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All Federal Stafford Loans (subsidized and unsubsidized require the completion of the
Free Application for Federal Student Aid
(FAFSA). Stafford Loans are awarded to students on an award letter,
which is sent after UND receives a valid, processed FAFSA.
Students must select a lender for Stafford Loan(s). This
lender can be any lending institution of the student’s choice that processes Federal
student loans. Once a lender has been chosen, it is important to maintain that lender for
all future loans to prevent multiple monthly payments when repayment begins.
Keep track of the lender code. Each lender has been
assigned a lender code by the Department of Education. Once a lender has been selected,
the student must indicate the lender choice on the award notification.
When the Student Financial Aid Office receives the student’s acceptance (processed
award notification) of the subsidized Stafford Loan, the loan application will
be processed electronically with the lender.
Unsubsidized Stafford Loans are also awarded to a student on an award notice.
If your eligibility changes, you can request an increase by completing the
FA Award Adjustment Request Form.
We will then process the loan application either
electronically or with a paper certification form, depending on the lender chosen.
Compare Student Loan Lenders
MASTER PROMISSORY NOTE (MPN)
Your lender and its designated guarantee
agency/servicer will continue the processing of your loan application once they
have received the electronic application from the school. If you do not have a valid
master
promissory note (MPN) on file, you will be mailed one that must be completed
and returned to the lender before disbursement can take place.
A paperless master promissory note is
here! You must have your Department of Education pin
number to electronically sign a master promissory note. If E-signature is
available from your lender, the lender will notify you of the process.
The guarantee agency/servicer will notify you of the amount
and type of loan that has been guaranteed by sending you a notice of
guarantee. This form will also identify your lender's name and the date
the funds will be sent to the school. Loan funds will be sent to
the University on the scheduled disbursement date.
ELECTRONIC FUND TRANSFER (EFT)
UND receives Stafford Loan (subsidized and unsubsidized) funds
electronically from most lenders and guarantee agencies. All student loan
funds are credited directly to the student’s University account.
Any funds in excess of the amount owed the University at the time of
disbursement are considered "excess aid" and are released to the student's UND
Pride Card. You must activate your card at
www.UNDPrideCard.com and indicate how
you want to receive your refunds.
Remember...
Once a loan application has been processed, disbursement of loan funds may
still be delayed if you:
- have not attended an Entrance Loan Counseling session if
you are
a first-time borrower at UND
- are not enrolled at least half-time at the time of disbursement
- have a financial aid hold
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