Please read all information carefully. For important information on loan fees and interest rates, please view the Undergraduate Loan Chart.
Federal Stafford and PLUS Loan Application Process
Stafford Loan Application
Important - Day students who have previously completed the Stafford Loan Master Promissory Note (MPN) and entrance counseling will receive the full amount of their Stafford loans unless Step 1 is completed.
- If you DO NOT wish to receive the full amount of your Stafford loan, please complete theLoan Change Request Form. (Augnet login required). Please remember the amount you borrow will be split evenly between the terms of the year. If you are a transfer student starting in the spring semester, the amount you borrow will fully disburse in the spring. If you are new and do not know your Augsburg username and password, please firstname.lastname@example.org with your name, ID number (found at the top of your award letter), and requested loan amount.
ALL STUDENTS WHO HAVE NOT PREVIOUSLY BORROWED A STAFFORD LOAN AT AUGSBURG MUST COMPLETE THE FOLLOWING STEPS. IF YOU ARE NOT SURE WHETHER YOU HAVE COMPLETED THIS, PLEASE VIEW YOUR DOCUMENTS TAB BY LOGGING INTO Track Your Financial Aid (Augnet login required).
- Complete a Direct Stafford Loan Application (MPN). Under “Manage My Direct Loan” select “Sign In.” You will then be prompted to sign in with your FAFSA pin number. Select the “Complete Master Promissory Note” to begin the Stafford Subsidized/Unsubsidized Loan application (MPN).
- Complete the federal Entrance Counseling. Under “Manage My Direct Loan” select “Sign In”. You will then be prompted to sign in with your FAFSA pin number. Select “Complete Entrance Counseling.”
PLUS Loan Application (Parent Loan)
Parents, there are two steps necessary to apply for a PLUS loan:
- Complete the PLUS Loan Application. Under “Manage My Direct Loan” select “Sign In”. You will then be prompted to sign in with your FAFSA pin number. Select ”Request a PLUS Loan” to begin the PLUS application and select the amount you would like to borrow for the school year.
- Note: Please do NOT select the “borrow the maximum Direct PLUS loan” box when you select the amount to borrow for the PLUS loan. If you are not sure how much you need to borrow, please contact the Student Financial Services Office at 612-330-1046.
- Remember, the amount you borrow will be split evenly between the terms of the year. For example, if you borrow $4500, your loan will split evenly, $2,250 for fall and $2,250 for spring.
- There is an origination fee of 4% for the 2012-2013 academic year. Please remember to calculate this amount into the final amount you will need for the year.
- Complete a PLUS Loan Master Promissory Note (MPN). Under “Manage My Direct Loan” select “Sign In.” You will then be prompted to sign in with your FAFSA pin. Select “Complete Master Promissory Note” and select Parent PLUS to begin the Master Promissory Note (MPN).
Private Loan Options
Private alternative loans should be utilized only after all other financial aid resources have been exhausted. Private loan interest rates are variable and are often based on credit plus an index such as PRIME or LIBOR. Please follow the steps listed below to apply for a private alternative loan.
- Research and choose your lender. You may look at Augsburg’s preferred lender list or view other private alternative loan options. (please note: students have the option to choose a lender not listed on Augsburg’s preferred lender list)
- Student and co-signer complete loan application online. Please note that the lender may request additional information such as income verification or proof of residency.
- Complete the self-certification form provided by the lender.
- Review the approval disclosure sent from the lender.
- Student and co-signer sign the Master Promissory Note (MPN).
- Lender sends loan information to school and school certifies loan information.
- Lender will release funds within 1-2 weeks after certification. These funds will be applied to your student account at Augsburg College.
*For information on how Augsburg selects lenders listed on the preferred lender list, view our Preferred Lender Arrangement Form.*