Paying for a College Education
Follow these easy steps to apply for Federal financial aid and student
loans:
- Apply for Federal Direct Loans by filling of the Free Application
for Federal Student Aid (FAFSA). Most students use FAFSA on the
web (www.fafsa.ed.gov) to complete their application. Electronic
filing is the most time efficient method, however, a hardcopy version
of the FAFSA The FAFSA can be obtained from the local library,
your high school guidance counselor, college financial aid office, or
by calling 800-4FEDAID.
- The information on your FAFSA is transmitted to the schools that you
list on the FAFSA, and those schools use the information to assess
your financial need for student aid.
- Your school will notify you of the loan amounts being offered in a
award letter that lists all of your proposed financial aid awards.
-
Work with the financial aid office at your
school to access and complete the Federal Direct Loan Master
Promissory Note (MPN).
- You will receive a disclosure statement that gives you specific
information about any loans that the school plans to disburse under
your MPN, including the loan amount, fees and the expected
disbursement dates and amounts.
All questions regarding your
Federal Direct Student Loan funding should be directed to the Financial
Aid Office of your school. Work closely with your school as you move
through the financial aid process. For more information, visit the Department
of Education website.
Scholarships
Available
Minnesota
Valley is offering four $500 scholarships to a member or children,
grandchildren or dependent of the Minnesota Valley member who is planning
on attending a college, university, graduate or law school, 2 or 4 year
program, or community or technical college in the Fall of 2010. All
schools must be accredited by the U.S. Department of Education.
Applicants must complete an application form and submit a 500 word essay.
4APPLY
TODAY
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Resources
 www.FAFSA.ed.gov
View student aid and student loan information from the US Department of
Education.
Frequently
Asked Questions
Frequently
asked questions on student loans and financial aid.
Consolidation
Loans
You
may have the opportunity to consolidate your existing loans through the
Federal Direct Loan Consolidation Program. To view consolidation
loan detail, visit the Department of Education website.
Direct
Loan Guide
Although the credit union will no longer be funding federal student
loans, we would like to continue assisting you in whatever way we
can.
Great
Lakes Higher Education Corporation 
For questions related to an existing Federal Family Educational Loan
secured through the credit union, contact Great Lakes at 800-236-4300 or
click the link above.
Need More Money for College?
The Parent Student
Education Line (PSEL) is available to undergraduate, graduate or
continuing education students and their parents.
The PSEL supplements your federal loans to help cover your
unexpected college costs such as tuition, housing, and books.
The PSEL provides a smart and easy solution to fill the gap
between the Federal Aid you receive and the money you need. 4APPLY
TODAY
- Borrow up to $5,000 per year
- No origination, disbursement or early
payment penalties
- Interest only payments are required while in school
- Use it for housing, books, tuition and more
For more information about
Minnesota Valley Student Loans, please call (507)387-3055 or
(800)247-0522, or email loan@mnvalleyfcu.coop
with your questions.
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