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Applying for LoansDO NOT APPLY FOR LOANS UNTIL YOU HAVE RECEIVED YOUR AWARD NOTIFICATION POSTCARD.
YOUR LOAN WILL BE DELAYED IF YOU APPLY BEFORE YOU HAVE BEEN AWARDED AID!
Stafford Loan (subsidized and unsubsidized)Every student, each year,
must complete TWO steps to apply for a Federal Stafford Loan:
- Entrance Counseling
- Master Promissory Note (MPN)
You will need the following
items in order to complete your loan application:
- Official Award Notice
- Federal PIN
- Driver's license number
- Addresses and phone numbers of two references
(references cannot be at the same address)
Students typically apply for loan funding for the whole year rather than per semester. 2006-2007
Starting for the 2010-11 school year, federal regulations
require that ICC delay the first Stafford Loan disbursement by 30
days for first time, first year borrowers.
Also, fall only or spring only loans must be disbursed in two separate
disbursements. DO NOT APPLY FOR LOANS UNTIL YOU HAVE RECEIVED YOUR AWARD NOTIFICATION POSTCARD.Please be aware......you MUST be a member of Lakes Area Credit Union in order to use Lakes Area Credit Union as your lender. Other lenders do not have this requirement.
This loan is only available to students who have been awarded a Perkins Loan on their Official Award Notice.
If you have been awarded a Perkins Loan, you will need to complete THREE steps to apply for a Perkins Loan:
Entrance Counseling - complete online at web link belowMaster Promissory Note (MPN) - Complete in the Financial Aid Office.
Rights and Responsibilities Statement - Complete in the Financial Aid Office.
You will need the following
three items in order to complete your loan application:
- Official Award Notice
- Driver's license number
- Addresses and phone numbers of two references
(references cannot be at the same address)
DO NOT APPLY FOR LOANS UNTIL YOU HAVE RECEIVED YOUR AWARD NOTIFICATION POSTCARD.
A PLUS loan is taken out in
your parent's name and used for your educational expenses. Your parent must have an acceptable credit
history and complete a Master Promissory Note (MPN).
If your parent's credit is
denied, you may be eligible for an additional unsubsidized Stafford loan. Check with the financial aid office for more
information.
The SELF loan may be an
additional funding source for you if you have educational expenses which exceed
your other sources of federal or state aid.
To apply for the SELF loan:
- Complete SELF
Online Counseling
- You (student borrower) must start a SELF Online
Application
- Once you have started the application, your co-signer will receive an email requesting them to co-sign for this loan. The email will include an application reference ID, which will be needed when they login as a co-signer.
- You and your co-signer may choose to sign the loan application electronically or physically. If you choose to sign it physically, your co-signer must also sign it physically.
- If your co-signer chooses to physically sign, then they must print the promissory note. The promissory note must be signed in front of a notary.
- If you sign electronically, print a copy of the promissory note for your records, or if you sign it physically, mail the
promissory note to the Minnesota Office of Higher Education.
This type of loan should be
considered ONLY after the other loan options listed on this page have
been exhausted. Be sure to contact the
lender for all eligibility requirements.
Alternative loans require school certification.
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