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Starting the Loan Application Process

Federal Direct Stafford Loan

  • You must complete a Free Application for Federal Student Aid (FAFSA) in order to receive a Stafford Loan.  For more information on the FAFSA, click here. 
  • Make sure that you've accepted your Stafford loans for the amount you'd like to borrow for the academic year.
  • If this is your first Direct Loan through Geneseo, visit https://www.studentloans.gov to complete your Master Promissory Note (MPN) with the U.S. Department of Education. 

New Stafford Loan Borrowers - You must also complete the "Stafford Loan Entrance Interview."  This entrance interview can also be completed at https://www.studentloans.gov

 

Federal Direct Parent Loan for Undergraduate Students (PLUS)

  • Parents must first accept the PLUS loan for the amount they'd like to borrow for the academic year.
  • Then they must visit https://www.studentloans.gov to request a PLUS credit check for their desired loan amount.
  • Once approved, parents will be able to complete their Master Promissory Note at this website.
  • If denied, parents have the choice of either getting an endorser or appealing the credit decision.
  • If a parent will not pursue an endorser or appeal the credit decision, then an additonal unsubsidized Federal Direct Stafford loan will be offered to the student.

Please keep in mind that an approved PLUS loan will be processed for the academic year (with a Fall and Spring loan period), unless we're notified otherwise.

Additional information about the PLUS loan can be found at http://www.direct.ed.gov/parent.html.

 

Alternative Student Loans

 

If you are interested in applying for an Alternative student education loan, you may contact the lender of your choice.  You may choose any lender who participates in these programs.  The suggested lenders listed below were determined by an annual review and selected based on the following criteria: excellent customer service, technology and default management.  You may need to ask your selected lender about the interest rate structure, rate caps, repayment terms and deferment options, as they vary.

Be advised that you should always consider federal loan options first.  Students may be able to borrow up to $7500 through the Direct Federal Stafford Loan program depending on their grade level and parents have the option of utilizing a Direct Federal Parent Loan for Undergraduate Students (PLUS) to fund educational costs.

Following is a list of suggested lenders for Alternative Loans:  

For a comparision of these lenders, please visit http://www.elmselect.com/.