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Federal stafford Loan

Steps to Selecting a Lender and Signing the Master Promissory Note

 
Loyola has established a list of suggested lenders for the various loan programs. These lenders are evaluated annually for their efficiency in processing, accuracy and customer service. All federal loans are offered with the same terms and conditions, regardless of lender. It is not necessary to establish an account relationship with a lender to receive student loans through that institution.
 
In some cases, lenders have chosen to offer discounts that can reduce the cost of the loan.  Borrower benefits may include interest rate reductions or full or partial origination fee rebates, and are outlined on the Federal Stafford Loan Comparison. 
 
At Loyola University Chicago, the suggested lenders all process the loans throughout the “Life of the Loan”, which mans the company that services your student loan is the same as the bank that originally issues the loan. Other lenders sell their student loans to a secondary market when the loans enter repayment. Additionally, other lenders also use a third-party servicer to manage the processing of payments and customer service requests. 
 
If you choose a lender outside of Loyola’s suggested lender list, OSFA will be happy to facilitate your loan with your requested lender. Though the greatest efficiency is experienced with loans processed by Loyola’s suggested lenders, OSFA works closely with all lenders to ensure the best service possible for Loyola students and parents.

 

Steps for completing the Federal Stafford Loan Master Promissory Note
 

Your Steps:

  1. Locate your U.S. Department of Education assigned PIN—this will be your electronic signature on the MPN.  If you do not have a PIN, or have forgotten it, go to www.pin.ed.gov to apply or get a reminder.
  2. Choose a lender from Loyola’s list of suggested lenders, or any lender of your choice.  For a comparison of Loyola's Suggested Lenders, click here for undergraduate and graduate.  Law students click here for your suggested lender comparisons.
  3. Sign the MPN with that lender, using your PIN.
    ***Special note for students enrolled in Summer 2008:  If you are choosing a new lender for your summer loan, you must also complete the Lender Change Form and submit to OSFA.
  4. New students must complete online entrance loan counseling session. Make sure you indicate that Loyola University Chicago should receive the information.

Lender & Loyola Steps:

  1. Once you have signed the MPN, the lender will notify Loyola electronically that you have signed the MPN.
  2. Loyola will certify the loan.
  3. Loyola will verify that you complete entrance loan counseling.
  4. Near the beginning of the term, Loyola will request that the lender release your loan funds.

Suggested Lenders