UW Colleges Money Matters
Completing a Master Promissory Note (MPN) for Federal Stafford Loans Online
If you have never applied for a Federal Stafford (Subsidized or Unsubsidized) Loan before, you must complete a Stafford Loan Master Promissory Note or MPN (the loan application). If you have applied for a Stafford Loan within the last several years and thus have an active Stafford Loan MPN on file with UW Colleges' loan servicer (Great Lakes Educational Loan Services), you are not required to complete another or new MPN.
In order to apply online for a Stafford Loan, including both Subsidized and Unsubsidized Stafford Loans, ALL of the following must apply to you:
- You have been admitted to one of the University of Wisconsin Colleges campuses: Baraboo/Sauk County, Barron County, Fond du Lac, Fox Valley, Manitowoc, Marathon County, Marinette, Marshfield/Wood County, Richland, Rock County, Sheboygan, Washington County, Waukesha, or the UW Colleges Online-degree program.
- You have applied for financial aid using the Free Application for Federal Student Aid (FAFSA), the FAFSA has been processed, and you authorized the release of your FAFSA information to UW Colleges on the FAFSA form.
- UW Colleges Student Financial Aid Office has sent you a Financial Aid Award Offer for the corresponding term for which you wish to apply for a Stafford Loan(s).
- You were awarded a Subsidized and/or Unsubsidized Stafford Loan and have submitted your completed Award Offer with an accepted Stafford Loan award to UW Colleges.
- If you are a first-time loan borrower at UW Colleges, you must complete Loan Entrance Counseling before any loan proceeds will be disbursed to you. To satisfy this requirement, click here.
- You will need your U.S. Department of Education PIN to complete this process. Visit the FSA Pin Registration website if you do not have a PIN or are unsure if you already have one.
If you meet all of the conditions above, you may now click on the link below to complete your Master Promissory Note (MPN) for a Stafford Loan online. Please note that only one MPN is needed to apply for both the Federal Subsidized and Unsubsidized Stafford Loans.
How Do I Choose a Lender?
Federal guidelines regulate the primary features of student loan programs. However, many lenders offer incentives to borrowers. One current incentive is a reduced origination fee. Origination fees are taken out of your loan before the loan funds are disbursed to you. Consequently, a reduced origination fee results in a net increase in the loan proceeds you receive (so you get more money). Other incentives offered by lenders include those that come into play when you begin repayment of your loan. When choosing a lender, you should consider the incentives that are most important to you.
Lender List
You will be required to select a lender when you complete your MPN. UW Colleges does not endorse any particular lender(s) and you my choose whichever lender you like. If you choose a lender that is not on the list, you will need to know its 6-digit lender code. If you choose a credit union as your lender, you must be a primary member of the credit union. However, to assist you, UW Colleges has compiled a lender list as shown below. The lenders on the list have demonstrated a commitment in providing effective service to students and parents, which results in smooth and timely processing of your Stafford loan. In addition, all lenders on our list meet the following criteria:
- Electronic Fund Transfer (EFT) capability
- Great Lakes Higher Education Corporation serves as guarantor
- Trained customer service staff available
- Membership is not required by lender
- Offers at least one borrower benefit or incentive (front-end and/or back-end)