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Loans
How to Apply for A Federal Stafford Subsidized or Unsubsidized or PLUS (Parent Loan for Undergraduate Student)
All First-Time Federal Stafford Loan Borrowers
You are required to do the following:
1. Accept your Federal Stafford Award online via FASTS or by signing your Award Letter
2. Conduct A Loan Entrance Interview
3. Apply for a Federal Stafford Loan
4. Electronically Sign the Master Promissory Note
Please read below for detailed instructions regarding steps 2 to 4.
Entrance Interviews
All new student borrowers at Goucher College must complete a loan entrance interview. A new borrower at Goucher College includes students who have never borrowed a Stafford or Perkins loan before as well as students who may have borrowed at another college prior to attending Goucher College. A scheduled loan session generally takes place during New Student Orientation. However, an easy and fun way to complete this requirement is to visit the following website: Conduct a Loan Entrance Interview
Apply for a Federal Stafford Loan
Federal Stafford Loan Master Promissory Note
The Federal Stafford Loan Master Promissory Note (MPN) is a multi-year promissory note, which allows the student, in most cases, to complete only one promissory note for the duration of his or her enrollment. Subsequent academic years will only require the student to accept, reduce, or reject their Federal Stafford Loan each year by signing or declining the award on the financial aid award using the Financial Aid Student Tracking System (FASTS).
How to Apply for the Federal Stafford Loan Online
Please read the following directions before selecting this link: Go to:Apply for a Federal Stafford Loan
1. As a first-time borrower, please select the CREATE NEW ACCOUNT button to proceed.
2. Please review the Terms of Service review that are displayed then click on the button accepting the terms as listed.
3. Continue to Create A New Account: For your OpenNet User ID we suggest using your Goucher ID number that can be found on your financial aid award letter or tuition statement. For the OpenNet password, we suggest using the first letter of your last name followed by your Goucher ID number. Please keep a copy of your password information for your records. Once your account has been created, if you have given OpenNet an email address you will receive an email confirmation that your account has been created.
4. Start the Application Process: You will be given a choice as to the loan you will be applying to receive, either New Federal Stafford MPN Application, or New Federal MPN PLUS Application. You may select the lender of your choice from the list given, items #8 and #9. You will be given the option of continuing or saving the application for later.
5. Federal Unsubsidized Stafford Loan Interest Option: If the student is receiving an unsubsidized Stafford loan you will have the option of paying the interest while attending school or having the interest paid once you have completed your education at Goucher College.
6. References: Enter the requested information for two adult references who do not share a common United States address. The first reference should be a parent (if living), legal guardian, or adult relative. References with addresses outside the U.S. are not acceptable. All requested items, including telephone number, must be complete or your loan(s) will be delayed. If a reference does not have a telephone, enter N/A in the telephone number field.
Your Step-by-Step Guide for Submitting your Loan Application with an Electronic Signature
To submit your loan application with an electronic signature, simply follow the steps listed below:
1. Review all information detailed on the 'Electronic Signature and Print Options' screen and choose 'Yes' indicating you would like to E-Sign your application. Select a print option and then select the 'Next Page' button to continue.
2. If your lender's privacy policy is available, review the information and select the 'Next Page' button.
3. Review your loan materials and select the checkbox indicating that you have read, understand and agree to the terms and conditions. Select the radio button indicating you would like to continue with the E-Sign process. Select the 'Submit' button.
4. Type your name and then select the 'Submit Electronic Signature' button.
You may also choose not to sign electronically and print the MPN (Master Promissory Note) and follow mailing instructions or have the MPN mailed to you. However, we strongly recommend signing electronically. Choosing any other option will delay processing.
Repeat Borrowers of Federal Stafford Loans
Returning students may accept, reduce, or reject their Federal Stafford Loan each year by signing or declining the award on the financial aid award using the Financial Aid Student Tracking System (FASTS).
First Time PLUS Loan Borrowers
For your convenience here are links to our preferred lenders websites. Please save Goucher College's Loan webpage as a favorite on your web browser, so you may return to this page to complete the loan process for Goucher College. For tracking purposes please do not apply for loans while you visit our lenders websites.
