Make College a Reality
Get Your Student Loan from Champlain Valley Credit Union
Lender Code: 832331
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 Champlain Valley 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, Champlain Valley Credit Union 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.
- Parent PLUS/Grad PLUS Loans
Creditworthy parents of dependent undergraduate students and graduate/professional 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
Take advantage of these interest rate reductions at Champlain Valley Credit Union.
- .25% interest rate reduction to members making student loan payments through Automated Clearing House (ACH).
Here’s how to obtain a federal student loan.
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 online 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. Complete a Stafford Master Promissory Note
Complete the Stafford Master Promissory Note (MPN) to get your loan at Champlain Valley 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.
5. If Needed, Complete a PLUS Master Promissory Note
Parents or graduate/professional students can complete the PLUS Loan Master Promissory Note (MPN). The PLUS Loan Master Promissory Note will be used for all of your loans over multiple academic years at the same school.
6. 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.
7 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. 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
- 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
After graduation, consider consolidating your student loans.
After you graduate, lock into a low fixed rate by consolidating your student loans, even if you only have one. Find out more about Consolidating your Student Loans.
Manage your finances.
Champlain Valley Credit Union and Great Lakes are committed to helping students learn to manage their finances. The regularly updated Personal Financial Management Resources provides information on anticipating college costs and staying in control of your finances while in school.
Plan your future. Visit these Web sites.
Need help?
For help with the student loan process, call the credit union at 1 (802) 879-7747 or 1 (800) 540-7745 or e-mail ebolio@champlainvalleycu.com.
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