Student Loans

SLCU can help with your student loan process! Call Darryll at 763-569-9977.

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 www.mapping-your-future.org. [external link disclosure]

Soo Line Credit Union's Lender Number is 833713.

2009 FIC Scholarships
The MN Family Involvement Council offers scholarships each year to MN credit union members. Watch for information for 2009 applications coming this fall or you can visit the MN FIC Scholarship web site for details.  [external link disclosure]

How to Apply for Federal Financial Aid

1. After selecting a school, a student must apply for admission and be accepted (students can visit www.mapping-your-future.org for information on selecting a school, paying for school, planning a career and other valuable features).
    
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. Student should refer any questions regarding the FAFSA application to their financial aid office. [external link disclosure]
    
3. Once completed, students should mail the FAFSA to the designated processor listed in the application, or send it over the Internet.
    
4. 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 complete a Master Promissory Note (MPN) - 205KB, PDF*. Once the form is completed, mail it back to Soo Line Credit Union, 501 Marquette Avenue, Suite 1100, Minneapolis, MN 55402.
   
   - 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 complete a Federal PLUS Master Promissory Note (MPN) - 174KB, PDF*. Once the form is completed, mail it back to Soo Line Credit Union, 501 Marquette Avenue, Suite 1100, Minneapolis, MN 55402.

Where to Send a Completed Student Loan Application

Answers to Student Loan Questions  

 
Consolidate your Student Loans

The Federal Consolidation loan option can save you up to 50% on your monthly payments by combining education loans from multiple lenders into a single loan.

Advantages to Consolidation

• A simplified payment process with one lower monthly payment and one payment due date.
• No Maximum limit on the dollar amount for a consolidation loan (loans being consolidated must total at least $5000).
• One fixed interest rate.
• A free service-loan consolidation is free to the borrower.
• A repayment period determined by the total loan balance consolidated.

Call 1-800-236-6600 and speak to the Great Lakes' borrower contact department. They will counsel you on the Federal Consolidation Loan Application (360KB, PDF*) and payment processes and send qualified borrowers an application. Remember to complete your application with SLCU's Lender number - 833713.
 

* PDF documents require Adobe Acrobat to be downloaded. If you do not have Adobe Acrobat, you can download it from the Adobe Web site. Simply click on the Adobe Acrobat link.  [external link disclosure]