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Home » Financial Aid » Student Loan Information
 

STUDENT LOAN PROCEDURES FOR FEDERAL STAFFORD LOANS

Before You Get the Loan, Get the Facts

An education loan is a legally binding contract that must be repaid with interest even if you do not graduate or are unable to find a job. You are not obligated to accept loan funds if you don't need them, but don't be afraid to borrow if you really need the money.

Normally, funds are released in two installments to coincide with the academic terms. Loan funds will be issued directly to the school and distributed according to established procedures. Up to a 3 percent  federal origination fee may be deducted from your loan proceeds prior to disbursement. Funds can only be used for education related expenses.

Please allow several weeks for your loan to be approved and processed. To avoid unnecessary delays, be sure your application is accurate and complete. If you require more information or assistance, feel free to call or stop by the Financial Aid Office.

Features and Benefits of Federal Stafford Loans

Subsidized and unsubsidized Federal Stafford Loans allow you to borrow up to the maximum Stafford amount available for your grade level. The federal government pays interest on subsidized Stafford loans while you are actively enrolled in school and for a six-month grace period afterward. If you aren't fully eligible for need-based, subsidized Stafford funding, you may get an unsubsidized Stafford loan for any remaining Stafford eligibility. However, on the unsubsidized portion, you will be responsible for all interest that accrues from the date of disbursement.

Please Note: To be eligible for FFELP (Federal Family Education Loan Program) loans, borrowers must be U.S. citizens or permanent legal residents enrolled in school at least half-time. In addition, male students must satisfy requirements under the Selective Service Act. If you are in default on a prior loan or owe a refund on grant money, you will not be able to borrow further. Loan awards cannot exceed the cost of education.

The Loan Process

Federal Stafford Loans (Subsidized and Unsubsidized)

Federal Plus (Parent) Loan

Step by Step Instructions – Applying for Student Loan Funds

Federal Stafford Loan Application

  1. Enter the maximum amount you need to borrow on the Federal Stafford Loans “box” (above). Check the award amount offered to you at “Myedison” to see how much you are eligible to borrow.
  2. Enter the current month and year when it asks “Loan Needed”.
  3. Enter your expected graduation date.
  4. Click on “Find Loans” and then “View Loans”.
  5. This takes you to the lender list page where you will be able to compare the lenders, view estimated payments, and other helpful information.
  6. Once you have reviewed the information and have decided upon a lender, click “Apply”.
  7. Keep the name and information of your lender in a safe place.
  8. You will be at the “OpenNet/Edison State College” site.
  9. If you are a returning borrower Log in using your Username and Password to start the loan process.
  10. If you are a new borrower, you will have to REGISTER at this site. (Save your ID and password for the future – keep it with your chosen lender information)
  11. First time Stafford Loan borrowers will need to allow approximately 30-45 minutes to complete the application the first time, in order to complete the Entrance Counseling.
  12. Once you are logged in, you will be directed to “Start a Loan”, then choose “I am a Student”, click on “Undergraduate or Graduate Student – Start a Federal Loan.
  13. If you are a new student the system will automatically direct you through the federal required “Student Loan Guide” forEntrance Counseling before allowing you to apply for the loan. You must read the information and answer the questions correctly in order to proceed. If you make a mistake, correct it and continue. When you have successfully completed the counseling portion, make sure to click “Complete Your Online Stafford MPN” to continue your loan application.
  14. Print any documents needed for your files including your MPN (Master Promissory Note) and the last page of confirmation.

The loan will be processed by the Financial Aid Office once you have completed these steps. You will be notified of the loan disbursement dates. Any refund to your Edison Higher One Card will be available 5-7 days after the scheduled disbursement date. An email will be sent to your Edison email address once the funds are available on your card.


Federal PLUS (Parent) Loan Application

  1. At the “Find Student Loans” box choose “Loan is for: Parent of Undergraduate Student”. Enter the maximum amount you need to borrow on the Federal PLUS Loan “box” (above).
  2. Enter the current month and year where it asks “Loan Needed”.
  3. Enter the student’s expected graduation date.
  4. Click on “Search Now”
  5. This takes you to the lender list page where you will be able to compare the lenders, view estimated payments, and other helpful information.
  6. This takes you to the lender list page where you will be able to compare the lenders, view estimated payments, and other helpful information.
  7. Once you have reviewed the information and have decided upon a lender, click “Apply”.
  8. Keep the name and information of your lender in a safe place.
  9. You will be at the “OpenNet/Edison State College” site.
  10. If you are a new borrower, you will have to register. If you are a returning borrower, use your Sallie Mae ID and password to log in. Follow the screen instructions if you have forgotten your ID and password. Make sure that you keep your ID and password for future use.
  11. Once you are logged in, you will be directed to start a new loan – Choose the Federal Parent PLUS Loan.

The loan will be processed by the Financial Aid Office once you have completed the steps and your application record is sent to the office. You will be notified of the loan disbursement dates. Any refund to your Edison Higher One Card will be available 5-7 days after the scheduled disbursement date. An email will be sent to your Edison email address once the funds are available on your card.

Exit Loan Counseling

Exit Loan

Student borrowers  who have graduated, withdrawn or completed less than 6 credits for a semester are required to complete a loan exit interview within 30 after they leave the college or complete less than half time enrollment.
The Exit Counseling link (above) will guide you through the required process.  Disregard the statement “If you are about to graduate or leave school” and complete the exit interview.

Do not complete another entrance interview. If you need assistance with your User ID or password, call (888)272-5543.

 
 

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