Admissions
Financial Aid > Stafford Loan Application Process
Your Financial Aid Announcement may include a Federal Stafford Loan of which there are two types, “subsidized” (which means need-based) or “unsubsidized” (not need-based). You may have either one of the two types or you may have both. Learn more about the Stafford Loan.
How to Apply for a Federal Stafford Loan
These two steps must be completed in order to receive a Federal Stafford Loan:
Step 1: Complete the Stafford and Perkins Combined Entrance Counseling
(If you also have a Perkins Student Loan, you only need to complete this entrance counseling session once for both loans.)
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Select “Illinois” and click “Continue.”
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Select “Lake Forest College” and click “Continue.”
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Select “I Agree” at the bottom of the page and begin your session.
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Print the Confirmation Page or note the Confirmation Number before leaving the site.
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The Office of Financial Aid will be notified after you have completed the session.
Step 2: Select a lender from which to borrow your Stafford Loans. You may either select one of the lenders found on our Lender List below, or you may choose any other lender who makes Federal Stafford Loans. All of the lenders on our list must follow the same federal guidelines and all of them offer their borrowers similar products and services. These are the features all of them offer:
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Origination Fee of 0.50%
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Default Fee of 0% to 1%
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Interest Rate for subsidized Stafford Loans at 5.6% fixed for 2009-10 school year; Interest Rate for unsubsidized Stafford Loans at 6.8% fixed
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Borrower Incentive of 0.25% interest rate reduction for payments made via automatic debit
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Electronic Master Promissory Note completion online and with electronic signature
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Account Information available online 24 hours a day, seven days a week
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Toll-free Customer Service Hotline with hours ranging from 8:00 a.m. to 11:00 p.m. ET.
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Debt Management & Financial Education Services
Our often-used Stafford Loan Lenders * are (in alphabetical order):
Step 2 (continued): Complete a Federal Stafford Loan Master Promissory Note.
- Select one of the lenders from the list above or another Stafford Loan Lender.
- Click on the lender’s name to access and complete their MPN.
What Happens Next:
- Your lender will notify the Office of Financial Aid after you completed the MPN.
- The Office of Financial Aid will contact you if additional information is required.
Although we think these lenders will best serve your needs, you are free to select any other lender who makes Federal Stafford Loans.
* The lenders on our Lender List were evaluated based on their financial stability, their customer service and hours of availability, their value-added products such as financial literacy and debt management, their default prevention programs and materials, and their loan servicing capability.
Borrow Wisely
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Consider student loans after you have researched all the sources of free financial aid, including scholarships, grants, and work-study.
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Borrow only the funds you need. You are not required to borrow the full amount shown on your Financial Aid Announcement.
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If you have received an Unsubsidized Stafford Loan, try to make at least some interest payment while you are enrolled (or during your grace period) in order to reduce your total debt.
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Tell your lender/servicer about changes that need to be made to your name, address, or telephone number and also about your withdrawal or your graduation from the College.
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Wise management of your loan will establish an excellent credit history. To help insure all payments are made on time, consider setting up an automatic debit from your checking or savings account.
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Keep copies of all loan documents and correspondence in one place.
For More Information…
...about the loan process or other financial aid matters, please feel free to contact our office and speak with:
Margaret Alsaraf
Assistant Director of Financial Aid
847-735-5015 (phone)
847-735-6271 (fax)
