FFELP Information
FFELP stands for Federal Family Education Loan Program. It includes Subsidized and Unsubsidized Stafford Loans and parent PLUS loans. Under the FFELP program, loan funds come from a bank, credit union, or other agency approved by the U.S. Department of Education to act as a lender. The lender provides the capital but the loan is insured by a third party called a guaranty agency, also approved by the U.S. Department of Education.
Lender List
Below is a list of lenders approved by UM-St. Louis because they participate in electronic processing methods that will expedite the delivery of you student loan funds. All of these lenders use the Missouri Higher Education Loan Authority (MOHELA) as a servicer and the Missouri Coordinating Board for Higher Education as the guaranty agency. A servicer is an agent employed by the lender to perform certain functions such as process applications, collect loan payments, process deferments, and do general maintenance of student loan accounts.
Choosing a Lender
You can choose a lender not on the list below. UMSL has established electronic paperless procedures with the above lenders to ensure minimum processing time. These procedures include electronic disbursement of funds by the lender to UMSL. Choosing another lender may result in longer processing time and may require you to endorse a paper disbursement check before any funds are credited to your account. We therefore encourage you to use on the the lenders above. However, if you wish to choose another lender, please come visit Student Financial Aid.
 |
 |
 |
|
 |
 |
Signing your promissory note
For Commerce Bank Stafford borrowers: The Commerce Bank Student Loan Department will mail you a preprinted Master Promissory Note after they receive your loan information from UM-St. Louis. Please complete it, sign it, and return it Commerce Bank (address will be provided). For borrowers using one of the other UM-St. Louis lenders: You can sign an electronic promissory note at the MOHELA website. This will require the use of your Department of Education PIN (same PIN needed to file the FAFSA on the Web). At the same web site, you can also print a blank promissory note, complete it, and return it to MOHELA. Be sure to provide the lender name and lender code where asked for on the form. Be sure to list the same lender on the promissory note that you listed on the award letter. The form should be returned to MOHELA at:| MOHELA |
| 633 Spirit Drive |
| Chesterfield, MO 63005 |
Entrance Counseling
Entrance Counseling is required of all students who are taking out a Stafford for the first time at UM-St. Louis. Entrance Counseling is an online information session during which you receive information about the loan program and your rights and responsibilities under that program. No Stafford Loan funds will be disbursed to you until the Entrance Counseling has been completed. To complete counseling, visit Mapping Your Future and select Entrance Counseling on the menu. As long as you chose UM-St. Louis as your school, we will be notified by e-mail when you successfully complete entrance counseling.