Student Loans

Heartland Credit Union offers a variety of Student Loans through Great Lakes Higher Education Corp. For specific questions regarding applying for financial aid, you should contact the staff of the financial aid office at the school your child will be attending. 

Heartland Credit Union’s
lender number is 833625.

Applying for financial aid doesn't have to be complicated.
Let Heartland Credit Union help you through process.
Learn how to Apply for Federal Financial Aid.

If you're paying Student Loans...
With our current low-interest rates, NOW is the time to consolidate your Student Loans! Call 1-800-950-0152
for details.

Types of Student Loans

Subsidized Federal Stafford Loan - A loan eligible for interest paid by the federal government. The federal government pays interest that accrues on subsidized loans during the student's in school, grace, authorized deferment, and (if applicable) post-deferment grace periods, if the loan meets certain eligibility requirements.

Unsubsidized Federal Stafford Loan - A non-need-based loan such as an unsubsidized Federal Stafford loan or PLUS loan. The borrower is responsible for paying the interest on an unsubsidized loan during in-school, grace and deferment periods, in addition to the repayment periods.

Federal PLUS Program - The Federal PLUS (Parent Loans for Undergraduate Students) Program makes loans available to parents of dependent students. All borrowers under the Federal PLUS Program must use the loan funds received solely to pay educational costs.

How Students Apply for Federal Financial Aid

After selecting a school, a student must apply for admission and be accepted. If financial aid is needed, you can follow the process outlined below.

1. Complete the FAFSA. Complete the Free Application for Federal Student Aid (FAFSA) for each academic year in which you would like to receive federal aid. The FAFSA can be obtained from the local library, your high school guidance counselor, a college financial aid office, or by calling 1-800-4FEDAID. The FAFSA is also available from the Department of Education's website at  www.fafsa.ed.gov. To make it easier to complete online, print out the Web Pre-Application Worksheet. FAFSAs are accepted and processed after January 1 of the year in which you plan to attend school. Be sure to indicate that you want to be considered for a student loan by answering "yes" to that question on the FAFSA.
    

2. Receive your SAR. Once your FAFSA is processed, A Student Aid Report (SAR) is created. One copy is sent to you in the mail and electronic copies are sent to all the schools you listed on the FAFSA. If you filed a paper FAFSA, allow 6-8 weeks to receive your SAR. If you filed an electronic FAFSA over the internet, allow 1-2 weeks to receive your SAR.
    

3. Receive your Award Letter. The school(s) use data from your SAR to determine your financial aid award for the current academic year and sends you an award letter by email or US Mail. Pay particularly close attention to the type of federal loan(s) noted in your award letter. If there is mention of the William D. Ford Direct Lending Program, contact your school for the appropriate promissory note.

4. Complete the Federal Stafford Loan Master Promissory Note (MPN). When completing the MPN, be sure to write the name of your school (please do not abbreviate the name of the school, i.e., U of C), city and state, and school code (if known), in the upper right-hand corner of the MPN. After the MPN is completed, make a copy for your records and mail the original to Heartland Credit Union, P.O. Box 64608, St. Paul, MN 55164-0608. You are Done!
    

5. Your credit union will complete the application process for you! Once you have completed your MPN, your credit union will send the original note to the loan processor -- Great Lakes Educational Loan Services, Inc. The school you noted on your MPN will then be provided with a School Certification Form to complete and send back to the loan processor.  Once the loan is guaranteed, you will receive a disclosure outlining the amount of the loan, disbursement dates, and the interest rate. Prior to disbursement, you can inquire about your loan using the Answers Chart shown below.
    

6. PLUS Loan. If your financial aid award is not sufficient to cover your cost of education, your parents or stepparents can apply for a Federal PLUS Master Promissory Note (PLUS) if you are a dependent undergraduate student. Or if you are a professional or graduate student, you may be eligible to apply for a PLUS loan. Once the form is completed, make a copy for your records and mail the original to Heartland Credit Union, P.O. Box 64608, St. Paul, MN 55164-0608.

Your school will receive the funds. Both Stafford and PLUS Loans are guaranteed and serviced by Great Lakes Educational Loan Services, Inc. (Great Lakes). When Great Lakes receives the Master Promissory Note from the credit union and School Certification Form from the school indicating the loan amount and disbursement dates, funds will be sent to the school.