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Accepting Your Stafford Loan
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First things first!
Get your PIN. When you completed your FAFSA, you received a PIN along with your Student Aid Report. If you don’t have your PIN, you can retrieve it by going to www.pin.ed.gov
What is a PIN?
PIN stands for personal identification number. The PIN serves as your identifier to let you access your personal information in various U.S. Department of Education systems. Because your PIN serves as your electronic signature, you should not give it to anyone.
What can I do with a PIN?
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Electronically sign the Stafford Online Master Promissory Note (MPN)
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Electronically sign the Free Application for Federal Student Aid (FAFSA)
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Electronically sign Renewal FAFSA on the Web
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Do FAFSA Corrections on the Web
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View the status and results of a processed FAFSA application
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Access your federal loan information on the National Student Loan Data System (NSLDS) Web site
What are the benefits and responsibilities of signing a promissory note with a PIN?
The loan guarantor receives your signed promissory note promptly and the college is notified electronically. This enables both the guarantor and the college to process your loan more efficiently.
How do I get my loan?
From among numerous lenders who offer student loans, Martin Luther College maintains an electronic Stafford Loan Preferred Lender List. Lenders on this list have demonstrated ability to provide efficient, problem free loan processing for students and the school. Another important factor for a lender to appear and to remain on this list is a demonstated ability to provide good service during repayment.
MLC does not endorse a specific lender, and provides this information as an information tool to help make a loan decision. In addition to the lenders on the electronic preferred lender list, you may use any lender of your choosing that offers Stafford student loans.
The web address, located at the end of this Stafford Loan section, has the link to access the Martin Luther College Preferred Lender List containing current information about each lender's benefits.
After you go to the lender list and select your lender, click on the link next to the lender's name. You will be taken to App Express for Stafford Loans. From there you will be guided to a web site called Mapping Your Future where you will complete required loan entrance counseling. Upon completion of the counseling session, you will click on the button at the bottom of the page to return to App Express for Stafford Loans to complete the online loan MPN application. When finished with the application, if you choose not to sign electronically using your PIN, you will be able to print and sign the MPN. Mailing instructions are provided. If you choose not to print, you will be given the option to request to have a promissory note sent to you for your signature. Students who are repeat borrowers and have previously signed an MPN will be recognized and will not need to sign another MPN. Repeat borrowers will add their loan to the existing MPN by indicating how much they wish to borrow.
It will take about 20 minutes to complete the entrance counseling requirement and another 20 minutes for the loan application process. If you don’t have your own computer with web access, check with your public library. You may also come to the Financial Aid Office and we will direct you to a computer. You will be able to complete your Stafford Loan Application much faster if you have the following information ready:
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Names and complete addresses of the two people you will use as personal references. One reference should be a parent or guardian if living. (References cannot have the same address.)
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Your driver’s license number
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Your award letter showing how much you are eligible to borrow
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The amount you need to borrow for the academic year
What happens after the MPN is completed?
Your lender will send you a Notice of Guarantee to confirm that your loan has been processed. The net proceeds of your loan will be listed as anticipated financial aid on your billing statement and will be subtracted from the charges to your account.
Armed with this information you are ready to continue. Enter the link below into your web browser to access Martin Luther College's preferred lender list and to apply for your loan.