Federal Student Loans

1. 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 here on or after January 2. Contact your school for their application deadline. 

2. 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.

3. 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.)

4. Apply for a Stafford Federal Loan
Complete the online Stafford Master Promissory Note (MPN)  to get your loan at ACMG Federal Credit Union.  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.  Refer to the Student Loan Quick Reference Guide for more details on Stafford Loan rates, limits, disbursement process, and repayment schedules.

5. If Needed, Apply a Parent PLUS or Grad PLUS Loan
Parents can complete the online Parent PLUS Loan Master Promissory Note (MPN) or graduate/professional students can complete the GRAD PLUS Note.  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 you or 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. Refer to the Student Loan Quick Reference Guide for more details on PLUS Loan rates, limits, disbursement process, and repayment schedules.

 

(If your federal loans are not enough to cover the costs of attending college,  ACMG offers Private Student loans with zero origination fees, lower interest rates, and flexible repayment options. View more details here.) 

6. Your School will Receive the Funds
Both Stafford and PLUS Loans are guaranteed and serviced by Great Lakes Educational Loan Services, Inc.. 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.

7. Access Your Loan Account Online
You can check the status of your loan, view your account information and make payments from your credit union account 24/7 at  www.mygreatlakes.com. Choose ”Borrowers” and then log in to access Internet Borrower Inquiry Service.  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.

8. Call These Toll-free Numbers for Loan Inquiries