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2009-2010
School Year
Minnesota State University,
Mankato School Code:
002360
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First-time borrowers at MSU must complete the Master Promissory Note (MPN) and Federal Stafford Loan Entrance Counseling. To help in completing the MPN, please have the award materials sent to you by Student Financial Services, at MSU, available for reference.
If you signed a Master Promissory Note (MPN) and received Federal Stafford Loan funds last year at MSU, you will not need to complete a new MPN unless you choose to select a different lender or different guarantee agency. It is recommend that you use the same lender for your Stafford Loan borrowing; this will usually mean that you will only have one servicer to work with for your repayment obligations.
If you are applying for a loan for the entire academic year, the funds will be equally divided between the two terms. Loans for a single term will be disbursed at the earliest date according to the lender's and Minnesota State University, Mankato's disbursement schedule. Your loan proceeds will be sent to Minnesota State University, Mankato by your guarantor according to a pre-established schedule. Your loan(s) will be applied to your University charges and any remaining balance will be paid to you by paper check or direct deposit, according to the institution’s disbursement schedule.
Federal Stafford Loans are part of the Federal Family Education Loan Program (FFEL). There are two types of Federal Stafford Loans: Subsidized and Unsubsidized.
The Federal Subsidized Stafford Loan is considered a NEED-based loan. NEED is defined as the difference between the institution’s Cost of Attendance and the Expected Family Contribution (EFC) that was determined from the Free Application for Federal Student Aid (FAFSA). Funding from Federal Subsidized Stafford Loan programs can never exceed the student’s NEED. Because the Federal Subsidized Stafford Loan is considered a NEED-based loan, the federal government pays the interest on the loan while the student is in school (a minimum of half-time enrollment is required as defined by federal regulations and institutional policies).
The Federal Unsubsidized Stafford Loan is considered a NON-NEED based loan. The Federal Unsubsidized Stafford Loan is awarded to students who did not have a demonstrated need, or whose need portion of the budget has been met, but still have unused eligibility in the overall Cost of Attendance and have remaining Stafford Loan eligibility. Because the Federal Unsubsidized Stafford Loan is considered a NON-NEED based loan, the federal government does not pay the interest while the student is in school. It is the student’s responsibility to pay the accrued interest while in school, or choose the option to capitalize the interest.
Interest rates for Subsidized Stafford Loans as of 7/1/2008 are 6.0% for undergraduate students and 6.8% for graduate students. Interest rates for Unsubsidized Stafford Loans are 6.8%. Student-borrowers will receive a Loan Disclosure Statement and other notification from their servicer indicating the interest rate on their Federal Stafford Loans.
The lender and/or guaranty agency may deduct an origination fee (up to 1.0%) and a default aversion fee (up to 1.0%) from the Federal Stafford Loan prior to disbursement. For example, a loan of $1,000 with a 1.0% fee would result in a net disbursement of $990.
The Federal Stafford Loan program has annual and aggregate limits on the amount of loan funding a student may borrow. The limits for the combined total of subsidized and unsubsidized borrowing are as follows:
Dependent students (students who must provide parent information on the FAFSA application)
| Grade Classification | Annual Limit | Aggregate Limit |
| (Based on Credits) | ||
| Freshman (0-29) | $5,500 (subsidized may not exceed $3,500) | $31,000 (subsidized may not exceed $23,000) |
| Sophomore (30-59) | $6,500 (subsidized may not exceed $4,500) | $31,000 (subsidized may not exceed $23,000) |
| Junior (60-89) | $7,500 (subsidized may not exceed $5,500) | $31,000 (subsidized may not exceed $23,000) |
| Senior (90+) | $7,500 (subsidized may not exceed $5,500) | $31,000 (subsidized may not exceed $23,000) |
Independent students (students who are not required to provide parent information on the FAFSA application).
| Grade Classification | Annual Limit | Aggregate Limit |
| (Based on Credits) | ||
| Freshman (0-29) | $9,500 (subsidized may not exceed $3,500) | $57,500 (subsidized may not exceed $23,000) |
| Sophomore (30-59) | $10,500 (subsidized may not exceed $4,500) | $57,500 (subsidized may not exceed $23,000) |
| Junior (60-89) | $12,500 (subsidized may not exceed $5,500) | $57,500 (subsidized may not exceed $23,000) |
| Senior (90+) | $12,500 (subsidized may not exceed $5,500) | $57,500 (subsidized may not exceed $23,000) |
| Graduate Students | $20,500 (subsidized may not exceed $8,500) | $138,500 (subsidized may not exceed $65,500) |
If you have not borrowed a Federal Stafford Loan at Minnesota State Mankato, you are required to complete Stafford Entrance Loan Counseling (opens in new window) in order to have your loan certified.
During this session you will obtain valuable information regarding:
The PIN serves as your identifier to let you access your personal information in various U.S. Department of Education, lender, guarantor, and servicer's systems. It's like the Personal Identification Number that you get from your bank that enables you to access your account. Your PIN code is assigned to you directly from the Department of Education and is neither available to nor, in any way, controlled by MSU. Because your PIN serves as your electronic signature, you should not give it to anyone, anywhere, at any time.
Once you successfully complete a request, the U.S. Department of Education will e-mail or mail your PIN. It will take up to three business days after you request your PIN for you to receive an e-mail notification with instructions on how to retrieve it electronically, or 7-10 days to receive it in the mail via the U.S. Postal Service.
You must have a Federal PIN to complete your MPN. Please request a Federal PIN at www.pin.ed.gov, if you do not already have one. In order to obtain a PIN you will need to provide the U.S. Department of Education with the following information:
If you have not borrowed a Federal Stafford Loan for Minnesota State Mankato, or if you have borrowed a Federal Stafford Loan and are changing Lenders, you are required to complete a Federal Stafford Master Promissory Note (MPN).
| Lender | Code | Guarantee Agency |
|---|---|---|
| Wells Fargo | 807176 | Great Lakes Higher Education Corp. (GLHEC) 800-247-0462 |
| Citibank | 826878 | |
| Discover | 891312 | |
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| EdAmerica | 831453 | USA Funds C/O Ed Financial Services 800-337-6884 |
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| SallieMae | 802218 | USA Funds C/O Sallie Mae, Inc 888-272-5543 |
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| Security National Bank | 804189 | Iowa College Student Aid Commission 800-243-9201 |
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| Bank of N. Dakota | 816386 | Student Loans of North Dakota 800-472-2166 |
