Loans and Lenders
Welcome to the Office of College Aid’s Returning Student Loan Application Page. On this page, you will find everything you need to re-apply for a Federal Stafford Loan, Federal Parent PLUS, or alternative student loans. Please follow the steps for each loan type.
The Federal Stafford Loan
Due to the current volatile nature of the Student Loan market, it may be necessary for you to complete a new Stafford Loan Master Promissory Note (MPN) even if you completed one and borrowed previously. If you borrowed from Bank of America (Lender Code 831846) or National Education Servicing (Lender Codes 830628 and 834378) you must complete a new MPN. National Education Financing no longer participates in the Federal Family Education Loan (FFEL) program and Bank of America now operates under a new lender code. If you previously borrowed from Wachovia, it is not necessary to complete a new MPN.
If you borrowed from a lender other than the three mentioned above, contact your lender to ask whether they still participate in the FFEL program. If not, it will be necessary for you to select a new lender and complete a new MPN. We offer a list of suggested lenders that participate in the FFEL program. Please note that you are not required to use a recommended lender and you will not be penalized if you choose a lender that is not included on our list. Should you choose a lender not listed below, we will assist you in the loan process with your chosen lender. However, as you are establishing a long-term relationship with a lender, we encourage you to research several lenders and choose one that best suits your needs (more on selecting a lender here).
We selected the listed lenders for the three loan programs after a thorough and formal review through a Request for Information (RFI) process that asked lenders to provide information regarding, for example, customer service, ease of application process, front-end borrower benefits, repayment terms, and lender stability in the marketplace. The University of Chicago receives no financial incentive or other benefit for recommending lenders.
Each school year you must complete a Stafford Loan Instruction and Amount Request Form and indicate the amount you want to borrow for the academic year. Download the 2008-09 Federal Stafford Loan Instruction and Amount Request Form (PDF).
Increased Stafford Loan Limits
On Wednesday May 7 2008, President George W. Bush signed legislation that increased the loan limits for undergraduate students. Effective for the 2008-09 school year, students now may borrow an additional $2,000 from the unsubsidized Federal Stafford Loan program. If you want to borrow additional unsubsidized funds based on the new loan limits, add this additional amount to the base amount, indicate the total amount on step two, and be sure to check the unsubsidized box on step three when completing your 2008-09 Federal Stafford Loan Instruction and Amount Request Form.
Once completed, please mail or fax this application to our office.
Office of College Aid
1101 East 58th St
Chicago, IL 60637
773-834-4300 fax
If you have never borrowed a Stafford loan while attending the University of Chicago, please do not follow the above instructions. Instead, please click here to be directed to the first-time borrower loan application page.
The Federal Parent PLUS**
If you find that you need additional loan funding, we suggest that your parents apply for a Federal Parent Loan PLUS.
Due to the current volatile nature of the Student Loan market, it may be necessary for your parent to complete a new PLUS Loan Master Promissory Note (PMPN) even if your parent completed one and borrowed previously. If your parent borrowed from Bank of America (Lender Code 831846) or National Education Servicing (Lender Codes 830628 and 834378) your parent must complete a new MPN. National Education Financing no longer participates in the Federal Family Education Loan (FFEL) program and, Bank of America now operates under a new lender code. If your parent previously borrowed from Wachovia, it is not necessary to complete a new MPN.
If your parent borrowed from a lender other than the three mentioned above, contact the lender to ask whether they still participate in the FFEL program. If not, it will be necessary to select a new lender and complete a new MPN. We offer a list of suggested lenders that participate in the PLUS program. Please note that your parent is not required to use a recommended lender and will not be penalized if they choose a lender that is not included on our list. Should your parent choose a lender not listed below, we will assist in the loan process with the chosen lender. However, as your parent is establishing a long-term relationship with a lender, we encourage your parent to research several lenders and choose one that best suits their needs.
We selected the listed lenders for the three loan programs after a thorough and formal review through a Request for Information (RFI) process that asked lenders to provide information regarding, for example, customer service, ease of application process, front-end borrower benefits, repayment terms, and lender stability in the marketplace. The University of Chicago receives no financial incentive or other benefit for recommending lenders.
If your parent has previously borrowed a PLUS Loan, and he/she does not need to complete a new PLUS Master Promissory Note (PMPN), please print and complete the 2008-2009 Federal PLUS Loan Information and Amount Request form (PDF).
Once completed, please mail or fax this application to our office.
Office of College Aid
1101 East 58th St
Chicago, IL 60637
773-834-4300 fax
If your parent has never borrowed a PLUS Loan while you were attending the University of Chicago, please do not follow the above instructions. Instead, please click here to be directed to the first-time borrower loan application page.
**Important PLUS Loan Information**
If a parent applies for and is denied the option of borrowing a federal Parent Loan PLUS, the student is then eligible to borrow an additional unsubsidized Stafford Loan. A first or second year student may borrow up to $4000 and third and fourth year students may borrow up to $5,000 through the unsubsidized Stafford loan program.
In order for the Office of College Aid to process an unsubsidized loan on your behalf, we will require a copy of your parent’s denial letter from the PLUS lender. You will also need to complete another Stafford Loan Instruction and Amount Request Form where you will indicate the amount of the additional unsubsidized Stafford loan. (Be sure to check the unsubsidized box under step three.)
Alternative Loans for Students
If your parent is not willing or able to borrow the Federal PLUS or if the Federal Stafford and PLUS do not meet your borrowing needs, you may be interested in an alternative student loan. As with the Federal Stafford and Federal PLUS, you are beginning a long-term relationship with a lender. Researching different lenders and their benefits as well as exploring other means of financial aid before applying for an alternative loan is to the advantage of the student. We recommend that you use alternative student loans conservatively as they often have unsubsidized and uncapped interest rates. We have provided a list of some lenders below. If you choose one of these lenders, complete the application by clicking on the link below. This is a student loan and will require a co-signer. You may contact the lender if you have any questions about these alternative loan programs, including but not limited to interest rates, deferments, fees, and repayments terms.
*** Important Update ***
Effective April 19, 2008 Bank of America will no longer participate in the alternative private loan program.
Effective July 2, 2008 IDAPP will no longer participate in the alternative private loan program.
We regret any inconvenience caused by these unforeseen changes. Contact the Office of College Aid with any questions.
There are many other lenders who offer an alternative loan program not listed here. Students may borrow from the lender of their choice and we do not require you to borrow from our recommended lenders. They are presented merely as a "starting point" for your research and have been chosen after a thorough and formal review through a Request for Information (RFI) process that asked lenders to provide information regarding, for example, customer service, ease of application process, front-end borrower benefits, repayment terms, and lender stability in the marketplace. The University of Chicago receives no financial incentive or other benefit for recommending lenders.
