Student Loans

SLCU can simplify your student loan application or consolidation process!

Soo Line Credit Union offers a variety of Student Loans through Great Lakes Higher Education Corp. For specific questions regarding applying for financial aid, you should contact the staff of the financial aid office at the school you will be attending. For more information to help you decide which type of loans best suit your situation, visit the "Student Loan Borrowers" section of http://www.mapping-your-future.org. [external link disclosure]

Soo Line Credit Union's Lender Number is 833713.

 
How to Apply for Federal Financial Aid

1. After selecting a school, a student must apply for admission and be accepted.
    
2. If financial aid is needed, the student must complete a Free Application for Federal Student Aid or FAFSA. The forms are available from high school guidance counselors or from the financial aid office of the school the student will be attending. Students can even apply over the Internet at www.fafsa.ed.gov. [external link disclosure]
    
   Once completed, students must mail the FAFSA to the designated processor listed in the application, or send it over the Internet. Refer any questions regarding the FAFSA application to your financial aid office.
    
3. In 3-4 weeks, the processor will mail the student and school the results in the form of a Student Aid Report or SAR. The school will determine the financial aid for which the student qualifies and notify the student in an award letter.
    
   - If the award letter states the student qualifies for a subsidized Federal Stafford loan or an unsubsidized Federal Stafford loan, he/she should apply online for a Master Promissory Note (MPN).* [external link disclosure]
   
   - If the award letter says there is still unmet need or that the student does not qualify for either of the Federal Stafford loans, he/she should apply online for a Federal Parent PLUS loan.* [external link disclosure]
   
   - Graduate students and professional students may apply online for the Federal Graduate/Professional PLUS loan.* [external link disclosure]

* Be sure to print a copy of any completed online applications for your personal records.

 
Answers to Student Loan Questions  

What types of federal loans are available?

Subsidized Federal Stafford Loan - A loan eligible for interest paid by the federal government. The federal government pays interest that accrues on subsidized loans during the student's in school, grace, authorized deferment, and (if applicable) post-deferment grace periods, if the loan meets certain eligibility requirements.

Unsubsidized Federal Stafford Loan - A non-need-based loan such as an unsubsidized Federal Stafford loan or PLUS loan. The borrower is responsible for paying the interest on an unsubsidized loan during in-school, grace and deferment periods, in addition to the repayment periods.

Federal PLUS Program - The Federal PLUS (Parent Loans for Undergraduate Students) There is also a PLUS program available for graduate and professional students. Program makes loans available to parents of dependent students. All borrowers under the Federal PLUS Program must use the loan funds received solely to pay educational costs.

Who can I call with questions?