Please read all information carefully. For important information on loan fees and interest rates, please view the Undergraduate Loan Chart.
Stafford Loan Application
Important - 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 One is completed.
- If you DO NOT wish to receive the full amount of your Stafford Loan, please complete the Loan 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 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”.
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.*