Important Federal Stafford Loan Information
If this is the first time you are borrowing a Federal Stafford Loan, you have to select a lender.
ECU will certify a Federal Stafford Loan for
any lender you select, assuming you meet all other eligibility requirements.
As of April 2007 (when we posted this information) these lenders offered a variety of borrower benefits such as reduced origination and federal default fees, interest rate reductions for making on-time payments or participating in automatic draft or credit to principal amounts for making on-time payments. You might want to ask the lender how many of their borrowers actually benefit from their repayment benefits before determining which lender offers the best benefits for you. You might want to call these lenders or visit their websites for more information and to evaluate how they treat you as a customer.
ECU does not receive – and has never received - any special compensation from any student loan lenders as payment for directing loans to them. After you make your lender selection, please
note the lender code so you can put that on your financial aid award notification (first time borrowers).
Lenders You Might Consider Borrowing a Loan Through: (Remember, you can select a lender that is not on this list.)
Your lender will direct you to a website to complete the Master Promissory Note on-line or mail a Master Promissory Note to you. Please follow your lender’s instructions. If you have any questions about required loan paperwork, please contact your lender.
You must complete Entrance Loan Counseling about your Federal Stafford Loan debt. Do this at www.mapping-your-future.org. Select “Student Loan Counseling Interview” and then select “Stafford Entrance.”
You must complete your Master Promissory Note and the Entrance Loan Counseling before we can disburse loan funds to you.
Previous Federal Stafford Loan borrowers: ECU will certify your loan eligibility through the same lender you used previously, unless you specifically instruct us otherwise. This is a “best practice” so you have to work with only one lender. If you wish to switch borrowers, you may do so by contacting one of our student financial aid administrators.
Federal Parent Loan Information
If this is the first time you (the parent of an dependent undergraduate student) are borrowing a Federal Parent Loan (PLUS), you have to select a lender.
ECU will certify a Federal Parent Loan for any lender you select, assuming you and your student meet all other eligibility requirements.
As of April 2007 (when we posted this information) these lenders offered a variety of borrower benefits such as reduced federal default fees or interest rate reductions for making on-time payments or participating in automatic draft or credit to principal amounts for making on-time payments. You might want to ask the lender how many of their borrowers actually benefit from their repayment benefits before determining which lender offers the best benefits for you. You might want to call these lenders or visit their websites for more information and to evaluate how they treat you as a customer.
ECU does not receive – and has never received - any special compensation from any Parent Loan lenders in payment for directing loans to them.
After you make your lender selection, please note the lender code so you can put that on your Federal Parent Loan Interest Form.
Lenders You Might Consider Borrowing a PLUS through:
