Student Loans
Tuition shouldn't stand between you and a college education. Reach your goals with the help of a MAFCU Student Loan.
Subsidized Stafford Student Loan - Get Started
Available to students who demonstrate financial need. You pay NO INTEREST while in school. There is a six-month grace period after you complete your education before you begin making payments of principal and interest.
Unsubsidized Stafford Student Loan - Get Started
Available to all students, regardless of income. Interest accrues while in school. There is a six-month grace period after you complete your education before you begin making payments of principal and interest, with an option to make interest payments while still in school.
PLUS Loans - Get Started
Available to parents and step-parents of dependent undergraduate students to cover remaining educational expenses. You get generous loan amounts with a low variable rate of interest, and the maximum loan amount is the cost of attendance less any financial aid awarded the student. There is a sixty (60) day grace period, after final disbursement, before payments begin.
Federal Consolidation Loan - Get Started
Consolidation loans allow you to combine different types of federal student loans to make repayment more manageable. Your lender will pay off your existing student loans and make a new loan having a single monthly payment with an extended repayment term of up to 30 years. If you apply for a federal consolidation loan, you should provide MAFCU's lender number, 832826, on your consolidation loan application.
For more information, please read the Federal Consolidation Information Guide.
How To Get Started
Stafford and PLUS Loans
Before you begin applying for a Stafford or PLUS loan... you must first complete the Free Application for Federal Student Aid (FAFSA). The FAFSA form is available at your high school guidance counselor’s office, your college financial aid office, or you can complete the application online.
For assistance with problems or difficulties while using FAFSA on the Web, or for specific questions about the FAFSA, call the US Department of Education (USDE) Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243) or 1-319-337-5665. If you are hearing-impaired and have questions, contact the TTY line at 1-800-730-8913.
Please enter MAFCU Lender Code 832826 on all forms. By entering this code number on your loan applications and promissory notes, the source of your student funding will be your credit union.
Students
Students may complete the Stafford Master Promissory Note vy downloading the form (you must have Acrobat Reader installed on your computer). Follow these easy steps:
- Start by reading the Student Loan Quick Reference Guide.
- Complete the FAFSA form (Free Application for Federal Student Aid). This must be done prior to applying for any student loans. You can fill it out and submit it online at FAFSA on the Web.
- Complete then print this on-line Stafford Master Promissory Note. The Stafford MPN will be used for all of your loans over multiple academic years at the same school.
- Please mail the Stafford MPN to:
Great Lakes Educational Loan Services, Inc.
PO Box 7987
Madison, WI 53707-7987
Parents
Parents may complete online the Plus Loan Master Promissory Note, which allows parents to borrow for dependent children. You must have Acrobat Reader installed on your computer. Follow these easy steps:
- Start by reading the Student Loan Quick Reference Guide.
- Although a PLUS Loan isn’t tied to financial need, your student will need to complete a Free Application for Federal Student Aid (FAFSA) before you can receive this loan. If you haven't already done so, you can fill out the FASFA on the web at FAFSA on the Web.
- Complete then print this online Plus Loan Master Promissory Note. The Plus Loan MPN will be used for all of your loans over multiple academic years at the same school.
- Please mail the Plus Loan MPN to:
Great Lakes Educational Loan Services, Inc.
PO Box 7987
Madison, WI 53707-7987
Note: Be sure the Lender Code 832826 appears on your application.
Federal Consolidation Loan
To apply for consolidation, please follow these steps:
- Determine whether or not you have multiple loan holders. If all of your loans are held through one lender, you must first attempt to consolidate with that lender. If your lender does not participate in consolidation or will not consolidate for you, then you may choose any of the lenders on our Consolidating lender list at Great Lakes. If you have multiple loan holders, you can consolidate through any lender listed on our Consolidating Lenders list at Great Lakes.
- Complete the "Federal Consolidation Loan Application and Promissory Note". Applications must be complete, signed and dated. The application must be signed in ink and have nothing left blank. Please write "NA" or "none" if a section does not apply to you. You should provide MAFCU's lender number, 832826, on your consolidation loan application.
- List all education loans that belong to you. Please provide complete information about each loan holder/servicer. Please list current loan amount and current interest rate. Mark (Y) for loans you wish to be included in the Consolidation and (N) for the loans you do not want to consolidate.
- Remember to select a payment option.
- If you can't fit all of your eligible loans on the application form, use the Additional Loan listing sheet.
- Mail your completed application form to:
Great Lakes Educational Loan Services, Inc.
PO Box 7987
Madison, WI 53707-7987
For more information, please read the Federal Consolidation Information Guide.
You may add any eligible loan to your outstanding consolidation loan provided you make the request within 180 days of the date the consolidation loan is made.
Contact Before and After Disbursal
Contact BEFORE the loan is disbursed... Great Lakes Educational Loan Services, Inc. at 1-800-247-0462 for questions regarding applications, approved loan amounts and loan disbursement dates.
Contact AFTER the loan is disbursed... Great Lakes Educational Loan Services, Inc. at 1-800-236-4300.
Complete Document Listing
Current Student Loan Rates
July 1, 2008 through June 30, 2009 | Borrower Rate | Rate Cap |
Federal Stafford Loans | 6.80% | 6.80% |
Loans made on or after July 1, 1998 (in-school, grace, or deferment) | 3.61% | 8.5% |
Loans made on or after July 1, 1998: (repayment) | 4.21% | 8.25% |
Federal PLUS Loans
(Parental Loan for Undergraduate Students) | 8.5% | 8.5% |
Loans made on or after July 1, 1998 | 5.01% | 9.00% |