Atlanta Postal Credit Union : Student Loans

Student Loans

Atlanta Postal Credit Union offers several types of federally-backed student loans to meet the ever-changing needs of our members. We offer Federal Student Loan Consolidation which allows borrowers to combine existing federal student loans into one convenient fixed rate loan. In addition, we offer current students Federal Stafford Loans and Graduate/Professional PLUS Loans, as well as Federal PLUS Loans for qualified parents of students. Let Atlanta Postal Credit Union ease the burden of funding your college education.

We'll guide you through the process of completing the FAFSA (Free Application for Federal Student Aid), getting an award letter, and completing your MPN (Master Promissory Note) for the three types of student loans available through this government program.

Consolidation Loans
Consolidation Loans allow you to combine existing federal student loans with Atlanta Postal Credit Union and/or multiple lenders into a convenient fixed rate loan. Once you choose Atlanta Postal Credit Union as your lender, your Consolidation Loan will be processed, guaranteed, and serviced by our student loan guarantor, Great Lakes Educational Loan Services, Inc. For the quickest response to your questions about the consolidation process or completing your application, call our specialists at Great Lakes directly at 1-800-950-0152.

Loans for Students
Subsidized Federal Stafford Loans are available to both dependent and independent undergraduate, graduate and professional students. It is called a subsidized loan because the government pays the interest on the loan while the student's status is "in school", "grace", or "deferment." Payments can be deferred until after graduation or dropping below half-time.

Unsubsidized Federal Stafford Loans are available to both dependent and independent undergraduate, graduate, and professional students. The government does not pay interest on this loan at any time. The student is solely responsible for the interest, but can request to have interest and payments deferred until after graduation or dropping below half-time. In certain cases, students qualify for both subsidized and unsubsidized Federal Stafford Loans.

Graduate Professional PLUS Loans are available to graduate professional students. Students may apply to borrow up to the cost of attendance less any financial aid received and the loan rate is fixed for the life of the loan. Plus, students make no payments while enrolled in school at least half-time and there are no collateral requirements or income limitations. (Students must complete the FAFSA process.)

Loans for Parents
Federal PLUS Loans are for covering college expenses and are available to parents or stepparents of dependent undergraduate students. These loans are not based on financial need. Parents or stepparents simply see a participating lender, like Atlanta Postal Credit Union, to apply. (Students must go through the FAFSA process before their parent can receive this loan; parents' information is requested on the student's FAFSA.)

Atlanta Postal Credit Union offers all three federal loan types. For more information or to apply for a federal loan, follow the steps outlined in the Atlanta Postal Credit Union Student Loan Checklist, and complete the necessary forms, Click here to email us your questions.

BORROWERS RIGHT TO CHOOSE A 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 Atlanta Postal Credit Union even if the credit union is not included on the list. Simply add our name and Lender Code 816319 on your Master Promissory Note (MPN). If your school insists that you choose another lender, please contact us at (404) 768-4126 or Toll-free at (800) 849-8431.

Manage your Student Loans online:
Once your application is submitted, you can check the status of your loan, view your account information and make payments from your Atlanta Postal Credit Union account 24-hours a day, 7 days a week at www.mygreatlakes.org. After you log in, choose 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 is your resource to obtain forms, a glossary of financial aid terms, contact information, and lots of other information to help you manage your loans.

HELPFUL STUDENT LOAN INFORMATION:

Quick Reference Guide— Provides details on the types of federal student loans.
Financial Aid Process Guide— Explains the steps towards applying/receiving federal aid.
www.studentaid.ed.gov — Detailed student aid and student loan information from the U.S. Department of Education.
www.collegeplan.org — Information on college selection, admissions, financial aid and scholarships.
www.collegeboard.com — Scholarship information.
www.mappingyourfuture.biz — Detailed information about career planning, selecting a school and paying for college.
www.mygreatlakes.org — Great Lakes is the guaranty and servicing agency for student loans made through Atlanta Postal Credit Union. Manage your loan information here.