New Emory Students

IF YOU HAVE NOT BORROWED A STUDENT LOAN WHILE AT EMORY, YOU MUST FOLLOW THE FOLLOWING STEPS:

1. Accept your loan awards - After your file has been reviewed, you will be sent an email informing you that your awards may be viewed and accepted online via OPUS. Acceptance of your Stafford loans is required before the loans can be processed. When accepting a loan, be sure to accept the Federal Subsidized Stafford Loan before accepting the Federal Unsubsidized Stafford Loan and/or the Federal Grad PLUS Loan.
2. Select your lender - You must choose a lender in order for us to certify your loan eligibility. If you do not select a lender for your Stafford loans, you will not receive any loan funds. To indicate your lender choice, either a) submit our online form or b) print then fax or mail the form to the Office of Financial Aid. Please allow 5 to 7 days for processing.

   If you intend to change your lender selection from the prior year, you must contact your advisor prior to accepting the loan. Lender changes received after you have accepted the loan in OPUS cannot be processed. Changing to a new lender will require you to complete a Master Promissory Note (MPN) with the new lender.

3. Sign a Master Promissory Note (MPN) - Emory University will electronically transmit your Stafford loan application to your lender/guarantor. After this transmission, a Master Promissory Note (MPN) will be produced. There are two ways for you to complete the MPN:
   1. Sign a paper MPN and then mail back to your lender/guarantor
   2. Sign the MPN electronically on your lender's/guarantor's website
   You will receive instructions from your lender/guarantor on which of the two options above applies to your MPN. The MPN is valid for all subsequent Stafford Loans you may receive from your loan lender, unless you select another Stafford Loan lender.
4. Complete Entrance Counseling – Entrance Counseling can be done via the web at mappingyourfuture.org. All first-time student borrowers must complete an entrance interview counseling session to ensure that they understand the terms of their loans and their rights and responsibilities as borrowers. If you do not have web access, please contact the Office of Financial Aid to request entrance counseling information by mail. Please allow 5 to 7 days for processing.
5. Funds received at Emory will be applied first to your student account, and then refunded to you in the event of a credit balance. Using a lender other than the lenders listed below may delay the arrival of your loan funds.

Returning Emory Students

If you have borrowed a student loan while at Emory and signed a Master Promissory Note (MPN), you will not need to sign a new MPN or select a lender. Simply accept all or a portion of your Stafford Loan using self service in OPUS. The loan will be processed with your current lender for the accepted amount.

If you intend to change your lender selection from the prior year, you must contact your advisor prior to accepting the loan. Lender changes received after you have accepted the loan in OPUS cannot be processed. Changing to a new lender will require you to complete a Master Promissory Note (MPN) with the new lender.

Emory Stafford Lenders

In an effort to assist students and families in choosing a lender, the Office of Financial Aid has compiled a list of institutions we consider to offer competitive products, solid customer service, electronic payment of loan funds and a variety of savings programs during loan repayment. The Office of Financial Aid surveys lenders annually to provide the latest information regarding products and benefits. The information presented in our Lenders list was compiled from information received from the lenders as of Feb. 2009 and is available in the Office of Financial Aid upon request. Reasons for selecting a particular lender will vary from person to person. This list should only be used as a guide or starting point for analysis. Some choose a lender based on name recognition, immediate benefit of lower origination fees, or the long-term advantage of repayment savings programs, like an interest rate reduction as a reward for making payments on time. You should review each loan disclosure statement (mailed to you after the loan has been approved) for yourself. You should also confirm that there have not been any changes and that the terms and benefits are consistent with the information provided to Emory University.

Please note that you are not required to use any of these lenders – the choice of lender is yours. The Office of Financial Aid will process your loan with any lender you choose. Further, the list of lenders is not in any order of preference. Choose your lender carefully with the intent that you will remain with that lender throughout your studies at Emory.

Please click the following link to review the Federal Graduate/Professional Stafford Loan Lender List.

Emory as Stafford Lender

The College Cost Reduction and Access Act (CCRAA) signed by the President on September 27, 2007 coupled with the recent economic crisis have created challenges for Stafford loans processed in the Federal Family Education Loan Program (FFELP); specifically, the School as Lender program here on campus. As a result of market conditions the Emory University School as Lender program will no longer be offered to new borrowers, continuing borrowers will be eligible to participate beyond November 30, 2008, at the current terms.

Students may choose any participating FFELP lender for their Stafford loan and are urged to carefully review borrower benefits and disclosure statements provided by your lender.