Award
Notification and the Master
Promissory Note
Keep
Good Records!
Award Notification and the Master
Promissory Note:
When your eligibility for the Federal
Stafford Loan Program has been determined, UA will send you instructions for
applying for the loan. Your UA financial aid notification will specify
the amounts you are able to borrow under the Subsidized and Unsubsidized
Federal Stafford Loan. You may choose not to borrow or borrow any
amount up to the maximum specified. The UA will begin the process, probably
in May or June 2008, which will allow you access to apply for your Federal
Stafford Loan. You will be notified by email to your UA email address when
you are able to begin applying on the web for your loan. When you have
selected a lender and
applied for the Federal Stafford Loan, the next step is to sign the Master
Promissory Note (MPN). You may do this electronically, following the
University of Arizona's instructions on the web.
Your lender will keep the MPN on file and
you will not need to sign another MPN with that lender in subsequent years.
You will be accessing the website through the University of Arizona's
Financial Aid website at
http://financialaid.arizona.edu to request your loan.
Before applying for the loan, please read: Choosing a Lender and Controlling
that Dreaded Debt! If you have any questions, please contact the
College of Medicine Financial Aid Office.
Keep Good Records!
Notice of Loan Guarantee:
You
should receive a Notice of Loan Guarantee each time you borrow from your
lender. KEEP these notices both for reference and for repayment
records. It shows the type of loan, the lender's name, the agency that
guaranteed the loan to the lender (in case you default or die), the academic
period for which the loan is being made, the dates the loan amounts are
expected to be sent to the school, and other information. The Master
Promissory Note does NOT show the amount you borrowed but the Notice of Loan
Guarantee does show the amount of the loan and should be retained.
Refunds to the lender or loan cancellation:
If
the school sends funds back to the lender in the form of a refund, check
with your lender in 30 - 60 days to be sure that amount properly credited
against that loan. Keep paper documentation in your file that your
lender received those funds and credited your account. You should
establish a file folder with all your paperwork and you should keep that
information for future reference in case you need to prove those funds were
repaid. The same is true of a loan that was cancelled. Most lenders
allow borrowers access to view their accounts on-line with a password.
Documentation that the loan was repaid in full:
When your loan has been paid in full, be sure you have written documentation
from your lender (or holder of your loan if it was sold). We recommend
that you keep those papers in a safety deposit box in case they are ever
needed to prove that the loan was repaid.
