Make College a Reality with Providence Credit Union’s
Student Loan Programs
Lender Code: 832778
You know the value of a college education
Getting a college degree is an extremely worthwhile goal. College graduates make an average of one million dollars more than those without college degrees. But we all know the cost of a college education can be overwhelming for both students and parents. That’s why Providence Credit Union now offers a variety of Federal Student Loans with low interest rates, deferred payments until graduation and up to 10 years to repay through Great Lakes Higher Education Corporation to help you with the funding you need to pursue your dreams.
Get Educated Before You Start
To help you make the right decision as to which type of loans best suit your situation before applying for a Student Loan, visit the “Student Loan Borrowers” section of Mapping Your Future web site. If you have questions regarding applying for financial aid, please contact the staff of the financial aid office at the school you will be attending.
Federal Student Loans Offered:
Federal Stafford Loan (Subsidized)
- Subsidized Federal Stafford Loan is based on financial need
- Federal government pays the interest while you are in school, grace and deferment period.
- Repayment begins six (6) months after graduation or dropping below half time (as determined by school)
Federal Stafford Loan (Unsubsidized)
- Loan is not need based
- Borrower responsible for interest payments (can be deferred during in-school and grace period).
- Repayment begins 6 months after graduation or dropping below half time (as determined by school)
If a Stafford Loan is right for you, then click here to apply.
Federal Parent PLUS Loan
- Parents and step-parents may borrow for post-secondary education of dependent, undergraduate children
- Credit based
- Parents can borrow up to the Cost of Education minus any other financial aid the student is receiving
- Loans first disbursed on or after July 1, 2008, parent borrowers may elect to postpone repayment until six (6) months after the student for whom the loan was borrowed ceases to be enrolled at least half-time.
If a Parent PLUS Loan is what you are looking for, then click here to apply.
Federal Grad PLUS Loan
- Available to graduate or professional students
- Credit based
- Payments can be deferred while in school
If you want to apply for a Grad PLUS Loan, then click here.
For more information about the Stafford and PLUS Loans including the application process, current rates, and loan limits, click here to refer to the Student Loan Quick Reference Guide.
STEPS & PROCEDURES TO APPLYING FOR A FEDERAL STUDENT LOAN:
1. Complete the Free Application for Federal Student Aid (FAFSA)
The Free Application for Federal Student Aid (FAFSA) must be completed for each academic year that you request federal aid. FAFSA for the upcoming academic year are available from high school guidance counselors or from the financial aid office of the school you will be attending. Or you can even apply online at www.fafsa.ed.gov. Be sure to contact your school for their application deadline.
2. Receive your Student Aid Report (SAR)
Once your FAFSA is processed, a Student Aid Report (SAR) is created. If you completed your FAFSA online, please allow 1 – 2 weeks for you and your school to receive the SAR electronically. Paper FAFSAs take 6 – 8 weeks to process.
3. Receive your Award Letter
Your school(s) use data from your SAR to help determine your financial aid award for the current academic year. They will send you an award letter via email or US Mail. We recommend that you stay in contact with your school to determine their timelines to certify and to expedite the completion of the School Certification Form. If your letter mentions the William D. Ford Direct Lending Program, contact your school for the appropriate promissory note.
4. Apply for a Federal Student Loan (Master Promissory Note – MPN) for Under-graduates, Parents and Graduates
We offer the Stafford Loan (Subsidized), Parent PLUS Loan and Grad PLUS Loan.
Remember, when you complete your Student Loan application with Great Lakes, be sure to enter Providence Credit Union’s lender code: 832778.
5. Receipt of Funds to the School
Stafford, Parent PLUS and Grad PLUS Loans are guaranteed within 24 hours and serviced by Great Lakes. When Great Lakes receive the Master Promissory Note from Providence Credit Union and School Certification Form from the school indicating the loan amount and disbursement dates, the funds will be sent to the school on the date the school has indicated.
Once the loan is guaranteed, you will receive a disclosure outlining the amount of the loan, disbursement dates and the interest rate.
6. Access Your Loan Account Online
Once your application is submitted, you can check the status of your loan, view your account information and make payments from your Providence Credit Union account 24/7 at www.mygreatlakes.org. After you log-in, select My Loans, then Internet Borrower Inquiry Service (IBIS) to get started. This site offers a variety of tools for calculating the cost of your loan. It’s your resources to forms, a glossary or financial aid terms, contact information, and lots of other information to help you manage your loans.
7. Answers to Federal Student Loan Questions
If you have any questions before to your Federal Student Loan disbursement, please contact Great Lakes at 1-800-247-0462.
If you have questions after your Federal Student Loan disbursement, please contact Great Lakes at 1-800-236-4300.
Or visit their web site at www.mygreatlakes.org.
8. Manage your Finances
Providence Credit Union and Great Lakes are committed to helping students learn to manage their finances. We regularly update the Personal Financial Management Resources to help provide information on anticipating college costs and staying in control of your finances while in school.
Is Consolidating Your Student Loan Right For You?
If you are considering consolidating your Student Loan (especially after you graduate), be sure to conduct some research, and then feel free to contact a Great Lakes Consolidation Representative at 1-800-950-0152 to discuss your options.
Therefore, if you have variable rate loans that you would like to consolidate to a fixed federal consolidation rate loan (or if you only have one loan), then click here to apply. The federal consolidation loan is through the Federal Family Education Loan Program (FFELP). To apply, you must have an online account set up with Great Lakes. If you do not have one, please click here to sign up.
Other Repayment Options
Depending on your situation, you may eligible for a variety of repayment plan options without consolidating your loans:
- Defer your payments if you are unemployed or experiencing an economic hardship
- Suspend your payments temporarily
For additional information, please contact Great Lakes at 1-800-236-4300 or visit www.mygreatlakes.org.
IMPORTANT NOTE: When you consolidate your loans, you may lose any borrower benefits that were initially associated with your loans. This may include rate discounts for automatic payments or a certain number of on-time payments.
BORROWERS RIGHT TO CHOOSE LENDER: It is important to share our lender code with your school’s financial aid office. If your school provides a list of preferred lenders, you may choose Providence Credit Union whether we appear on the list or not. Simply add our name and lender code on your Master Promissory Note (MPN). If there is a problem, please do not hesitate to give us a call toll-free at (888) 849-5189 in Oregon or (800) 909-7309 in Washington.
Helpful Student Loan Information
Need Help?
For help with the Student Loan process, please don’t hesitate to give Providence Credit Union a call at 1-888-849-5189 in Oregon or 1-800-909-7309 in Washington or email us at loans@providencecu.org. We look forward to helping you on the road to success!
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