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09.19.07 | You've Signed a Stafford Promissory Note….Now What?

Posted in Federal Loans by David Bonvie
Applying for a Stafford Loan can be a daunting task….but it does not have to be. Here is a quick break down of how the process works once you fill out the Stafford Loan Promissory Note (MPN). See the steps below.
Let’s assume you opt for an online signature:

A. You fill out your personal information on staffordloan.com.

  • Tip 1: Be sure that both of your references do not have the same address as each other. This will cause a delay.
  • Tip 2 : Be sure you put the correct school and campus. If your school is not listed, call them to see where you should get the MPN.

B. Check your email for the link to your electronic MPN. Click the link and follow the instructions on how to “docusign”.

C. Approximately 36 hours from your signature – a school certification form will be sent to your school’s Financial Aid Office.

  • Tip 3: Follow up with your school to make sure they fill that form out and return it…or else your loan will not be completed…if you are not sure if your school will certify the loan just double check on your financial aid award letter to see if you were in fact eligible to borrow a Stafford loan.

D. Remember that Promissory Notes are good for up to 10 years, but typically you have to “accept” the loan every year. Do not assume that because you filled this out freshman year, it will automatically renew. Stay on top of it before every school year. If you need information about other ways to pay for school visit any one of the sites below.

Private Student Loans
ACT Loan
Scholarships

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6 Comments »

  1. Quinton Wiggins says

    Where do I send the promissory note too after I have filled it out? What is the address that I mail it too?

    September 20th, 2007 | #

  2. Lee Anne Hannula says

    In response to comment 1. You can send the prom note to:

    Student Loan Network
    1250 Hancock Street Suite 703N
    Quincy, MA 02169

    September 21st, 2007 | #

  3. Samantha Mayfield says

    I have tried to get help with my application for my student loan for 2 weeks, I have contacted the finicial aid at Coffeyville community college 3 times and sent an email to stafford loan once. Still no answers , and still no loan submitted. What is a first time student suppose to do?????????????

    September 28th, 2007 | #

  4. Jennifer Tillery says

    How can I find out the status of my application for a loan. I have contacted my financial aid depart but have received no answers other than it is being processed. What is the processing time?

    October 1st, 2007 | #

  5. ranemae denise gibson says

    i had applied for a loan in hamden, ct. in 2005. i’m trying to get my student loan transferred to a technical college. could you tell me what to do and to do it

    October 3rd, 2007 | #

  6. Darlene M. Kamaka says

    We have fell on hard time this past year. I want to know what to do if my loan fell into default and my husband’s earned income Federal Taxes (2007) was garnished, we filed jointly. However, it has been approximately ten years since I had made my loan and wasn’t married to Mr. Kamaka at that time. But now, his monies are compermised because of my defaulted loan which became active in April ‘07. Also, at one time I did a deferment, which I thought was (forgiveness) erased. Currently, I’m still indefinitely disabled.

    January 31st, 2008 | #

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