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There are two types of Federal Stafford loans: subsidized and unsubsidized. This page outlines the differences and will walk you through the application steps. Types of Aid Available Links:
Important Loan Information When using student or parent loans a lender must be chosen. When choosing a lender, you may wish to choose one of our commonly used lenders who all have a proven track record of excellent service in the Federal Family Education Loan Programs and the private loan programs. Moreover, we are able to work with them smoothly and electronically to get your funds to you in the most efficient manner. Our web site is set up to provide the most efficient and simplified process for you.Other lenders are also able to work electronically with our office. You may contact us to find out if a lender you want to use can work with us electronically. There are other lenders who provide student and parent loans but are not set up to process information or funds electronically with our University. If you choose other lenders, you will go through a paper process and the postal mail delivery system to obtain loan funds. A promissory note is the legal agreement between a student (or parent) borrower and the lender that the borrower will repay. The promissory note must be signed by the borrower, either electronically or on paper, before any loan funds can be disbursed to a student's account. Follow the instructions below to apply for, choose a lender, and complete Promissory Notes for Student or Parent Loan(s): Federal Stafford Loan and the Master Promissory Note: First, you must have filed a FAFSA and submitted any additional documentation required by the US Department of Education or the University of Northwestern Ohio. After receiving an Award Notice, you will have to accept the Stafford Loan and choose a lender to fund the loan.First-time borrowers or freshman at the University of Northwestern Ohio will have to sign a Master Promissory Note (MPN) for Federal Stafford loans. You will need to sign, date and return your MPN to the lender you selected. When your lender has your MPN, they will be able to send funds to your account on the date the University may request them. The MPN covers all of your Stafford loans during your attendance at the University of Northwestern Ohio and can be completed on-line. It is valid for a period of up to 10 years provided that you keep the same lender. In order to complete the MPN, you'll need to provide addresses and other contact information for two references, as well as some general information about yourself. There are two types of Federal Stafford loans: subsidized and unsubsidized.
Federal Parent PLUS Loan and the Master Promissory Note: The Federal Parent PLUS Loan is a low interest loan that parents of undergraduate, dependent students may borrow. A family can fund the entire cost of their child's education from this program minus other financial aid.If a parent wishes to use a Federal Parent PLUS Loan, they will have to sign a Master Promissory Note (MPN). The parent will need to sign, date and return the MPN to the lender they selected. When the lender has the parent's MPN, they will be able to send funds to the student's account on the date the University may request them. The MPN covers all of the parent's PLUS loans during your student's attendance at the University of Northwestern Ohio and can be completed on-line. It is valid for a period of up to 10 years provided that you keep the same lender. In order to complete the MPN, you'll need to provide addresses and other contact information for two references, as well as some general information about yourself. The amount of the Federal Parent PLUS Loan requested will need to cover any of the sessions or quarters your student is enrolled during June 2008 through May 2009.
Alternative Loan and the Promissory Note: For students seeking an alternative or private loan to pay the remaining cost after financial aid, a separate application and promissory note will be required by the lender. It is the student's responsibility to contact their lender and complete their application and promissory note. A family can fund the entire cost of their child's education from this program minus other financial aid.At the University of Northwestern Ohio, a student can complete these requirements on-line through Sallie Mae's web site to obtain the Sallie Mae Signature Loan to cover any remaining educational costs. These loans generally are based on creditworthiness of the borrower and cosigner and may not be automatically approved. Attention College of Technology Students: Each academic year when applying for your initial Signature Student Loan, please request the amount needed for the first four sessions of your attendance. In order to continue receiving Signature Student Loan funds please note there is a "Signature Loan Review" which will be required after the fourth session. This review allows students to determine if lesser or additional amounts will be needed from the Signature Student Loan program for the remaining portion of the academic year. You will receive a letter of notification when it is time to apply for the second Signature Student Loan. The application procedure for this second Signature Student Loan will be the same as your initial Signature Student Loan.
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