Federal Stafford Loan - APPLY NOW

Federal Stafford loans are the most common source of student loan funds for undergraduate, graduate, vocational and professional students. The Free Application for Federal Student Aid (FAFSA) is required and will establish eligibility and financial need. Students with financial need may qualify for a subsidized Stafford loan which means the Government pays the interest until six months after graduation. Students without financial need may qualify for an unsubsidized Stafford loan which means interest begins accruing at disbursement. The annual Stafford limit awarded may be a combination of both subsidized and unsubsidized. This is not a credit based loan.

Features and Benefits

• Repayment begins six months after graduation
• .5% origination fee and 1% federal default fee
• Funds are disbursed directly to the school, less fees
• Check-free rate reduction of 25 basis points offered if payments are made through an automated clearinghouse or ACH
• Loan limits:
  • Year 1:            $5500
  • Year 2:            $6500
  • Year 3-4-5:      $7500
  • Independent, Graduate and Medical students qualify for higher limits
  • Limits may be a combination of subsidized and unsubsidized funds

• Interest rates:
  • Unsubsidized:    6.8% fixed
  • Subsidized:       Rates will adjust as shown below:
                       

  July 1, 2008 - June 30, 2009	6% fixed
  July 1, 2009 - June 30, 2010	5.6% fixed
  July 1, 2010 - June 30, 2011	4.5% fixed
  July 1, 2011 - June 30, 2012	3.4% fixed
  July 1, 2012	6.8% fixed

It is important to share our lender code with your school's financial aid office. Your school may provide you with a list of preferred lenders, you may choose Eli Lilly Federal Credit Union whether we appear on the list or not. Simply indicate on your Master Promissory Note (MPN) our lender information:

Lender name: Eli Lilly Federal Credit Union, Indianapolis IN 46202
Lender code: 826679

Links of Interest - 

• Student Aid on the Web 
• FastWeb Scholarships
• FAFSA
• FAFSA Completion Tips
• FAFSA On The Phone
• U.S. Department of Education PIN Registration
• Great Lakes Educational Loan Services
• National Student Loan Data System

Additional Information:

• Frequently Asked Questions (FAQs) 
• Glossary 
• High School Planning Guide
• 2009-2010 Quick Reference Guide
• Student Loan Guide

Contact:

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.