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Rochester Community and Technical College - Rochester, Minnesota

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"Be-E-Loan" - The Stafford Loan Program

 

"Be-E-Loan" is the electronic loan application process RCTC students use to apply for their Stafford Loans. Before applying for a Stafford Loan, all students must complete the
Free Application for Federal Student Aid (FAFSA).

The Federal Stafford Loan is available to all students, regardless of income level.  The Stafford program includes two loan types: Subsidized and Unsubsidized.  See the Loan Comparison Chart for more information about the Stafford Loan Programs.

If you have not been awarded a loan, but wish to borrow, please contact James Scott by email or by phone at (507)285-7267.

How do I apply for a Stafford Loan?

  1. STEP 1: Complete the required Online Entrance Session at the website www.mappingyourfuture.org. If you have borrowed a student loan before or have completed the Entrance Session previously, you do not need to complete it again.

  2. STEP 2: Complete your online Master Promissory Note (MPN). Click on the name of your lender, as listed below, to begin completing your MPN.

    NOTE: You can electronically sign your promissory note, if you know your Federal PIN number. If you do not know your PIN or have lost it, you can request a duplicate by visiting the PIN Registration website - or - you can chose to print your MPN, sign and then mail it to the processing center.

    Not sure which lender to choose? Federal guidelines regulate the primary features of student loan programs. However, some lenders offer special benefits and discounts. Click here for a comparison of lenders our students use most often.

    Nelnet

  3. STEP 3: Complete a Loan Certification Request Form. Complete the appropriate Loan Certification Form and submit it to the Financial Aid Office. Without this form, we will not know the amount you wish to borrow. Click on the appropriate link below to download this form:

    2007-2008 Loan Certification Form

    SUMMER Loan Certification Form

  4. STEP 4: Track the progress of your loan. After you have completed these steps, you can monitor the status of your loan. Most of RCTC's loans are processed by one of the two following servicers:

    5. Servicers for RCTC Stafford Loans:


What happens after I apply?

The Financial Aid Office will electronically certify student loan based on your eligibility and also the information you provide on your loan certification form. Your lender will match the school's electronic certification to your MPN and review your eligibility.  Upon approval of your loan, you will receive a Disclosure Statement from your lender.  The disclosure statement shows the amount of your loan, the interest rate that applies to your loan, the dates your lender expects to send loan funds to the campus and information on how to contact your lender. If you do not receive your Disclosure Statement within 10 days of completing the application process, please review the status of your loan by visiting your lender's website as listed above, or call them directly.

Electronic Funds Transfer (EFT) will be used for your loan disbursements to ensure that your funds arrive on campus as quickly as possible.  Once your loan arrives on campus, your loan will be credited toward your account within 3 days of receipt.  Please note that Federal Regulations MAY require the first disbursement of student loan funds be delayed until the 30th day of the semester for first time borrowers.

Most questions relating to approval, disbursement and/or the status of your loan can be answered through your lender's website. If you have specific questions regarding your loan that can not be answered by reviewing your account online, please contact James Scott in the Financial Aid Office either by email or by phone at (507) 285-7267.

<< Return to Student Loan Homepage.

 

 

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