Stafford Deadline

Paying for College
1

<p>I'll be attending UChicago next year and my financial aid package reccomends that I take out the full subsidized stafford at $2625.</p>

<p>Reading through the schools financial aid guide again today I notice a line that says "By June 1, 2005, you should (1) submit the Federal Stafford Loan Instruction and Amount Request to the Office of College Aid and (2) complete the MPN on the Web site of your lender. We urge you to begin the process of applying now so that you will recieve your loan proceeds by the beginning of the quarter and avoid late payment fees."</p>

<p>The problem is that I havnt done either of those things. That deadline isnt written anywhere else (its not on the form from part 1 and nothing has been mentioned in the other mailings). I am pretty sure that I want to take the full stafford loan (is there any reason why I wouldnt?) but does this mean I am too late? Is it still ok to apply for this a month after the date? I've noticed other schools have later deadlines... What should my plan of action be?</p>

<p>Also, is there a specific deadline for the Perkins loan? I have now looked carefully and all it says is that the Student Loan administration will send me an email in august reminding me to complete some forms.</p>

2

<p>Otto: please reread your post:</p>

<p>does "should" = must?
does "urge" = absolutely?</p>

<p>Plan of action: Why are you asking and delaying? Working on the MNP now is better than not working on MNP. Is this not correct?</p>

3

<p>Otto, I would recommend calling the fin aid office to see if they recommend a specific lender, and see what the steps are to do the MNP. It is wise to borrow from the same lender each year you have Staffords. Yes, I would think borrowing the whole amount would be wise, it is the least you will be recommended to borrow, and you can determine if you need that much or more the next year. In my experience of working in a financial aid office as a counselor/intern one year, the financial aid office is processing these apps all summer, and into the fall. Sooner the better, though.</p>