The Loan Process
STEPS TO COMPLETE THE FEDERAL STAFFORD LOAN PROCESS
- Complete a Federal Stafford Loan Promissory Note (MPN) – If you are a first-time Federal Stafford Loan borrower at Concordia University Chicago, you are required to complete the Stafford loan MPN. The Federal Stafford Loan Master Promissory Note (MPN) does not ask for a loan amount or loan period. This is because the MPN is designed to serve as a multi-year promissory note for both current and future Stafford Loan borrowing.
You may complete an MPN on the lender’s website. For your convenience, we have a list of preferred lenders available. You may choose one on the list or apply with any lender of your choice. If you have borrowed Stafford loans at another university, we encourage students to continue to use the same lender. Please keep in mind not all lenders are set-up with our institution. If you are selecting your own lender, please contact our office for verification purposes so we could avoid any delays in processing.
- Loan Entrance Counseling – All new Federal Stafford Loan borrowers at Concordia University Chicago are required to complete an on-line Entrance Counseling session prior to disbursement of their loans. The Entrance Counseling session is a brief on-line question and answer session completed through the Mapping-Your-Future website. You can access the Mapping-Your-Future website at http://mappingyourfuture.org/OSLC/.
Failure to complete the requirements will delay the processing of your Federal Stafford Loan(s) and prevent the disbursement of these loans.
If you have any questions about the Stafford Loan Program or other financial aid related questions, please feel free to contact our office at crffa@cuchicago.edu or (708) 209-3113 or 3347.
