Loans & Credit
Student Loan
Make College a Reality
Get Your Student Loan from Money One FCU
Lender Code: 834199
You know the value of a college education.
Getting a college degree is a worthwhile goal. College
graduates make an average of one million dollars more than those
without college degrees (www.studentloanfacts.org).
But the cost of a college education can be overwhelming for both
students and parents. That's why Money One Credit Union offers Federal
Family Education Loan Program (FFELP) loans. If you or another family
member plans to attend a university, technical college, or any specialized
training program, Money One can help you with the funding you need
to pursue your dreams.
FFELP offers loans for students and parents.
- Stafford Loans
- The subsidized Federal Stafford Loan is based
on financial need. The government pays the interest while
you are in school.
- The unsubsidized Federal Stafford Loan is
not based on need but family income is a determining factor.
You pay all the interest, although you can have the payments
deferred until after graduation
- PLUS (Parental Loan for Undergraduate Students)
Loans
Creditworthy parents of dependent undergraduate students can apply
for this loan, which is not based on need.
Learn more about low-interest federal student loans.
Refer to the Student Loan
Quick Reference Guide for more details on Stafford and PLUS
Loans including:
- the application process
- current rates
- loan limits
- toll-free numbers to check the status of your loan account
Here's how to obtain a federal student loan:
- Complete a FAFSA
Before you begin applying for a Stafford and/or PLUS Loan, you
must first complete the Free Application for Federal Student Aid
(FAFSA). It must be completed for each academic year that you
request federal aid. FAFSAs for the upcoming academic year are
available online
on or after January 2. Contact your school for their application
deadline.
- Receive your SAR
Once your FAFSA is processed, a Student Aid Report (SAR) is created.
If you completed your FAFSA online, allow 1-2 weeks for you and
your school to receive the SAR electronically. Paper FAFSAs take
6-8 weeks to process.
- Receive your Award Letter
Your school(s) use data from your SAR to determine your financial
aid award for the current academic year and send you an award
letter by e-mail or US Mail. (If your letter mentions the William
D. Ford Direct Lending Program, contact your school for the appropriate
promissory note.)
- Complete a Stafford Master Promissory Note
Complete and print the Stafford
Master Promissory Note (MPN) to get your loan at Money One.
While you must complete the FASFA process to apply for aid each
academic year, this Master Promissory Note will be used by the
credit union to process all of your loans over multiple academic
years at the same school. Be sure to indicate your FULL school
name (no abbreviations) and school code (if known), city and state
in the upper right-hand corner of the Master Promissory Note.
Return it to the address below so we can complete the processing
for you.
Money One Federal Credit Union
PO Box 6398
Largo, MD 20792-6398
- If Needed, Complete a PLUS Master Promissory
Note
Parents can complete and print the PLUS
Loan Master Promissory Note online. The Plus Loan Master Promissory
Note will be used for all of your loans over multiple academic
years at the same school. Be sure to indicate your child's school
name (no abbreviations) and school code (if known), city and state
in the upper right hand corner of the Master Promissory Note.
Return it to the address below so we can complete the processing
for you.
Money One Federal Credit Union
PO Box 6398
Largo, MD 20792-6398
- Your School will Receive the Funds
Both Stafford and PLUS Loans are guaranteed and serviced by Great
Lakes Educational Loan Services, Inc. (Great Lakes). When Great
Lakes receives the Master Promissory Note from the credit union
and School Certification Form from the school indicating the loan
amount and disbursement dates, funds will be sent to the school.
- Access Your Loan Account Online
You can check the status of your loan, view your account information
and make payments from your bank account 24/7 at www.mygreatlakes.com.
After you log in, choose My Loans, then Internet Borrower Inquiry
Service to get started. This site offers a variety of tools for
calculating the cost of your loan. It's your resource to forms,
a glossary of financial aid terms, contact information, and lots
of other information to help you manage your loans.
- Call These Toll-free Numbers for Loan Inquiries
- Contact BEFORE your loan is disbursed to
the school: Great Lakes Educational Loan Services, Inc. at
1-800-236-6600
- Contact AFTER your loan is disbursed to the
school:
Great Lakes Educational Loan Services, Inc. at 1-800-236-4300
Need help?
For help with the student loan process, call the credit union at
301-925-4600 or e-mail info@moneyonefcu.org.
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