How to Apply for the Federal Stafford Loan

How to Apply for Federal Stafford Loan:

Step 1: Complete the 2007-2008 Free Application for Federal Student Aid (FAFSA) at www.fafsa.ed.gov.  List LMU School Code 011649 on the FAFSA.  Indicate your interest to federal student loans on the application.

Step 2:  Accept the award offer on the Federal Stafford Subsidized and/or Unsubsidized Loan on PROWL via Manegate.

Step 3:  Complete Loan Entrance Counseling via EDTEST.  This federally mandated requirement is for your understanding of the borrower rights and responsibilities when borrowing federal loans.  Your Stafford Loans will not be disbursed until this requirement has been successfully completed.

Step 4:  Complete the Online Master Promissory Note (MPN).  Please review the list of lenders for Stafford Loans.  You are not obligated to use these lenders and may borrow from any lender or credit union of your choice.  Note, any lenders outside of LMU’s process may delay funding.  Please review the lenders terms and conditions to make an informed decision.  Apply online directly with that lender.  You will only need to complete this requirement once in your first year of borrowing.  This lender will fund your loans for subsequent years unless you choose to borrow from a different lender at a later time.  You will then need to complete a new MPN with your new lender.

LMU Financial Aid Office, Student Loan Programs Unit will certify the Stafford Loan once we receive an approval and request from the lender.  Your loans will be set to disburse equally over the terms of enrollment, fall and spring, unless it is your final term and you will receive one disbursement.  Your loans are scheduled to be received in your student account no sooner than 10 days prior to the start of class.