Make College a Reality
Get Your Student Loan from
DEXSTA Federal Credit Union
Lender Code: 833764
You know the value of a college education.
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
DEXSTA Federal Credit Union offers Federal Family Education Loan Program
(FFELP) loans.
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.
- PLUS (Parental Loan for Undergraduate Students) Loans
Creditworthy parents of dependent undergraduate 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
Here’s how to obtain a federal student loan:
- 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 at
www.fafsa.ed.gov on
or after January 2. Contact your school for their application
deadline.
- 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.
- 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.)
- Complete a Stafford Master Promissory Note
Complete and print the Stafford
Master Promissory Note (MPN) to get your loan at DEXSTA Federal
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. Be sure to indicate your FULL school name (no
abbreviations) and school code (if known), city and state in the upper
right-hand corner of the Master Promissory Note.Return it to the
address below so we can complete the processing for you.
DEXSTA Federal Credit Union
Attn: Lending Manager
300 Foulk Road, Suite 100
Wilmington DE 19803
- If Needed, Complete a PLUS Master Promissory Note
Parents can complete and print the PLUS
Loan Master Promissory Note online. The Plus Loan Master Promissory
Note will be used for all of your loans over multiple academic years
at the same school. Be sure to indicate your child’s school name
(no abbreviations) and school code (if known), city and state in the
upper right hand corner of the Master Promissory Note. Return it
to the same address listed above so we can complete the processing for
you.
- 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.
- 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. After you
log in, choose My Loans, then Internet Borrower Inquiry Service to get
started. 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.
- Call These Toll-free Numbers for Loan Inquiries
- Contact BEFORE your loan is disbursed to the school:
Great Lakes Educational Loan Services, Inc. at 1-800-366-0032
- Contact AFTER your loan is disbursed to the school:
Great Lakes Educational Loan Services, Inc. at 1-800-236-4300
Manage your finances.
DEXSTA 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
302-571-0522 or e-mail Dee.Chimenti@dexsta.com.
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