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Information About Your Lender Selection & Master Promissory Note

Federal Stafford Loan Lender Information Download the Federal Stafford Loan Lender Information Packet .

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

Springfield College provides a Federal Stafford Loan Lender Information packet 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 Federal Stafford Loan Lender information page, 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 Federal Stafford Loan Lender Information packet, contact the Financial Aid Office, or contact your lender directly, for information on completing an MPN for your chosen lender.