MBA for Professionals   ::  Application Process for Stafford Loans & PLUS Loans

Stafford and Graduate PLUS Loans are administered through the Willamette University Office of Financial Aid. If you have questions, email the Financial Aid Office at gradaid@willamette.edu or call toll free at 1-877-744-3736.

We are providing very detailed information on this page to help you with questions you might have.

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Stafford Loan Application Process
The Subsidized and Unsubsidized Stafford Loan programs provide up to $20,500 in loan funding for each period of two consecutive semesters you are enrolled in Willamette's Professional MBA program.

• Example: a student who enrolls in the fall semester cohort and completes the degree in six semesters as outlined for the cohort, would be eligible for $20,500 in Stafford Loans for the two consecutive semester periods of fall/spring, summer/fall and spring/summer.

Step 1: Complete the FAFSA online at http://www.fafsa.ed.gov/ and use the electronic signature option. Request information be sent to Willamette University at code number 003227. (Note: completing and signing the FAFSA online significantly increases the speed of processing)

Step 2: Complete the application process for admission and be selected for admission to the Willamette University Professional MBA program. (Note: steps 1 and 2 can be completed in either order)

Step 3: Applicants who have completed steps 1 and 2 will receive a Financial Aid Award from the Willamette University Office of Financial Aid.

• Award packets will be received within two to three weeks after admission to the Professional MBA program if the applicant submitted the FAFSA online (including electronic signature) before the admission decision. Processing will take six to eight weeks if a paper copy of the FAFSA was submitted.
• If the FAFSA was submitted online (including electronic signature) after being admitted to the Professional MBA program, the award packet should arrive within three to four weeks of submitting the FAFSA. Processing will take six to eight weeks if a paper copy of the FAFSA was submitted.

Step 4: Review the award packet and complete the Award Acceptance Form as follows: 1) identify which Stafford loans you plan to accept; 2) identify the lender you will borrow from; 3) sign the Award Acceptance Form; and 4) mail the form to the Willamette University Office of Financial Aid.

Step 5: The Office of Financial Aid certifies the Stafford Loans you selected with the lender you identified.

Step 6: You receive a Master Promissory Note (MPN) for your Stafford Loans from your lender. Sign and submit the MPN as soon as possible. You can process the MPN on paper or online at http://www.nela.net/~content/onlineloanapplication/willamette.htm (the online process takes only about 20 minutes). The MPN must be signed and returned to your lender before processing of the loan can continue.

Step 7: Complete the federally required Entrance Counseling Session if this is the first loan you have borrowed to attend Willamette University. You can complete the process online at https://staffordloanguide.nela.net/login.aspx?schoolID=00322700
(click the "New User Please Register" link in the blue box on the right, and follow instructions).

If you prefer to complete the process on paper, read "Entrance Guide to Your Student Loan" (enclosed with your award packet and available in the Professional MBA office), complete the Entrance Interview form located in the back of the booklet and mail the form to the Willamette Office of Financial Aid.

Step 8: The lender will disperse your loan funds for the upcoming semester to Willamette University. The earliest possible date, by law, a lender can release funds to your Willamette University student account is 10 days before classes start.

Your loan funds will be applied to your student account invoice. If you have a credit on your invoice after the funds arrive and are applied to your Willamette University student account, the University will issue you a check for the balance

Step 9: If you have completed steps 1 though 8, don't worry if the loan funds are not at Willamette University on tuition payment day. Your Willamette student account will show your loan funds are in progress The University generally does not charge interest or late fees on balances that will be paid in full by loan funds in progress.

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Graduate PLUS Loan Application Process
Graduate PLUS Loans provide funding in addition to the Stafford Loans. Much of the application process is the same as for the Stafford Loans. However, Step 5 is very different for the PLUS Loan process and requires your action.

Step 1 through Step 3: These steps are the same as the first three steps of applying for your Stafford Loans and will have already been completed.

Step 4: Review the award packet and complete the Award Acceptance Form. In addition to selecting the Stafford Loans, Identify the amount you want to borrow through PLUS loan and the lender you will borrow from. Then sign and mail to the Willamette University Office of Financial Aid.

Step 5: Request a credit approval for your PLUS loan lender. You can apply for the credit approval either online or by telephone. (Note: this step is different for Plus Loans than for Stafford Loans)

Step 6: You will receive a Master Promissory Note for your PLUS Loan from your lender. Sign and submit the PLUS MPN as soon as possible. You can process the MPN on paper or online at http://www.nela.net/~content/onlineloanapplication/willamette.htm (the online process takes only about 20 minutes). The MPN must be signed and returned to your lender before processing of the loan can continue.

Step 7: Your PLUS lender notifies the Willamette University Office of Financial Aid that your PLUS Loan has been approved.

Step 8: The Office of Financial Aid certifies your loan and tells the Willamette student accounts office that the funds are coming.

Step 9: The lender will disperse your loan funds for the upcoming semester to Willamette University. The transfer of funds from the Graduate Plus Loan will occur within a general timeline of 10 days to 4 weeks after certification (step 8).

The earliest possible date, by law, a lender can release funds to your Willamette University student account is 10 days before classes start. Your loan funds will be applied to your student account invoice.

If you have a credit on your invoice after the funds arrive and are applied to your Willamette University student account, the University will issue you a check for the balance

Step 10: If you have completed steps 1 though 9, don't worry if the loan funds are not at Willamette University on tuition payment day. Your Willamette student account will show your loan funds are in progress The University generally does not charge interest or late fees on balances that will be paid in full by loan funds in progress.

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