Preferred Lender List

What is a Federal Stafford Loan?

A Federal Stafford Loan is a long term, low-interest loan that assists students with college expenses. It is the most widely used loan in the student education program. Stafford Loans may be subsidized or unsubsidized. A subsidized loan means the Federal government is responsible for the interest while you are enrolled in school. An unsubsidized loan means you, rather than the Federal government, will be responsible for the interest while you are enrolled in school. To be considered for either type of Stafford Loan, you must first file the Free Application for Federal Student Aid (FAFSA). Stafford Loans can be FFELP (Federal Family Education Loan Program) or Direct. FFELP means borrowing from a private lender. Direct means borrowing from the Federal government. Methodist participates in the FFELP.

Who is Eligible?

You (the student) may apply for a Federal Stafford Loan if you are:

• An undergraduate or graduate student.
• A U.S. citizen, U.S. national, U.S. permanent resident or an eligible non-citizen.
• Enrolled or accepted for enrollment in a degree, certificate, or other eligible program.
• Currently enrolled in an eligible college or university, and maintaining satisfactory academic progress.
• Enrolled for at least one-half the normal full academic workload during the loan period.
• Not in default on a previous Stafford, Perkins or Direct Loan.

When parents do not qualify for a Parent PLUS Loan, the student may be able to borrow an additional Unsubsidized Stafford Loan. Students may also apply for an alternative loan (pending credit approval) if additional funds are needed.

What is the Federal Stafford Loan Master Promissory Note (MPN)?

The MPN is a legal document you sign to show you are responsible for repaying the loan. The MPN can be used for a single loan or multiple loans covering one or more loan periods.

What is Entrance Counseling?

First-time Federal Stafford Loan borrowers must complete entrance loan counseling before funds will be disbursed. The Loan Entrance counseling may be completed online at www.mappingyourfuture.org.

Applying for a Federal Stafford Loan (Student)

Step 1: Complete and submit a Federal Application for Student Aid (FAFSA) at www.fafsa.ed.gov.

Step 2: Stafford Loan eligibility will be determined by the federal government and reported to Methodist University's Office of Financial Aid for inclusion in the student's award letter.

Step 3: First-time Federal Stafford Loan borrowers (student) at Methodist University must complete the required Loan Entrance counseling, even if the student has completed loan counseling at another institution, before funds are disbursed to Methodist University. The Loan Entrance counseling may be completed online at www.mappingyourfuture.org.

Step 4: Students may access Methodist University's preferred lender list.*

Step 5: Once students have selected a lender, simply click on the "Apply Now" option located to the right side of the lender's detailed description to begin the loan application.

Step 6: The LENDER will notify the student of additional documentation needed or approval of the Stafford loan. The lender will then send a certification request to the Office of Financial Aid for authorization of the students Federal Stafford loan.

Step 7: Students may check the status of their loan by contacting their lender or going to www.elmresources.com.

*Student Loan Sunshine Act

The Student Loan Sunshine Act was created to ensure that students have access to all lenders, including those not on the "Preferred Lender List". Methodist University abides by all provisions of the Student Loan Sunshine Act and supports Studentsr freedom to choose any lender. Methodist University has compiled the "Preferred Lender List" with careful consideration given to Students, the student-borrower, and has selected lenders that are known to provide a high level of customer service as well as offering competitive borrower benefits. Should Students choose a lender not provided on Methodist University's preferred lender list, check with that lender to ensure they offer Federal Stafford Loans.

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