How to Apply for Federal Financial Aid

1. After selecting a school, a student must apply for admission and be accepted.
   
   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 fafsa.ed.gov.
    
   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.
    
2. 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).*
   
   - 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.*
   
   - Graduate students and professional students may apply online for the Federal Graduate/Professional PLUS loan.*

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

 

SMFCU's Lender number/Code is 834461.    Our complete Lender Name and Address is:  South Metro Federal Credit Union, 2573 Credit Union Drive,  Prior Lake, MN 55372

Once You've Applied... Access IBIS (Internet Borrower Inquiry Service). Go to www.mygreatlakes.com and click on "Borrower" then log in. New Users click on "Register" and follow the instructions. Access Your Loan Account Online. You can check the status of your loan, view your account information and make payments from your bank account 24/7 at www.mygreatlakes.com. After you log in, choose My Loans, then Internet Borrower Inquiry Service to get started. This site offers a variety of tools for calculating the cost of your loan. It's your resource to forms, a glossary of financial aid terms, contact information, and lots of other information to help you manage your loans.

Questions? Call us!
We don't have all the answers for your unique situation, but we can help. Call our Loan Department at 952-445-0888