First
Choice America
Loan Calculator
Student Loans
Continuing
your education can be an exciting time of your life.
However, education can also be very expensive.
First Choice America is proud to participate with the AES/PHEAA
Federal Stafford Loan Programs. Education is
an important part of a person’s life, and your Credit Union understands
the financial obligation needed to continue on with your schooling.
To
get you started, here are the Student Loan Requirements:
- The first step to
determine eligibility for student aid is to file a Free Application
for Federal Student Aid (FAFSA). This is your application for federal,
state and institution aid, including grants and loans.
If you are interested in a student loan indicate your interest
on the FAFSA. Forms are
available from your school counselor, the school you plan to attend,
online at www.fafsa.ed.gov or
by calling the US Department of Education at 1-800-433-3243.
In about four weeks, you and the schools listed on your FAFSA
will receive a Student Aid Report (SAR).
The SAR tells you what your Expected Family Contribution (EFC)
will be and is used in calculating the financial aid package your
school may offer you.
- Be a U.S. citizen or eligible non-citizen.
- Be accepted or enrolled at a participating school and be making satisfactory academic progress.
- Maintain at least
half-time enrollment status, working toward a degree or certificate.
- Not be default on any education loan.
- Be registered with Selective Service, if required.
- Have “financial
need” in order to receive a subsidized Stafford Federal Stafford Loan
-
When you are notified your FAFSA has been processed you will be
able to complete the Master Promissory Note (MPN) online.
You will need the following items before completing the Online Stafford MPN:
- The name of the
college or career school you plan to attend.
- The name of the
Lender and LENDER CODE# from whom you wish to borrow the loan. First
Choice America Community FCU. Lender Code #817696.
- Your Social
Security Number, permanent home address and driver's license number.
- Names, addresses,
and telephone numbers of two separate references.
- A PIN obtained from the US Department of Educaton at www.pin.ed.gov in order to electronically sign the MPN.
For specific questions concerning Federal Stafford and Stafford Plus loans, please call AES/PHEAA, Customer Service at 800-692-7392 or visit the website at www.aesSuccess.org
