|
PROGRAMS & MAJORS | ADMISSIONS | NEWS & EVENTS | STUDENT E-SERVICES | COURSE SCHEDULES | NETMAIL | |
 |
||
|
Financial Aid Steps Official Award Letter Official Information Important Dates General Information
|
Student Loans
Federal Stafford Student Loans (subsidized and unsubsidized) How to apply for Stafford Student Loans (subsidized and unsubsidized) by completing a Master Promissory Note ( MPN) online: 1. You have to have filed a Free Application for Federal Student Aid (FAFSA) and received your CLC Financial Aid Official Award letter. Your award letter will show your Stafford loan eligibility. You are required to have an award letter before applying for Federal Stafford Student Loans. 2. Use the award letter to determine the amount of loan eligibility you have. Add fall and spring semester Stafford loan awards (subsidized and unsubsidized) together for your whole year’s eligibility. Things to keep in mind are funding from an outside source may affect your loan eligibility, loans for fall and spring combined will have a disbursement for each semester and if you borrow your total loan eligibility for fall and spring semesters you may not have any loan funding available for summer. 3. If you plan to sign your MPN electronically you will need to have your Department of Education PIN. It is the four digit PIN used to sign your FAFSA. 4. Be sure to have address and telephone numbers for two references. If you have completed a MPN within the last 10 years, this may not be necessary. 5. Previous Stafford borrowers should have the name of the lender and guarantee agency used. 6. Loan Entrance counseling is a federal requirement for Stafford Student loan borrowers. The counseling will be the first part of the MPN online process. When done with counseling then click “continue” and you should progress to the loan application also known as the MPN. If you have borrowed a Stafford loan at CLC within the last five years, you probably won’t need to do the counseling. The online process will be able to verify if you have met the counseling requirement. If you have borrowed at another college but are a new borrower at CLC you will be required to do the entrance counseling again. 7. If the lender you would like to use is not on the list of lenders provided, please contact the loan officer at CLC Brainerd campus 218.855.8025. 8. So let's proceed to the MPN online process. At the following link there is a list of lenders to choose from. When you have decided on a lender be sure to click on the "Apply here" to proceed to the MPN online process. Choose a lender from the Lender List.org
Federal PLUS (Parent Loan for Undergraduate Student) A parent of a dependent college student, who is enrolled at least half-time in a post-secondary program, may be eligible to borrow a PLUS loan. It has a fixed interest rate of 8.5% for loans disbursed between July 1, 1009 and June 30, 2010. The borrower is responsible for all interest. Parent may borrow up to full cost of students education less any other financial aid the student receives. Repayment generally begins within 60 days after the loan funds are disbursed and in most cases is expected to be repaid in 10 years. If you have questions about repayment contact the lender. How to apply for a PLUS MPN on-line: 1. The student has to complete the FAFSA and receive their CLC Financial Aid Official Award letter. The award letter will show the amount of PLUS loan eligibility. Add fall and spring semester PLUS loan awards together for the whole year’s eligibility. Things to keep in mind are funding from an outside source may affect loan eligibility and loans for fall and spring combined will have a disbursement for each semester. If the loan period is for one term only, you will receive your loan funds in one disbursement. Parent borrower credit will be reviewed. 2. There will be two requirements for the PLUS Master Promissory Note (MPN) to be completed. Parent will have to approve a credit check. Parent will need to determine if the parent or student should receive any excess funds from the PLUS. These two questions will come up on the PLUS MPN application site. 3. The CLC loan officer will be notified of your PLUS MPN approval or denial. 4. Loan funds are sent by EFT (Electronic Funds Transfer) or paper check to CLC by the guaranty agency. If a paper check is sent, CLC will send the check to the parent to endorse and return to CLC. 5. Loan funds will first pay any outstanding charges on the student's account. If any loan funds remain a check will be issued in the student's name. Any remaining loan funds are to be used for educational expenses on the student's behalf. 6. Please continue by choosing a lender from the Lender List.org. If you prefer to use a lender that is not on the list, please contact the loan officer on the Brainerd Campus.
SELF (Student Educational Loan Fund) The SELF program is a low interest educational loan provided by the Minnesota Office of Higher Education. The SELF loan requires a credit worthy co-signer. Eligible students need to be enrolled at least halt-time (six credits). The SELF loan program has maximum loan limits of $7,500 for the freshman and sophomore grade levels. Borrowers are required to make quarterly interest payments while in school. After graduating or leaving school, they are required to pay the monthly interest for up to three years; then they will begin repaying the loan principal as well as interest monthly. Repayment is usually 7 to 9 years. If you have borrowed a SELF Loan previously at another school, you may not be eligible to borrow additional SELF Loan funds at Central Lakes College. Previous SELF loan borrowers should speak with the Loan Officer at 218-855-8020 or 1-800-933-0346 in order to determine any remaining SELF loan eligibility. How to apply for the SELF loan: 1. Student must have completed the FAFSA, received a CLC Financial Aid Official Award letter and applied for any Federal Stafford Student loans eligible to the student. Check your award letter to see what you are eligible for. 2. Complete SELF Online Counseling.org (if this is your first SELF loan at CLC) 3. Your Co-signer must be approved by completing the Self Online Application pre-approval process. org . 4. You must complete a SELF Online Application.org. 5. Once you have completed the SELF Online Application and your Co-signer has been pre-approved, print the promissory note. Both you and your Co-signer must sign the promissory note and have it notarized. 6. Mail the promissory note to:
Loan Counseling These links should only be used if recommended by the loan officer at CLC. Some loan counseling takes place as part of your online loan application processes. Federal Stafford Loans Federal Perkins Loans
STUDENT LOAN CONTACT INFORMATION
Student Loan Lenders U.S.Bank 830694 Wells Fargo/Norwest 807176 TCF Bank 821728 Provincial Bank Academic Funding Group 833893 Bremer 806361 American Student Loan Network 806361
PUT loans are Federal Family Education Loan program (FFEL) loans that have been purchased by DOE. The DOE has purchased many Stafford Student loans that were borrowed through the FFEL program. These loans will now be serviced by the DOE or a loan servicing agency referred to as the servicer. Use the information below to make contact and ask questions abour your loan(s).
Student Loan Guarantors Great Lakes Higher Education Corp. (GLHEC) Education Assistance Corp. (EAC) Student Loans of North Dakota (SLND) Student Loan Repayment Services Sallie Mae Loan Servicing Center (Salliemae) Wells Fargo/Norwest Loan Servicing Center Student Loan Finance Corp. (SLFC) NELNET FirstMark Services (SELF Loan)
|
|
 |
||
 |
SEARCH | ALUMNI & DONORS | BUSINESS & INDUSTRY | CONTACT US | CLC HOME |  |
|
|
|
