Atlantic Federal is a Federal Family Education Loan (FFEL) program lender and will process your applications for Stafford, Parent Plus and Grad Plus Loans. Rates and terms for these federal loans are the same everywhere, so why deal with strangers when we will give you personal service.
Before you apply for any of these federal loans,
complete a FAFSA form.
Once the FAFSA form is processed,
you will receive a Student Aid Report which tells you the amount
you are eligible to borrow through the Stafford Loan and Plus Loan programs.
Quick Reference Guide 2009-2010
shows the borrowing limits for the 2009-2010 academic year.
Remember to use Atlantic Federal's lender code: 833747 on the application.
Stafford Loan
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Subsidized Stafford Loan
- Need based
- Federal government pays interest while student is in-school and during grace and deferment periods
- Repayment begins 6 months after graduation or dropping below half time (as determined by school)
Unsubsidized Stafford Loan
- Loan is not need based
- Borrower responsible for interest payments (can be deferred during in-school and grace period)
- Repayment begins 6 months after graduation or dropping below half time (as determined by school)
Parent Plus Loan
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- Parents and stepparents may borrow for post-secondary education of dependent, undergraduate children
- Credit based
- Parents can borrower up to the cost of education minus any other financial aid the student is receiving
- On loans first disbursed on or after July 1, 2008, parent borrowers may
elect to postpone repayment until 6 months after the student for whom the loan
was borrowed ceases to be enrolled at least half-time
Grad Plus Loan
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- Available to graduate or professional students
- Credit based
- Payments can be deferred while in-school
Access Your Loan Account Online.
Once your application is submitted, you can check the status of your loan, view your
account information and make payments from your Atlantic Federal account 24/7 at
www.mygreatlakes.org. After you log in, choose My Loans,
then Internet Borrower Inquiry
Service (IBIS) 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.
BORROWERS RIGHT TO CHOOSE LENDER:
It is important to share our lender code with your school's financial aid office.
If your school provides a list of preferred lenders, you may choose your credit
union whether we appear on the list or not. Simply add our name and lender code – 833747 -
on your Master Promissory Note (MPN). If your school insists that you choose another lender,
please contact us at 1-800-222-1329, ext. 537.
For further information & an application, call AFCU at 1-800-222-1329.