Stafford Student Loans
Most students who complete the FAFSA are eligible for Stafford Student Loans. Stafford Loans are the best student loans available for college students. A student can borrow money in their own name. They do not need a co-signer, and they are not required to go through a credit check. Interest rates are fixed, and repayment begins six months after the student graduates or ceases to be enrolled at least half-time. We advise students to borrow the minimum amount of loan funds they need. To receive Stafford loans, students must apply for them by following the instructions below. Students must complete both Entrance Counseling as well as a Master Promissory Note.
Stafford Loan Quick Facts
Credit Check: No credit check required.
Interest Rates and Fees: Stafford Loans may be subsidized or unsubsidized depending on the student's financial need as determined by the FAFSA. No interest accrues on subsidized Stafford Loans while the student remains enrolled in school at least half-time. When interest does begin to accrue on subsidized Stafford Loans, the rate is fixed at 3.76 percent. Interest begins accruing immediately on unsubsidized Stafford Loans. The rate for unsubsidized Stafford Loans is fixed at 3.76 percent. The government deducts a 1.068 percent fee from the loan amount up front.
Repayment: Repayment begins six months after the student graduates or ceases to be enrolled at least half-time (six credit hours).
Refunds: Loan funds are applied to the student's account, and any refund generated after the student's balance is paid will be sent to the student by check.
Student Enrollment: Students must be enrolled at least half-time (6 credit hours) in order to receive federal Stafford Loan funds.
- You must file a Free Application for Federal Student Aid at www.fafsa.gov to qualify for Stafford Student Loans.
- Your Stafford Student Loan Application is called a Master Promissory Note (MPN).
- The Master Promissory Note describes your rights and responsibilities as a student loan borrower. By signing the MPN, you agree to repay the money borrowed and agree to all terms and conditions included in the MPN.
- You DO NOT need to sign a new MPN each school year.
- Transfer students who have borrowed at previous schools will NOT need to complete a new MPN with Thomas More College.
- Visit StudentLoans.gov. Make sure you have names, addresses, and phone numbers for two references before you begin. These references should be people who will know how to contact you during school and after graduation.
- Click the SIGN IN button in the top left-hand side of the screen.
- Log in using your FSA ID.
- Click on Undergraduate students and then on "Complete Entrance Counseling".
- Select Thomas More College as a school to notify of your entrance counseling completion.
- Select the appropriate student type (either undergraduate or graduate/professional) and click continue.
- Answer the questions and submit the Entrance Counseling Form. Be sure to open and complete all tabs on each page of the entrance counseling session. A counseling session will take at least 30 minutes to complete. You must complete the counseling in a single session. You cannot save a partially completed counseling session. It is advised that you save proof of your counseling completion.
- Next, click on the “Complete MPN” link on the left hand side.
- Select Subsidized/Unsubsidized MPN.
- Complete your information, sign electronically, and submit MPN.