<p>So I'm taking out $1450 in loans for this year school year-</p>
<p>for college is there usually a deadline for when you must select the loaner etc.? I've searched everywhere on the school's website but it doesn't say anything about it, and it's too late to call right now.</p>
<p>If you are borrowing a Stafford loan, it's never too late! :)</p>
<p>However, if you need the money to pay what you owe NOW, you have to get going in order to get the loan processed by the time your payment is due. Your school will most likely give you credit for the loan amount on your bill once they have certified the loan. Also, have you filed the FAFSA? You can't get a Stafford loan without filing a FAFSA.</p>
<p>Have you borrowed before? You will want to stay with the same lender, if possible. If you haven't borrowed, check into your school's system. Some have you go through a lender, while others use a system where you borrow directly from the government through the school. Your school's financial aid website should tell you what you need to know.</p>
<p>I'm borrowing a Stafford loan, does that mean I can do that anytime?? The deadline for this fall's tuition is August 14</p>
<p>And this is my first time borrowing... and I have filled out the FAFSA.</p>
<p>Go to your school's website & find the info for how to borrow Stafford loans. You will need to do entrance counseling (most schools have an online process). Is your school a direct lender, or do they have some suggested banks? If they are a direct lender, you will also need to sign a Master Promissory Note (MPN - you should also be able to do this online as long as you have your FAFSA PIN #) through your school. If they are not a direct lender, they will probably have some suggested banks for your loan. You do NOT have to choose one of these. However, if the terms look good to you (no or low origination fees & rate reduction possibilities outlined), choosing one of their suggested lenders is easiest. They'll probably have links to the MPN. If you choose a different lender, you can probably do that online, but you will also want to inform your school that you chose that lender.</p>
<p>Call you f/a office tomorrow to let them know that you are beginning the process. You will need to work with them on getting the loan amount applied to your bill. Many schools will just let you send in the amount you owe less the loan (1/2 of total is released each semester - don't forget to deduct origination fees if you have any - your f/a counselor can help you with this).</p>
<p>Thank you!</p>
<p>So if I am to choose, let's say, Citibank, and my school offers an online form that lets me indicate that I choose Citibank, is it necessary that I sign the Master Promissory Note before my school transacts that money and notes it as paid?</p>
<p>Okay, I searched your old posts. Are you going to Emory? Their site is kind of hard to navigate to get info on appling for loans. Here is a link I found:</p>
<p>Financial</a> Aid - Law - Financing - Federal Stafford Loan Procedures and Lender Selection</p>
<p>You MUST sign the MPN before the loan can be processed at all. It's the first step (after entrance counseling). Once you do that, the bank will send the info electronically to your school, asking for verification of enrollment. Your school will then electronically verify your enrollment. Then the money gets sent to the school electronically!</p>
<p>So I've researched the lenders beforehand (I just haven't picked one yet) and I sent in my online form saying that I picked Citibank. I'll have to call them tomorrow and see if this covers what I owe.</p>
<p>Thank you so much for your help.</p>
<p>Glad I could help! I know how hard it is to figure all of this out.</p>