Applying for a Stafford Loan
You do not have to make payments on your Stafford Loan while you are in school. If you are awarded a subsidized Stafford Loan, the government pays the interest while you are a student. If you received an unsubsidized Stafford Loan, interest will accrue throughout the life of the loan. However, you are not required to make interest payments while in school. The interest rate is 4.70% while in school, and 5.30% in repayment through June 30, 2006. Stafford Loans disbursed on or after July 1, 2006 will have a fixed rate of 6.8%. Loans disbursed prior to July 1, 2006 will continue to have a variable rate, which will be announced by the Department of Education in June. Loan limits are determined by the federal government, and are based on completed college credit hours. Repayment starts six months after you cease to be enrolled at least half- time, and lasts at least 10 years. Our preferred lenders are Citibank, Wells Fargo, and National Education.
To apply for the Stafford Loan, you must complete a Master Promissory Note (MPN). The MPN that you complete for the 2006-2007 academic year will serve as the Promissory Note for ALL future Federal Stafford Loans received at North Park University. Most importantly, once the MPN is completed and signed, you will not be required to sign another Stafford Promissory Note. You will still have the opportunity to choose not to receive the Federal Stafford Loan in future terms.
Select one of the following lenders to apply for your Stafford Loan online. We have chosen these lenders based on excellent customer service provided to North Park families, as well as the Financial Aid Office. These lenders offer similiar borrower benefits, which are outlined on their websites.