A variety of affordable options are available to cover education expenses, including Stafford, Plus and consolidation loans. Our lender code is 832957.

STAFFORD LOANS
A Free Application for Federal Student Aid (FAFSA) is required.

Federal Stafford Loan Master Promissory Note

• The subsidized version is a need-based loan. Interest is paid by the government while the borrower is in school and during the six months following graduation.
• With the unsubsidized version of the Stafford loan, interest is paid by the borrower. It may be deferred until graduation or paid while the borrower is still in school.
• The Stafford loan is a simple interest loan (unlike credit cards, home equity loans and other loans which are based on compound interest), with a rate capped at 8.25%. Call us for current rates.
• There may be a one-time guarantee of up to 1% paid to the guarantor (the agency that insures the loan) and a one-time 3% origination fee paid to the federal government to help offset program costs. Guarantee fees to attend two- and four-year public and private undergraduate institutions, graduate and professional schools are waived.
• Interest may be tax-deductible. Ask your tax advisor.
• You may prepay on this loan without a penalty.
• Loans can be consolidated during the repayment stage.

PLUS LOAN
Federal Plus Loan Application and Master Promissory Note.

Click here to print the Application and Promissory Note for Federal Plus Loan

• A Free Application for Federal Student Aid (FAFSA) may be required.
• This loan is not based on need. All creditworthy parents are eligible.
• This is a simple interest loan, with an interest rate cap of 9%. Call us for current rates.
• A one-time guarantee of up to 1% may be charged by the guarantor and a one time origination fee of 3% is paid to the federal government to help offset program benefit costs. Guarantee fees to attend accredited two- and four-year public and private undergraduate institutions, graduate and professional schools are waived if the school is appropriately accredited.
• Interest may be tax-deductible. Ask your tax advisor.
• If you obtain your PLUS loan each year from us, your loans will automatically be consolidated.
• PLUS loan proceeds are disbursed directly to the school on the dates determined by the school.
• Repayment begins within 60 days after the loan is fully disbursed.
• The m inimum monthly payment is $50.

THE TAX BENEFITS OF STUDENT LOANS
There are numerous benefits to these various loan options. The Student loan interest deduction allows you to deduct all or part of the interest on Stafford loans for yourself or PLUS loans for your dependents, provided the loans were used to finance an education at an eligible institution.

APPLYING FOR A STUDENT LOAN
Here's a description of what needs to be done when applying for Federal Financial Aid.

1. Complete a FAFSA – Complete the Free Application for Federal Student Aid (FAFSA). Get it online or through your guidance counselor or financial aid office. FAFSAs are accepted and processed after January of each year a student is planning to attend school. To apply for a student loan, check "yes" to that question on the form. The sooner you complete the form, the earlier you will know if you're eligible for grants and student loans — and the better chance you'll have at getting them.

2. Receive your SAR – A Student Aid Report (SAR) will be created once the FAFSA has been processed. You will receive a copy, and so will the schools listed on the FAFSA. You should receive the SAR in 1–2 weeks if you filed electronically. Paper FAFSAs take 6–8 weeks.

3. Receive your Award Letter – An award letter from the school will notify you of your aid for the coming academic year. For Stafford loans, the school will either include a Master Promissory Note (MPN) with the award letter or instruct you to get one from a lender. You can download one online as well. Although the award letter may include a preferred lender list, you have the right to choose. To choose PGCFCU, fill in our name and lender code (832957) when completing the MPN.

4. Complete a Stafford Promissory Note – If needed, this Note will be used by the credit union to process all of your loans over multiple academic years at the same school. Be sure to indicate your FULL school name (no abbreviations) and school code (if known), city and state in the upper right-hand corner. Return it the address below so we can complete the processing for you.

Prince George's Community Federal Credit Union
14450 Old Mill Road
Upper Marlboro, MD 20772

5. If Needed, Complete a Plus Master Promissory Note – You can complete and print the PLUS Loan Master Promissory Note online. The Note will be used for all of your loans over multiple academic years at the same school. Be sure to indicate your child's school name (no abbreviations) and school code (if known), city and state in the upper right hand corner. Return it to the address above.

