Loan Process

1. Complete the FAFSA (Free Application for Federal Student Aid)
To determine your eligibility for Stafford loans and other financial aid, complete a FAFSA. Your school will use this
information to determine your eligibility for financial aid.

b) Request Your PIN
If you don't already have a Personal Identification Number (PIN) to complete the online FAFSA, request your PIN at
www.pin.ed.gov. You and your parents will each need separate PINs.

c) Submit your FAFSA
Go to www.fafsa.ed.gov. Online applications are processed in approximately 2 weeks. Deadlines:

● For federal aid, submit your FAFSA on or after January 1st. Since some types of aid are determined on a first
come first served basis, submit your FAFSA as quickly as possible.

● For college aid, check with your school.

2. Review Your SAR (Student Aid Report)
      You'll receive your SAR within two weeks after submitting your FAFSA. Carefully review and correct any information.
      If more than four weeks have passed since sending your FAFSA and you have not received an acknowledgement, contact
      the Federal Student Aid Information Center at 319-337-5665.

3. Accept or Decline Financial Aid Award from Colleges

• Review your financial aid package.
• Respond by the school's deadline.

4. Sign Master Promissory Note
This is your pledge to repay the loan according to the terms and conditions of the loan.

• NMSL’s Lender Code is 822717 for Stafford, PLUS, and Graduate PLUS Loans.

5. University Receives Financial Aid Disbursement
Loan proceeds are disbursed directly to your college.

• Loan funds will be disbursed in two payments at the start of each semester.

• If you have never received a federal student loan, the first payment will be sent 30 days after the semester begins
(federal requirement). Subsequent disbursements are sent at the beginning of each semester.