Apply for Stafford Loans
STEP 1: CHOOSE A LENDER AND COMPLETE A MASTER PROMISSORY NOTE
It is the student's or parent's choice to select a lender for their loan and we are ready to work with whatever lender you choose. For your convenience and consideration, we have compiled a list of 5 lenders that have communicated to us their stability and commitment to provide funds for our students and parents. These are all lenders that our families have used in the past. Be assured that Gordon College receives no benefits, financial or other, from this lender for being chosen to be on our suggested lender list. We have found them to be competitive in the market and have been efficient in processing with the school. Regardless of the lender you choose, please be sure to read all promissory notes and disclosures before signing.
The lenders we are suggesting for your consideration are listed below. Clicking on a lender in this list will direct you to their website where you can complete the Master Promissory Note on-line for either a Stafford or PLUS loan. We have listed the servicer for each lender for your consideration. Many students and parents who borrow more than one type of loan (i.e. a Stafford Loan and an Alternative Loan) find it advantageous for all their loans to be serviced by the same company.
Citizens Bank (serviced by Sallie Mae)
Nellie Mae (serviced by Sallie Mae)
Wachovia (serviced by ACS)
Vermont Student Assistance Corporation (serviced by VSAC) (Eligibility criteria)
Bank of America (serviced by Great Lakes Higher Education Corporation)
When you have applied, we will receive notification of your application through ELM, a processing agency. We will complete our certification to the lender that the student is enrolled at Gordon. The funds will then be disbursed to Gordon in late August.
STEP 2: COMPLETE THE STAFFORD LOAN ENTRANCE INTERVIEW
In order for your Stafford Loan funds to be disbursed to the school, the student is federally required to complete a Stafford Loan Entrance Interview. The entrance interview consists of a series of questions that a student can complete online and is designed to ensure that the student understands the responsibilities and benefits of this loan. Once the student has completed the entrance interview, the school will receive notification and funds for that student's Stafford Loan will be released for disbursement.