You’ve Signed a Stafford Promissory Note….Now What?

21 September 2007 23 views No Comment

From Stafford Student Loan and Private Student Loan News Blog:

Applying for a Stafford Loan can be a daunting task….but it does not have to be. Here is a quick break down of how the process works once you fill out the Stafford Loan Promissory Note (MPN). See the steps below.

Let’s assume you opt for an online signature:

A. You fill out your personal information on staffordloan.com.

Tip 1: Be sure that both of your references do not have the same address as each other. This will cause a delay.
Tip 2 : Be sure you put the correct school and campus. If your school is not listed, call them to see where you should get the MPN.

B. Check your email for the link to your electronic MPN. Click the link and follow the instructions on how to “docusign”.

C. Approximately 36 hours from your signature – a school certification form will be sent to your school’s Financial Aid Office.

Tip 3: Follow up with your school to make sure they fill that form out and return it…or else your loan will not be completed…if you are not sure if your school will certify the loan just double check on your financial aid award letter to see if you were in fact eligible to borrow a Stafford loan.

D. Remember that Promissory Notes are good for up to 10 years, but typically you have to “accept” the loan every year. Do not assume that because you filled this out freshman year, it will automatically renew. Stay on top of it before every school year. If you need information about other ways to pay for school visit any one of the sites below.

Alternative Student Loans
ACT Loan
Scholarships