Preferred Lenders
This list is provided solely as a guide to assist families in selecting a lender partner for their student loan needs. Goucher College will continue to process loans from any lender submitted by the family. Please note that the selected lenders were chosen by students, faculty, and staff as part of a focus group process. Each was evaluated on product, customer service, and value added services. The selected lenders did not provide any financial or other incentive to the College, the Financial Aid Office, or any financial aid employees in order to be included on this list. As always, we encourage families to use the links and compare the various products, in order to make informed financial aid decisions
Federal PLUS Loan Master Promissory Note
Similar to the Federal Stafford Loan Master Promissory Note the Federal PLUS Loan (MPN) is also a multi-year promissory note, which allows the parent, in most cases, to complete only one promissory note for the duration of his or her student's enrollment. Each year the parent will be required to obtain a preapproval from a Goucher College recommended lender.
How to Apply for the Federal PLUS Loan Online
Please read the following directions before selecting this link: Apply for a Federal PLUS Loan
1. As a first-time borrower, please select the CREATE NEW ACCOUNT button to proceed.
2. Please review the Terms of Service review that are displayed then click on the button accepting the terms as listed.
3. Continue to Create A New Account: For your OpenNet User ID we suggest using your Goucher ID number that can be found on your financial aid award letter or tuition statement. For the OpenNet password, we suggest using the first letter of your last name followed by your Goucher ID number. Please keep a copy of your password information for your records. Once your account has been created, if you have given OpenNet an email address you will receive an email confirmation that your account has been created.
4. Start the Application Process: You will be given a choice as to the loan you will be applying to receive, either New Federal Stafford MPN Application, or New Federal MPN PLUS Application. You may select the lender of your choice from the list given, items #8 and #9. You will be given the option of continuing or saving the application for later.
5. References: Enter the requested information for two adult references who do not share a common United States address. The first reference should be a parent (if living), legal guardian, or adult relative. References with addresses outside the U.S. are not acceptable. All requested items, including telephone number, must be complete or your loan(s) will be delayed. If a reference does not have a telephone, enter N/A in the telephone number field.
Your Step-by-Step Guide for Submitting your PLUS Loan Application with an Electronic Signature
To submit your loan application with an electronic signature, simply follow the steps listed below:
1. Review all information detailed on the 'Electronic Signature and Print Options' screen and choose 'Yes' indicating you would like to E-Sign your application. Select a print option and then select the 'Next Page' button to continue.
2. If your lender's privacy policy is available, review the information and select the 'Next Page' button.
3. Review your loan materials and select the checkbox indicating that you have read, understand and agree to the terms and conditions. Select the radio button indicating you would like to continue with the E-Sign process. Select the 'Submit' button.
4. Type your name and then select the 'Submit Electronic Signature' button.
You may also choose not to sign electronically and print the MPN (Master Promissory Note) and follow mailing instructions or have the MPN mailed to you. However, we strongly recommend signing electronically. Choosing any other option will delay processing.
How to Apply for a Federal PLUS (Parent Loan for Undergraduate Student) Loan
Follow the instructions listed above. For the Application Selection please complete both the Federal PLUS Prequalification and New Federal PLUS Application: Apply for a Federal PLUS loan
Some Points to Remember
- Please borrow wisely.
- Your Award Notification lists the maximum amount you are eligible to borrow from each loan program.
- Please borrow only what is needed to cover your educational and living expenses for this academic year.
- If you choose to borrow less than you are offered, you will be eligible to request the remaining funds later in the semester.
- Requests for additional loans should be submitted at least 30 days before the last day of classesSet a realistic budget and stick to it.
- Exhaust all alternatives before borrowing.
- Only borrow what you really need.
- Understand the features and benefits of your loan.
- Stay in touch with your lender and the Office of Student Financial Aid.
- Avoid interest accrual on unsubsidized loans.
- Keep a log of whom you talk to about your loan.
- Keep records of all correspondence with your lender.
- Contact your lender about payment options if you can't make a payment.
- Borrow for the year, not the semester.