O & R Utilities Employees Federal Credit Union

Student Loans

Make College a Reality
Get Your Student Loan from O&R Utilities Employees FCU
Lender Code: 834189

You know the value of a college education.
Getting a college degree is a worthwhile goal. College graduates make an average of one million dollars more than those without college degrees (www.studentloanfacts.org). But the cost of a college education can be overwhelming for both students and parents. That’s why O&R Utilities Employees Federal Credit Union offers Federal Family Education Loan Program (FFELP) loans. If you or another family member plans to attend a university, technical college, or any specialized training program, O&R Utilities Employees Federal Credit Union can help you with the funding you need to pursue your dreams.

FFELP offers loans for students and parents.

Stafford Loans
- The subsidized Federal Stafford Loan is based on financial need. The government pays the interest while you are in school.
- The unsubsidized Federal Stafford Loan is not based on need but family income is a determining factor. You pay all the interest, although you can have the payments deferred until after graduation.
PLUS (Parental Loan for Undergraduate Students) Loans
Creditworthy parents of dependent undergraduate students can apply for this loan, which is not based on need.

Learn more about low-interest federal student loans.
Refer to the Student Loan Quick Reference Guide for more details on Stafford and PLUS Loans including:

the application process
current rates
loan limits
toll-free numbers to check the status of your loan account

Here’s how to obtain a federal student loan.

1. Complete a FAFSA
Before you begin applying for a Stafford and/or PLUS Loan, you must first complete the Free Application for Federal Student Aid (FAFSA). It must be completed for each academic year that you request federal aid. FAFSAs for the upcoming academic year are available online on or after January 2. Contact your school for their application deadline.

2. Receive your SAR
Once your FAFSA is processed, a Student Aid Report (SAR) is created. If you completed your FAFSA online, allow 1-2 weeks for you and your school to receive the SAR electronically. Paper FAFSAs take 6-8 weeks to process.

3. Receive your Award Letter
Your school(s) use data from your SAR to determine your financial aid award for the current academic year and send you an award letter by e-mail or US Mail. (If your letter mentions the William D. Ford Direct Lending Program, contact your school for the appropriate promissory note.)

4. Complete a Stafford Master Promissory Note
Complete and print the Stafford Master Promissory Note (MPN) to get your loan at O&R Utilities Employees Federal Credit Union. While you must complete the FASFA process to apply for aid each academic year, this Master Promissory Note will be used by the credit union to process all of your loans over multiple academic years at the same school. Be sure to indicate your FULL school name (no abbreviations) and school code (if known), city and state in the upper right-hand corner of the Master Promissory Note. Return it to the address below so we can complete the processing for you.

O&R Utilities Employees Federal Credit Union
Attn: Joseph Morrill
PO Box 470
Monroe, NY 10949

5. If Needed, Complete a PLUS Master Promissory Note
Parents can complete and print the PLUS Loan Master Promissory Note online. The Plus Loan Master Promissory Note will be used for all of your loans over multiple academic years at the same school. Be sure to indicate your child’s school name (no abbreviations) and school code (if known), city and state in the upper right hand corner of the Master Promissory Note. Return it to the address below so we can complete the processing for you.

O&R Utilities Employees Federal Credit Union
Attn: Joseph Morrill
PO Box 470
Monroe, NY 10949

6. 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.

7. Access Your Loan Account Online
You can check the status of your loan, view your account information and make payments from your bank account 24/7 at www.mygreatlakes.com. After you log in, choose My Loans, then Internet Borrower Inquiry Service to get started. This site offers a variety of tools for calculating the cost of your loan. It’s your resource to forms, a glossary of financial aid terms, contact information, and lots of other information to help you manage your loans.

8. Call These Toll-free Numbers for Loan Inquiries

Contact BEFORE your loan is disbursed to the school:
Great Lakes Educational Loan Services, Inc. at 1-800-236-6600
Contact AFTER your loan is disbursed to the school:
Great Lakes Educational Loan Services, Inc. at 1-800-236-4300

After graduation, consider consolidating your student loans.
After you graduate lock into a low fixed rate by consolidating your student loans, even if you only have one. Find out more about Consolidating your Student Loans.

Manage your finances.
O&R Utilities Employees Federal Credit Union and Great Lakes are committed to helping students learn to manage their finances. The regularly updated Personal Financial Management Resources provides information on anticipating college costs and staying in control of your finances while in school.

Plan your future. Visit these Web sites.
www.mapping-your-future.org - Detailed information about career planning, selecting a school, and paying for college.
www.studentaid.ed.gov - Detailed student aid and student loan information from the U.S. Department of Education.
www.fastweb.com - Scholarship information.
www.fafsa.ed.gov - Online application for financial aid (FAFSA).
www.pin.ed.gov - Apply for a PIN number to complete online FAFSA.
www.mygreatlakes.com - Great Lakes Educational Loan Services, Inc. is the guaranty agency for your student loans. You can check the status of your student loans here.
www.nslds.ed.gov - View the history of the federal student financial aid you have received.
www.loanlocator.org - Helps you keep track of your loans if you have more than one loan servicer. This site is useful when consolidating student loans.

Need help?
For help with the student loan process, call the credit union at 845-783-5490 or e-mail

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