Stafford Loans:  To apply for a Stafford Loan you must answer FAFSA question 26 with a response of 2 or 3. We will then automatically consider you for both subsidized and unsubsidized Stafford Loans, first awarding the maximum subsidized amount, then the maximum unsubsidized amount according to program limits and your eligibility. If you are an undergraduate you must first have your eligibility for a Pell Grant determined prior to receiving a Stafford Loan.

Promissory Notes: The Financial Aid Office will create an electronic Stafford Loan application for you. We will electronically send your loan application to your lender.  Once your loan application is received by your lender, instructions for signing a promissory note will be sent to you. If you had a Stafford loan while at the University of South Carolina - Columbia and your lender was Chase Manhattan, Citibank, or South Carolina Student Loan Corporation, you will not receive a new promissory note. You already have signed a Master Promissory Note (MPN), which will be valid for all future loans, including your 2007-2008 loan. Promissory notes collect reference information and are the legally binding document whereby you agree to repay your loan. No loan will be made official until your lender has a signed, valid promissory note. 

If you change your lender, you will be required to sign a new promissory note.  Your lender will notify you if this is necessary.

Changing Loan Amounts: If the amount of your loan is more than you want, you may reduce it. We strongly encourage you to borrow only what is necessary. To change the amount borrowed, simply follow the instructions provided either with your University of South Carolina e-mail award notification.  You may also reduce the amount by contacting your lender.  

Entrance Counseling: First time Stafford Loan borrowers are required to participate in entrance loan counseling. This is done by connecting to a web site and completing a short quiz dealing with your rights and responsibilities as a student borrower. You can connect to the Entrance Loan site here. You may, of course, contact us if you have any questions not answered through this process. 

Using a Different Lender: If you do not wish to use either Chase, Citibank or South Carolina Student Loan Corporation, as your Stafford Loan lender, you are free to have your loan processed with the lender of your choice. You will need to either obtain a paper loan application from your lender and submit it to the Financial Aid Office for manual processing and mailing, or go on-line with your lender of choice and initiate your loan via the web. Please note that it generally takes longer to process a paper loan application. If you use the web to initiate your loan, our office will need to obtain information about your loan from your lender in order for us to certify your loan. The amount of time needed for this will vary from lender to lender. We will attempt to certify your loan in the timeliest manner possible. You should, however, initiate your application well before the beginning of the term for which you need the loan.