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:

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 at www.fafsa.ed.gov 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 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
   
   
5. 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.
   
   
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. 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.
   
   
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 1-800-366-0032
   • 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.

• www.mapping-your-future.org - Detailed information about career planning, selecting a school, and paying for college.
• The Student Guide is a comprehensive resource on student financial aid from the U.S. Dept of Ed.
• www.studentaid.ed.gov - Detailed student aid and student loan info from the U.S. Dept of Ed.
• www.fastweb.com - Scholarship information.
• www.fafsa.ed.gov - Online application for financial aid (FAFSA).
• www.pin.ed.gov - Apply for a PIN number to complete online FAFSA.
• www.mygreatlakes.com - Great Lakes Educational Loan Services, Inc. is the guaranty agency for your student loans. You can check the status of your student loans here.
• www.nslds.ed.gov - View the history of the federal student financial aid you have received.
• www.loanlocator.org - Helps you keep track of your loans if you have more than one loan servicer. This site is useful when consolidating student loans.
• www.finaid.org - Guide to student financial aid and scholarship search services.
• www.collegeplan.org - Information on college selection, admissions, financial aid and scholarships.
• www.princetonreview.com/home.asp - Offers powerful college search tools, useful links, expert advice and guidance from an experienced college panel.
• www.usnews.com/usnews/edu/college/cohome.htm - US News & World Report’s college search and financial aid assistance.