Loan Process—Student Loan Checklist

  1. Complete the FAFSA (Free Application for Federal Student Aid)

    To determine your eligibility for Stafford loans and other financial aid, complete a FAFSA. Your school will use this information to determine your eligibility for financial aid.

    1. Request Your PIN
      If you don't already have a Personal Identification Number (PIN) to complete the online FAFSA, request your PIN at www.pin.ed.gov. You and your parents will each need separate PINs.
    2. Submit your FAFSA
      Go to www.fafsa.ed.gov. Online applications are processed in approximately 2 weeks.

      Deadlines:

      • For federal aid, submit your FAFSA on or after January 1st. Since grants are determined on a first come, first served basis, submit your FAFSA as quickly as possible.
      • For college aid, check with your school.

  2. Review Your SAR (Student Aid Report)

    You'll receive your SAR within two weeks after submitting your FAFSA. Carefully review and correct any information.

    If more than four weeks have passed since sending your FAFSA and you have not received an acknowledgement, contact the Federal Student Aid Information Center at 319-337-5665.

  3. Accept or Decline Financial Aid Award from Colleges

    • Review your financial aid package.
    • Respond by the school's deadline.

  4. Sign Master Promissory Note

    This is your pledge to repay the loan according to the terms and conditions of the loan. Remember to include UW Credit Union's lender code.

    • UW Credit Union's Lender Code is 818611 for Stafford, PLUS, and Graduate PLUS Loans.

  5. University Receives Financial Aid Disbursement

    Loan proceeds are disbursed directly to your college.

    • Loan funds will be disbursed in two payments at the start of each semester.
    • If you have never received a federal student loan, the first payment will be sent 30 days after the semester begins (federal requirement). Subsequent disbursements are sent at the beginning of each semester.