Education :: Borrow from us :: Mass Mutual Federal Credit Union

Borrow from us...Education

Learn about our student loan options by clicking on one of the links below.

Student Loans
How to Obtain a Student Loan
Consolidate Your Student Loans
Helpful Links

Student Loans

Getting a college degree is a worthwhile goal. College graduates make an average of one million dollars more than those without college degrees according to www.studentloanfacts.org. But the cost of a college education can be overwhelming. That's why we offer Federal Family Education Loan Program (FFELP) loans. If you or one of your family members plans to attend a university or college, we 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 and graduate/professional students can apply for this loan, which is not based on need.

Learn more about low-interest federal student loans by referring to the Student Loan Quick Reference Guide. This guide offers more details on Stafford and PLUS loans including information on current rates, loan limits, and toll-free numbers to check the status of your loan account.

Interested in getting your FFELP loan through us? There are two things you'll need to know: our lender code is 829293 and we will reduce your interest rate by 0.25% when you schedule your student loan payments to be automatically deducted from your account.

How to Obtain a Student Loan

Here are instructions on how you can obtain a federal student loan:

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^nd. Contact your school for their application deadline.
Receive your Student Aid Report (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.
Receive your Award Letter
Your school uses data from your SAR to determine your financial aid award for the current academic year and sends you an award letter by email or U.S. Mail. (If your letter mentions the William D. Ford Direct Lending Program, contact your school for the appropriate promissory note.)
Complete a Stafford Master Promissory Note
Apply online for a Federal Stafford Loan through MMFCU. Access the online application for a Federal Stafford Loan. Or print and complete the paper application: Stafford Master Promissory Note (MPN) and Addendum to Stafford MPN. 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.

MassMutual Federal Credit Union
Attn: Student Loans
1295 State Street, F235
Springfield, MA 01111-0001
If needed, complete a PLUS Master Promissory Note
Apply online for a Federal Graduate/Professional PLUS loan. Access the online application for a Federal Graduate/Professional PLUS loan. Parents can also apply online for a Federal Parent PLUS loan. Access the online application for a Federal Parent PLUS loan. Or parents or graduate/professional students can print and complete the paper application PLUS Loan Master Promissory Note (MPN) and Addendum to PLUS MPN. 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 or 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.

MassMutual Federal Credit Union
Attn: Student Loans
1295 State Street, F235
Springfield, MA 01111-0001
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.
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. Choose "Borrowers" and then log in to access Internet Borrower Inquiry Service. 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.
Call these toll-free numbers for loan inquiries
Contact Great Lakes Educational Loan Services, Inc. at the numbers indicated below:
- BEFORE your loan is disbursed to the school: (800) 236-6600
- AFTER your loan is disbursed to the school: (800) 236-4300

Consolidate Your Student Loans

Congratulations, you have graduated! After your Federal Stafford loan 6-month grace period has ended, you will need to begin making payments on your student loan(s). Regardless of where you originally got your loan, you may be able to save by consolidating your loans with a fixed-rate Consolidation Loan through MassMutual Federal Credit Union.

For more information on consolidating your student loans please contact our Great Lakes student loan experts at (800) 950-0152.

Helpful Links

Here are some helpful links we've put together to help you when you're going through the college search and researching financial aid and student loans.

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