Financial Aid

FASTChoice Stafford Loan Comparison Tool

Subsidized Stafford Loans

• Available for degree or certificate seeking students attending at least ½ time and maintaining satisfactory academic progress (SAP) 
• Student must be registered for classes and file necessary financial aid applications (including the  FAFSA )  
• Eligibility is based on financial need.  
• Entrance Interviews are required of all first time loan borrowers. 
• Repayment begins 6 months after a student graduates, withdraws, or drops below ½ time status. 
• Borrowers may take up to 10 years to repay the loan. 
• An origination fee of up to 1% and a default fee of up to 1% may be deducted from each loan prior to disbursement. 
• The subsidized interest is paid by the federal government while the student is in school and during the six month grace period.

As of July 1, 2009, the Subsidized Stafford Loan interest rate for undergraduate students is 5.6% and the interest rate for graduate students is 6.8%.

Unsubsidized Stafford Loans

Meets all terms of Federal Subsidized Stafford Loan except:

• This loan is not need-based. 
• The federal government does not pay the interest on your behalf. 

The current Unsubsidized Stafford Loan Interest rate is currently 6.8%.

Current Stafford Loan Limits/Interest Rates

Choosing a Lender

The Office of Financial Aid works with a number of lenders and loan servicing agencies to provide B-W students with a variety of education financing options.  After carefully reviewing and comparing numerous programs, we have compiled B-W’s Stafford Recommended Lender List based on the lender’s ability to provide quality customer service, borrower benefits and timely loan processing features.   While the basic terms of a Federal Stafford Loan are the same from lender to lender, we encourage all first-time borrowers to review the details provided on the FASTChoice Stafford Loan Comparison Tool. 

Stafford Recommended Lender List

Lender ID              Lender Name

831455                  Student Loan Funding / Sallie Mae

808877                  National City Bank / Great Lakes Education Loan Services

802218                  Sallie Mae Education Trust / Sallie Mae

808965                  Chase / Great Lakes Education Loan Services

808780                  Fifth Third Bank / Sallie Mae

813760                  Key Education Resources / Great Lakes Education Loan Services

The lenders listed do not appear in any particular order.  You may borrow a Stafford Loan through a lender not included on this list.  If you wish to do so, contact the Financial Aid Office for application instructions.

The Baldwin-Wallace Office of Financial Aid does not benefit from relationships with lenders offering student loans.

How the Stafford Loan Application Process Works

Step 1: Process your Stafford Loan online through Your Electronic Aid Award (YEA) . You will need to register (if this is your first visit) or log in. Accept the Federal Stafford Loan by hitting the accept tab and then choose a lender.  When you are finished, submit the award at the bottom of the page.

OR

Step 1: 
Complete the Stafford Loan Request Form. Submit the completed form to our office.

Step 2:
Once we receive your lender choice electronically, or by receiving the completed Stafford Loan Request Form, we will electronically certify and forward your loan information to the loan servicer – Sallie Mae or Great Lakes Education Loan Services.  Our office will send confirmation of this to your email address.

Step 3:
When the Office of Financial Aid certifies your loan, first-time borrowers will receive instructions from Sallie Mae or Great Lakes to complete Mapping Your Future, an online student loan counseling program. You will then be asked to complete the Stafford Loan Master Promissory Note (MPN) on line.  After the MPN is signed, you will receive a Disclosure Statement from the loan servicer. This very important piece of information will advise you as to:

• When your loan proceeds will be disbursed.
• The date and amount of each disbursement.
• Your interest rate.
• The amount you have borrowed for this loan.

Step 4: 
You will receive your Stafford Loan in two equal disbursements, at the beginning of the first term and at the beginning of the second term, in keeping with the dates and amounts shown on your Disclosure Statement. Your student loan proceeds will be credited to your account at Baldwin-Wallace College.

 
Click here for more details on Federal Stafford Loans
(from the U.S. Department of Education) 

Great Lakes Master Promissory Note (MPN) 

Sallie Mae Master Promissory Note (MPN)