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Information About Your Lender Selection & Master Promissory Note - Current Students

Federal Stafford Loan borrowers are free to select any lender that participates in the federal loan program, including lenders that are not on the College’s suggested lender list.

Springfield College provides a suggested lender list to students who may need additional information to assist them in choosing a Stafford loan lender. Students are free to select any lender, including one not on the College’s suggested lender list, without penalty. Some lenders offer special incentives that reduce the loan balance or lower the interest rate. When choosing a lender, be sure to review and compare the benefits, incentives, and quality of customer service. We recommend that you choose your lender wisely.

Students must notify the Financial Aid Office of their lender selection. This may be done on the award letter or on the lender selection form.

Recent legislation has made significant changes in the law affecting federal student loans. These changes may cause lenders to discontinue or reduce Stafford loan borrower benefits. Before selecting a lender you should contact that lender directly to confirm rates and terms.

A completed Master Promissory Note (MPN) must be on file with your chosen lender for loan funds to be processed and disbursed. The MPN is the actual loan application that you submit to your lender.

• Please refer to the suggested lender list, contact the Financial Aid Office, or contact your lender directly, for information on completing an MPN for your chosen lender.