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 Sentry Credit Union 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, we 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
Take advantage of these interest rate reductions at Sentry
Credit Union.
·
0.25% interest rate reduction to members making student loan
payments through Automated Clearing House (ACH) or a direct transfer
from an SCU checking account.
·
0.25% interest rate reduction after 6 on-time payments.
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
at
http://www.fafsa.ed.gov
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 Sentry
Credit Union. 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.
Sentry Credit Union
Attn: Student Loan
Processing
1800 North Point
Drive
Stevens Point, WI
54481
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.
Sentry Credit Union
Attn: Student Loan
Processing
1800 North Point
Drive
Stevens Point, WI
54481
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.
After you log in, choose My Loans, then
Internet Borrower Inquiry Service to get started. 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.
8. 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
After graduation,
consider consolidating your student loans.
After you graduate, lock into a low fixed rate by
consolidating your student loans, even if you only have one.
Find out more about
Consolidating your Student Loans.
Go online to
https://www.mygreatlakes.com/borrower/index.jsp.
Manage your
finances.
Sentry Credit Union and Great Lakes are committed
to helping students learn to manage their finances. The regularly
updated
Personal Financial Management Resources
at
https://www.mygreatlakes.com/borrower/staticForward.do?staticpath=/borrower/pfm_home.html&menuID=persfinhome&selected=true
provides information on anticipating college costs and staying in
control of your finances while in school.
Plan your future. Visit
these Web sites.
www.mapping-your-future.org - Detailed information about career
planning, selecting a school, and paying for college.
http://studentaid.ed.gov/students/publications/student_guide/2005-2006/english/glance.htm
The Student Guide is a comprehensive resource on student financial aid from
the U.S. Dept of Ed.
www.studentaid.ed.gov - Detailed student aid and student loan
info from the U.S. Dept of Ed.
www.fastweb.com - Scholarship information.
www.fafsa.ed.gov - Online
application for financial aid (FAFSA).
www.pin.ed.gov - Apply for a PIN number to complete online
FAFSA.
www.mygreatlakes.com - Great Lakes Educational Loan Services,
Inc. is the guaranty agency for your student loans. You can check
the status of your student loans here.
www.nslds.ed.gov - View the history of the federal student
financial aid you have received.
www.loanlocator.org - Helps you keep track of your loans if you
have more than one loan servicer. This site is useful when
consolidating student loans.
www.finaid.org - Guide to student financial aid and scholarship
search services.
www.collegeplan.org - Information on college selection,
admissions, financial aid and scholarships.
www.princetonreview.com/home.asp - Offers powerful college
search tools, useful links, expert advice and guidance from an
experienced college panel.
www.usnews.com/usnews/edu/college/cohome.htm - US News & World
Report’s college search and financial aid assistance.
Need help?
For
help with the student loan process, call Sentry Credit Union at
715-346-6534 or toll-free at 877-368-7928.
Sentry Credit Union - Serving Sentry Employees and
their family members since 1935
