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Need help paying for college? A Federal Student Loan may be the answer. Loans are available for students and/or their parents.
Bay Area Credit Union offers two types of Federal Student Loans:
Stafford Loan and Federal PLUS loans. PLUS loans are available to the parents/stepparents and do not require a FAFSA (Free Application for Federal Student Aid) to be completed.
Bay Area Lender Code: 832232
The credit union name and lender code go in boxes 8 and 9 on the Master Promissory Note (MPN).
It all starts with the FAFSA:
- Student must complete FAFSA after January 1 (each year) and before March 31. FAFSA is available from high school guidance counselors, college financial aid offices and online at www.fafsa.ed.gov.
- In 4-6 weeks, student will receive a SAR (Student Aid Report). The SAR will show the expected family contribution, this amount remains consistent regardless of what college the student selects.
- The SAR is also mailed to the colleges the applying student selects. If the student is eligible for financial aid, which may include a federal student loan, the colleges will notify them in an Award Letter. The award letter may include a list of "preferred lenders" BUT students are free to choose any lender they want.
- Students qualifying for a federal student loan can complete the application, called the Master Promissory Note (MPN), at Bay Area Credit Union.
Regardless of where the student picks up the MPN (at another financial institution, through the school itself, or online) they can still get the loan through Bay Area if they write the credit union name and our Lender Code: 832232 in boxes 8 and 9 of the MPN.
In Ohio and Michigan completed apps get mailed to:
Credit Union Student Loan Network
Great Lakes Higher Education Corp.
P.O.Box 182174
Columbus, OH 43218-2174
For borrower to call with questions regarding borrower status:
1-800-377-9095 in OH and MI. All other areas: 1-800-236-6600
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