6. Your School will Receive the Funds – Both Stafford and Plus Loans are guaranteed and serviced by Great Lakes Educational Loan Services, Inc. When Great Lakes receives the MPN from the credit union and School Certification Form from the school indicating your loan's amount and disbursement dates, funds will be sent to the school.

7. Access Your Loan Account Online – You can check the status of your loan, view your account information and make payments from your account 24/7 at www.mygreatlakes.com. After you log in, choose My Loans, then Internet Borrower Inquiry Service to get started. It's also a resource for forms, a glossary of financial aid terms, contact information, and lots of other information to help you manage your loans.

Call These Toll-free Numbers for Loan Inquiries

Contact BEFORE your loan is disbursed to the school:
Great Lakes Educational Loan Services, Inc. at 1-800-366-0032

Contact AFTER your loan is disbursed to the school:
Great Lakes Educational Loan Services, Inc. at 1-800-236-4300

CONSOLIDATING YOUR STUDENT LOANS
After your Federal Stafford Loan's 6-month grace period has ended, you will need to begin making payments on your loan. Regardless of where you originally got your loan, you may be able to save by consolidating your loans with a fixed-rate Consolidation Loan at PGCFCU.

A Consolidation Loan could benefit you in three important ways:

1. Lock in a Low Fixed Rate. – Most student loans have a variable interest rate that changes with the 91 day T-Bill rate every July. By consolidating your student loans, you can lock in a low fixed rate for the life of the loan. This means that even when interest rates go up you pay the same low rate. Consolidate your loans while in your grace period and you can save 0.6% in interest.

2. Reduce your Monthly Payments – If you have more than one student loan, you can reduce your monthly payments. Use the Federal Loan Consolidation Calculator to estimate your loan payments. To use the calculator, you'll need to know the amount and interest rate of your current loans. If your loans are with PGCFCU you can find that information at www.mygreatlakes.com. IF your loans are with another lender, contact them for that information or use www.loanlocator.org.

3. Choose from Three Flexible Repayment Plans

• Level Payment Plan – This option provides equal monthly payments over the maximum repayment period allowed.
• Graduated Income Sensitive Plan B – This option allows for interest-only payments for the first one-third of the repayment period. The remaining two-thirds of the repayment period, you pay level monthly payments.
• Graduated Income Sensitive Payment Plan C – This option allows for interest-only payments for the first quarter of the repayment period. The second quarter, you pay level monthly payments on the balance, which are calculated using the original maximum repayment period allowed. For the last half of the repayment period, you pay level monthly payments which are recalculated using the remainder of the original maximum repayment period allowed.

Want More Information?
A variety of tools for calculating the cost of your loan and examining the potential benefits of loan consolidation are available on www.mygreatlakes.com.

The Federal Consolidation Loan Information Guide can also provide details to help you determine if a Consolidation Loan is right for your. Or call the credit union at 301-627-2666.

Apply for a Consolidation Loan Today
Complete and print the Consolidation Loan Application and Promissory Note. Return the Note with your signature to the address below.

Great Lakes Higher Education Loan Services, Inc.
P.O. Box 8956
Madison, WI 53708-8956

Make Payments Online
You can log on to www.mygreatlakes.com to view your account information and make payments on demand from your account at any time. After you log in, choose "My Loans", and then "Internet Borrower Inquiry Service" to get started.

PGCFCU and Great Lakes are committed to helping you avoid the consequences of delinquency and default. Check out the regularly updated Personal Financial Management Resources for information on staying in control of your finances.

Plan your Future. Visit these Websites:
www.mapping-your-future.org – Detailed information about career planning, selecting a school, and paying for college.

www.studentaid.ed.gov – Get detailed student aid and student loan information from the U.S. Department of Education

www.fastweb.com – Find scholarship information.

www.fafsa.ed.gov – Submit an online application for financial aid (FAFSA)

www.pin.ed.gov – Apply for a PIN to complete your online FAFSA.

www.nslds.ed.gov – View the history of the federal student financial aid you have received

www.loanlocator.org – Keep track of your loans easily if you have more than one loan servicer. This site is useful when consolidating student loans.

Need Help?
For help with the student loan process, call the credit union or email us.

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