College Funding Guide

CoVantage Credit Union offers Federal Stafford loans for students and Federal PLUS loans for parents. Every student who has been accepted at a postsecondary school is eligible to apply for federal student loans, regardless of family need or ability to pay. You should apply for aid every year, even if you think you don't qualify. CoVantage Credit Union provides quality guarantee, loan origination and servicing through our partnership with Credit Union Student Loan Network and Great Lakes Higher Education Corporation. Through our network, we offer:

• Efficient and knowledgeable service.
• 24-hour turnaround on properly completed applications once received and approved by Great Lakes.
• .25% off the rate on your student loan or parent loan (Federal PLUS) when you agree to use automatic payment transfers at the time of repayment. (Exclusive offer just for Credit Unions.)
• For both Stafford (Student) and PLUS (Parent) loans, repayment begins 6 months after the student drops below half-time status or graduates. You may prepay any part of loan at any time without penalty.
• Borrower is required to pay a 1% origination fee (from loan proceeds) for two- and four-year public and private undergraduate institutions and graduate and professional schools. (3% origination fee for Federal PLUS loans)

To apply for financial aid from the federal government, including the subsidized and unsubsidized Stafford Loan, Parent PLUS Loan, Perkins Loan, Pell Grant and work-study, follow these steps:

1. Complete and submit the Free Application for Federal Student Aid (FAFSA) to the federal processing center listed in the application. Fill out a web-based version of the FAFSA at www.fafsa.ed.gov. If you have questions while completing the FAFSA, call 1-800-433-3243 or 1-319-337-5665. Completing the FAFSA online at www.fafsa.ed.gov is the only way that you can apply for financial aid!
   
   
2. The federal processing center will send a Student Aid Report (SAR) to you and the schools you listed on the FAFSA. The school(s) will determine the types of financial aid for which you qualify, for the current academic year and notify you in an award letter.
   
   
3. When you receive your award letter, visit CoVantage Credit Union to obtain your loan application.

   A) If you are a student that qualifies for financial aid, you must apply for your student loan by completing a Federal Stafford Loan Master Promissory Note (MPN). This is your loan contract that legally obligates you to repay the loan. (This a printable form that you can fill out online, but you still need to print it out and return it to the GLHEC with original signatures.) Be sure to fill in CoVantage Credit Union's lender code - 823619 - where specified on the application. After completion, return the MPN to Great Lakes Higher Education Corp. (GLHEC), PO Box 7987, Madison, WI 53707-7987.
   

   B) If you are a parent that qualifies for a Federal PLUS Loan, you can apply for that loan by completing the Application and Promissory Note for Federal PLUS Loan. You can get that application at the Credit Union or click on the link above.

Tips on filling out the Student or Parent Promissory Note forms provided online by CoVantage Credit Union: You may want to print out all eight pages first before filling out the application because the step by step instruction are at the end of the document. CoVantage Credit Union's Lender Code is 823619 Use the [Tab] key to move to each field. Be sure to complete all the information then print out the completed form to send to Great Lakes Higher Education Corp. (GLHEC), PO Box 7987, Madison, WI 53707-7987. An original signature and date will be required

4. Great Lakes Higher Education Corporation will notify you and your school when your loan is guaranteed. CVCU does not know when or if loans are approved, or the status of the loan. You can call the Great Lakes Borrowers Service Department at 1-800-236-4300 to inquire on your loan status.
   
   
5. Once your loan is processed, Great Lakes will send the money directly to your school's financial aid office and it is applied to outstanding balances such as tuition or room and board. Any money left over is returned to the student. (In most cases, it is at the school's discretion.) Money returned to the student can be used to cover any other costs, such as textbooks and living expenses.

Please remember that applying for financial aid could take some time. You should allow
4-6 weeks for your FAFSA and your Student Aid Report to be processed, and your award letter to sent. It could take longer if applications are not completed accurately, or school code, address, and name are not on the applications.

After you apply for your loan using the Master Promissory Note, the approval process takes about 2-4 days once the paperwork is received by Great Lakes.

CoVantage Credit Union's Lender Code for Student Loans is 823619.

For more information on Student Loans, or assistance in filling out any of the above forms, contact the office of your choice. To see a list of our offices click here.