complete Exit Loan Counseling at the end of your enrollment at Saint Paul College.

Subsidized Loans

Subsidized Loans are need based loans. The government pays the interest during school enrollment and your grace period.

Unsubsidized Loans

Unsubsidized Loans are non-need based loans. You are responsible for the interest.

Carefully consider how much you choose to borrow. Repayment plans are ten (10) years in length and require a minimum payment of $50 per month depending on how much you borrow. Your signature is your promise to repay.

You must complete Entrance Loan Counseling when applying for your student loan.

At the end of your enrollment, you must complete Exit Loan Counseling.

Loan Disbursements

Once you have completed the Master Promissory Note online you must wait 2-3 weeks (depending on high volume processing times) for a Disclosure Statement from Great Lakes Higher Education. Estimated disbursement dates will be listed. Please keep this for your files.

Funds are mailed within 7-10 after the estimated disbursement date listed.

• If your loan period is for Fall and Spring terms, two disbursements will be issued (one for each term) and each will be for one-half of your total loan.
• If your loan period is for one term (fall, spring, or summer), one disbursement will be issued for the full amount of your loan.

Your address must be current with Student Records; your check will not be forwarded.

How to Apply for a Federal Stafford Loan

Complete these two steps:

Entrance Loan Counseling

Once you have completed Entrance Loan Counseling, Saint Paul College will be notified electronically. If you have completed Entrance Loan Counseling at Saint Paul College, you do not need to do it again. Proceed to requesting your loan, selecting a lender and completing the Master Promissory Note. You are required to apply for your loan eligibility each Award Letter period.

Master Promissory Note

Have the following information ready:

• Your Award Letter in front of you. You will be requesting a loan for the terms listed on your Award Letter. Complete the online loan request.
• Your Driver’s license number.
• Names and complete addresses for two people you will use as references.
• One should be a parent or guardian (if living) they cannot have the same address.
• Your FAFSA PIN number. You will use it to sign your Master Promissory Note; other options for signing will be listed.

Once you have your Award Letter, you may proceed to apply for your loan. Remember you are requesting a loan for the terms listed on your Award Letter.

• Entrance Loan Counseling

Great Lakes will do a search to determine if you have previously completed Loan Counseling.

Notice: After completing Entrance Loan counseling, click the "Request Loan/Choose Lender/Complete Promissory Note" link below to compare lender benefits and incentives. Students may choose any lender who participates in the Federal Stafford Loan program. We have provided a list of potential lenders to assist you in making your financing decision. If your lender does not appear on the list, you will need to contact the lender for the ID code. You will be asked to enter this code when completing the Loan Request. Once you have selected a lender, use the FastLoans link to request the loan and complete the Master Promissory note at the Great Lakes Guarantor website.

In the last few months due to changes in the financial markets and the student loan program, a number of lenders have decided to discontinue making Stafford Loans. If your previous student loan lender was: Academic Funding Group, Citibank, Student Assistance Foundation, Student Loan Xpress or TCF, you will need to select a new lender and complete a new Master Promissory Note.

• Request Loan/Choose Lender/Complete Promissory Note

The Loan Request must be completed. You must complete a Master Promissory Note for each lender once every ten years.

PLUS Loans (Federal Parent Loans for Undergraduate Students)

Parents of dependent students who want to assist in paying for college may apply for a PLUS Loan through a private lender. Parents may borrow up to the students cost of attendance minus other aid provided the student is enrolled 6 credits. PLUS Loans require a credit check. Repayment begins within 60 days of receiving the loan.

Visit the FastPLUS link below for Online PLUS Pre-Approved and PLUS Loan Processing.

• FastPLUS Loans

Exit Loan Counseling is required!

When you apply for graduation, withdraw or cease your enrollment at Saint Paul College and have received a Student Loan during your enrollment, you are required to complete Exit Loan Counseling at that time.

• Begin your Exit Loan Counseling

Minnesota SELF Loans

The Student Educational Loan Fund (SELF) program is a low interest educational loan provided by the Minnesota Office of Higher Education. The SELF loan may be an additional funding source for students that have educational expenses which exceed their other sources of federal or state aid.

The SELF loan program has maximum loan limits of $7,500 for the freshman and sophomore grade levels. The SELF loan requires a credit-worthy co-signer and the borrower must be enrolled for at least six credits. Borrowers are required to make quarterly interest payments while in school. After graduating or leaving school, they are required to pay the monthly interest for up to three years; then they will begin repaying the loan principal as well as interest monthly. Repayment is usually 7 to 9 years. Students who apply for a SELF loan must have completed the FAFSA, received a current award letter from Saint Paul College and applied for the Stafford loans eligible to the student.

You may obtain additional information and apply for the SELF loan program at www.selfloan.org.

How to Apply for a SELF Loan

1. Complete the required SELF Counseling on-line (if this is your first SELF loan for enrollment at Saint Paul College).
2. Create an account and complete the SELF online application. You will be asked to provide contact information for your co-signer.
3. Your co-signer will receive an email notification of your request. The co-signer will need to complete their portion of the application to finish the application process.
4. If both the borrower and co-signer electronically sign the promissory note, print a copy to keep for your records.
5. If the promissory note is not electronically signed, you must print the promissory note, sign it and have it notarized. This promissory note should be mailed to the Minnesota Office of Higher Education, address provided.