How can I apply for a student loan?
What is Arizona Federals Federal Lender ID# and Address?
When is the deadline to apply?
Who underwrites these loans?
How long is the grace period?
How long is the repayment period?
How are the student loan rates set?
What are the different types of student loans?
What are the federal Stafford Loan Limits?
Who should I contact if I have additional questions?

How can I apply for a student loan?

You must first visit the financial aid office at the school where you want to attend. The school will give you a F.A.F.S.A. (Free Application For Student Aid). Once approved, you will receive an "Award Letter" from the Government. This letter will tell you which loan you qualify for and how much. You will then contact Arizona Federal to receive a Master Promissory Note (MPN).
 

What is Arizona Federals Federal Lender ID# and Address?

When filling out the Master Promissory Note (MPN) for all loan types, you need to list our Federal Lender ID# and address in sections 8 & 9. Our Federal Lender ID# is 830168. You should use the following address:

Arizona Federal
333 N. 44th Street
Phoenix, AZ 85008-6568
 

When is the deadline to apply?

The Master Promissory Note (MPN) application must be submitted to the school of choice by June 30 for the fall semester of the following school year.
 

Who underwrites these loans?

USA Funds (aka Sallie Mae)
 

How long is the grace period?

6 months after the graduation or withdrawal date.
 

How long is the repayment period?

All loans offer a 10 year repayment term as well as graduated and income sensitive repayment schedules.

How are the student loan rates set?

All rates are set by the Department of Education (D.O.E.) based on the 91 day T-Bill Rate (maximum of 8.25%). These rates are good from July 1st of each year through June 30th of the following year and are established by the D.O.E.

What are the different types of student loans?

There are two types of Federal Stafford Loans -

Federal Subsidized
If you meet certain financial-need criteria, you may qualify for a subsidized loan. The U.S. Government pays the interest while the student is in deferment and the grace period. 

Unsubsidized:
If you do not meet the financial criteria to qualify for a subsidized Federal Stafford loan, you can still apply for an unsubsidized Federal Stafford loan. However, you are responsible for the interest from day one while in school, the grace period, and repayment. 

Note: All loans offer 10 year repayment terms as well as graduate and income sensitive repayment schedules. Enrollment must be at least half time.

Additional Types of Loans:

Federal PLUS:
If you are an undergraduate student, dependent on your parents or legal guardian, and enrolled in school at least half-time, the parents may take out a Federal PLUS loan on the student's behalf.

Consolidation:
You can save money, time and effort when you combine one or more federal education loans into a single Federal Consolidation loan from USA Group. The repayment terms can be stretched from the standard 10 years to up to three times as long, depending on the amount of education debt. There is no cost or application fee to consolidate the loans and there are no prepayment penalties for paying back the loan early. All loans currently in a grace period or repayment period are eligible.

What are the federal Stafford Loan Limits?

	Borrower's Academic Level Subsidized Unsubsidized Federals Stafford Loans   Federal Stafford Loans Dependent Undergraduate Independent First-Year Undergraduate or Vocational Program Full Academic Year   $2,625 $2,625 minus SFSL* $2,625 minus SFSL* plus $4,000 Second-Year Undergraduate or Vocational Program Full Academic Year   $3,500 $3,500 minus SFSL* $3,500 minus SFSL* plus $4,000 Remaining years Undergraduate or Vocational Program Full Academic Year   $5,500 $5,500 minus SFSL* $5,500 minus SFSL* plus $5,000 Graduate or Professional Student $8,500 $8,500 minus SFSL* pllus $10,000

*SFSL = Subsidized Federal Stafford Loan amount approved by school

Who should I call if I have additional questions?

For additional information regarding student loans, please call us at (602) 683-1000, ext. 1219 or 1-800-523-4603 option 5, ext. 1219.

›› Content updated July 13, 2004