Student Loans at MAFCU
Tuition shouldn't stand between you and a college education. Students and their families looking to finance their college education can turn to MAFCU for help.
MAFCU offers subsidized and unsubsidized Federal Stafford loans for students and Federal PLUS loans for parents of dependent undergraduate students and for graduate students. MAFCU also offers Federal Consolidation loans for graduate students. The subsidized and unsubsidized Stafford loan is based on financial need, while the PLUS loans are not. In addition, the Credit Union will reduce the interest rate by .25 percent for those who have monthly payments deducted automatically, and for 36 months of on-time payments.
MAFCU now offers private student loans to help finance education when federal aid is not enough.
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 and to graduate students. 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.
Private Loans - Click Here
MAFCU now offers private school loans to help fill the gap that federal funding left behind. The loan is made in the student's name with a co-signer, and the rates are determined by credit scores. Payments can be fully deterred while in school. Loans are available only for non-profit schools.
How to Get Started
Stafford and PLUS Loans
Before you begin applying for a Stafford or PLUS loan... you must first complete the (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.
Undergraduate Students
To start the process, read the Student Quick Reference Guide
- Complete the FAFSA. This must be done prior to applying for any student loans.
- Complete the Stafford Master Promissory Note.
Graduate Students
To start the process, read the Student Quick Reference Guide
- Complete the FAFSA. This must be done prior to applying for any student loans.
- Complete the Graduate/Professional PLUS Loan application.
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:
To start the process, read the Student Loan Quick Reference Guide.
- Although a PLUS Loan isn't tied to financial need, your student will need to complete a FAFSA before you can receive this loan.
- Complete the PLUS Loan application.
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.
Private Loans
MAFCU now offers private loans for students and families when federal aid isn't enough. The loans are made in the students name with a co-signer, and rates are based on credit scores. Click here for more information.
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
- Application for Federal Student Aid (FAFSA)
- Stafford Master Promissory Note
- Student Loan Quick Reference Guide
- Plus Loan Master Promissory Note
- Federal Consolidation Loan Application and Promissory Note
- Additional Loan Listing Sheet
- Federal Consolidation Information Guide
- Request To Add Loans to a Federal Consolidation Loan
Current Student Loan Rates
| July 1, 2009 through June 30, 2010 | 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% |
