In order to apply for the Federal Stafford loan, you must first complete a financial aid application. Once your eligibility for a Federal Stafford loan has been verified, the loan will be certified and disbursed to your student account. Unless you request to use a different guarantee agency, your loan will be certified electronically with American Student Assistance (ASA). You will then have the opportunity to select the lender of your choice.
New Borrowers
Your are considered to be a new borrower if you have never borrowed a Stafford loan while enrolled at Boston College. For all new borrowers, ASA will prepare an electronic Master Promissory Note (MPN) and send a letter explaining their electronic signature process. This MPN is valid for ten years. Returning students do not need to sign a new MPN unless they are selecting a new lender.
Since Boston College participates in the FFELP Stafford Loan program, each student must select their own lender and is free to choose any lender that participates in the FFELP process. The basic terms of the loans (maximum interest rate, mandatory fees, deferment options) are set by the federal government; however, many lenders offer additional benefits to borrowers. The Boston College Financial Aid staff encourage you to compare the loan benefits offered by different lenders and make an informed decision.
All new borrowers must also complete Entrance Counseling prior to the loan being disbursed. You can complete your Entrance Counseling through the Agora portal. This involves reading information and answering questions about your rights and responsibilities when borrowing a Stafford loan.
Prior Borrowers
If you have previously borrowed a Stafford loan while enrolled at Boston College, you are considered a prior borrower. Most prior borrowers will have their prior lender assigned automatically. Note: Due to recent changes in the student loan industry, some lenders have suspended their participation in the FFELP process. If your prior lender no longer participates, you will be required to complete a new MPN and choose a new lender. You will be notified if these changes apply to you. If you wish to select a new lender for any other reason, you may do so by contacting the Student Services Office directly.