Processing Your Federal Stafford Loan
There are two steps to completing the Federal Stafford Loan process to ensure your loan can be processed and funds delivered in a timely manner. You will need to fill out the Federal Stafford Loan Entrance Loan Counseling (also known as Entrance Interview) and Master Promissory Note (MPN).
Complete the Federal Stafford Entrance Interview!
You can complete the Entrance Loan Counseling at Mapping your future, linked here:
Select your lender and complete the Master Promissory Note!
We welcome you to select your lender from our partner list below or you may choose any participating Federal Family Education Loan Program Lender for your Federal Stafford Loan. Please read the disclaimer at the bottom of the page for more information.
Federal Stafford Loan Lender Partners
Chase Education
Lender Code: 803000
Phone Number: (800) 487-4404
Benefits:
- Origination fee dependent on guarantor
- .25% for using Automated Clearing House (ACH) for
debited payments from checking/savings account
Services:
- No payments while enrolled half time or more
- No payments for six months after leaving school
- Flexible repayment options
- Fast online application
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EdAmerica
Lender Code: 831453
Phone Number: (800) 337-1009
Benefits
- 1% origination fee
- 0.25% interest rate reduction with auto-debit
- Life-of-loan servicing
- Combined billing available
Services
- Fast online application process
- Text chat via Edlive with dedicated customer service reps
- Flexible repayment options
- Not-for-profit funded
- 24/7 online account maintenance
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Wachovia
Lender Code: 830005
Phone Number: 800-338-2243
www.wachovia.com/staffordapp
Benefits:
- 6.0 % fixed interest rate for subsidized undergraduate, 6.8% for all unsubsidized and graduate Stafford loans
- 0.25% interest rate reduction with auto-debit payments
- Make no payments until 6 months after you graduate
- No credit check or co-borrower required
- Multiple repayment options
Services:
- No payments while enrolled half time or more
- No payments for six months after leaving school
- Flexible repayment options
- Fast online application
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Citizens Bank
Lender Code: 833880
1-800-708-6684
https://asadirect.amsa.com/ewp/Login/borrowerlogin.asp?i=833880
Benefits:
- Undergraduate Students: Fixed interest rate of 5.60% for the subsidized portion for loans first disbursed July 1, 2009 through June 30, 2010, prior to any benefit reductions. Fixed interest rate of 6.80% for the unsubsidized portion, prior to any benefit reductions.
- Graduate Students: Fixed interest rate of 6.80% for both the subsidized and unsubsidized portions.
- 0.25% interest rate reduction if payments are automatically deducted from any bank account.
Services:
- An extended repayment term is available for up to 25 years for students who qualify.
- Graduated and income sensitive repayment options available.
- Online account management tools available to borrowers.
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Lenders are not listed in any preference order. New England College will process Federal Stafford Loans from any participating program lender. NEC encourages all students to research lending terms to ensure you receive the very best rates and service. Please make sure to compare borrower benefits ranging from origination and default fees that can reduce the initial cost of the loan as well as benefits that can save money during repayment (automatic rate reductions, auto-debit interest rate reductions or other benefits.) Rates and benefits are subject to change based on terms offered through each lender. Please contact each lender directly for up to date information.
