completing your stafford Loan process

When you are offered a Federal Stafford Loan at Lesley University, you will be borrowing the money from a private lending agency.   The basic terms and conditions of the Federal loans (maximum interest rate, maximum fees, deferment, forbearance, and loan forgiveness options) are set by the federal government. However, many lenders offer special benefits to borrowers. We encourage you to compare the benefits offered by different lenders so that you can make an informed choice.

Choosing a Lender

Federal Stafford loan borrowers may choose any lending institution that participates in the Federal Family Education Loan Program (FFELP). Lesley University conducted a formal Request for Information, open to all lenders. Based on the information provided, the University has chosen a group of established lenders whose information appears on our preferred lender list below. We have chosen the lenders on this list because they offer a combination of savings, customer service, company stability, and streamlined electronic processing. The efficiency of electronic processing benefits both the student and the University. Click the link below to compare the benefits of the lenders on our list:

Lender Benefit Information

You do not have to choose any of the lenders on the list above. If you would like to borrow from a lender other than those on the list, please be prepared to provide us with your lender's name and six-digit Federal Lender I.D. when you accept your loan on LOIS as described below. This will allow us to contact the lender on your behalf and expedite processing of your loan.

If you are a returning borrower, you do not have to select a new lender, but we encourage you to contact your lender or look at the list above to confirm fees and benefits. Many lenders' benefits have changed.

Accepting Your Loan

All new and returning borrowers are required to accept any Stafford loans that have been offered in your Financial Aid Award Letter before we start the process of contacting your selected lender. The Financial Aid Office is proud to offer a streamlined online process using the Lesley Online Information Service (LOIS), with which many of our students are already familiar. In the course of this process you will have the opportunity to:

• Accept or decline your Stafford Loan(s)
• Request a decrease or (if you have additional eligibility) an increase to your Stafford Loan(s)
• Select your lender
• Complete Stafford Loan Entrance Counseling

For detailed instructions on completing this process please click on the link below:

Accepting Your Stafford Loan on LOIS

After reading the instructions, click the link below to proceed to LOIS and begin the process. We recommend that you research your lender selection before beginning the process, because LOIS sessions time out after 10 minutes of inactivity.

Lesley Online Information Service

Entrance Counseling

If you have not previously borrowed a Stafford Loan at Lesley University you must complete Stafford Loan Entrance Counseling, which explains your rights and responsibilities as a Federal Stafford Loan borrower. This process is now available through LOIS, and you will be prompted to complete it after accepting your loan and selecting your lender.

Returning borrowers will not need to complete Entrance Counseling. It must only be completed once during your time at Lesley University, even if you change lenders.

Master Promissory Note

If you have not previously borrowed a Stafford Loan at Lesley University you must also complete a Master Promissory Note. The Master Promissory Note (MPN) is an agreement between you and your Stafford Loan lender that is effective for 10 years unless you change lenders, decline the multi-year feature, or don't receive your first loan disbursement within 12 months of originally signing your MPN.

Returning borrowers do not need to sign a new MPN unless you have selected a new lender, but you will still have to complete the process of accepting your loan described above.

If you select a lender who participates with Sallie Mae's OpenNet system, which includes all of the lenders on the list above as well as many others not listed, your loan application will be sent to your lender through OpenNet after you accept your loan on LOIS, and you will be able to complete your MPN electronically at http://www.opennet.salliemae.com. You will receive notices from SallieMae when your MPN is ready for you to complete and sign online. If you select a lender who does not participate with OpenNet, the Financial Aid Office will research how to most efficiently process loans with your lender of choice.