<p>Here's a really DUMB Stafford Loan question. How does it work? I mean, what are the mechanics of how it works? D received a Stafford Loan as part of her FA package. We applied to Discover Student Loans (thanks to a tip on this board) for the loan.</p>
<p>So, we completed the online app, filed the MPN, selected her school...how does Discover now find out what the amount of the Stafford is supposed to be? Do they get in contact with the school? Are we involved in anything else between now and the funds being disbursed? How long does this process usually take?</p>
<p>My application date is 7/25/2008...I'm just trying to figure out if the funds will be disbursed to the school by 8/11, when the tuition bill is due. We paid the balance of the bill...reduced by the amount of the Stafford. I guess if need be we could pay the rest and end up with a credit balance (until DD starts to charge stuff to her ID, that is!!)</p>
<p>Call the school FA office and give them Discover's lender number 831312 and Guarantor name and number - Great lakes 755
they do something that gets your info to the lender. It took about a week for the data to get from the school to the lender and voila stafford loan ready for payout.</p>
<p>Thanks for the question. Son will be a grad student, didn't have undergrad loans. Just found out today, he did not realize he had to pick a lender. I don't know what he did when he told me he had applied. Where did you find out about Discover Student Loans on the this board? Going to start the search. </p>
<p>I recommended them. They don't withhold (from Stafford loans) any origination or guarantor fees like most lenders do. I don't work for them. Just a satisfied customer (will be more satisfied when the first payment is made on 8/21!)</p>