Main Content:
"Be-E-Loan"
is the electronic loan application process RCTC students use to apply for
their Stafford Loans. Before applying for a Stafford Loan, all students
must complete the
Free Application for Federal Student Aid (FAFSA).
The Federal Stafford Loan is available to all students, regardless of income level. The Stafford program includes two loan types: Subsidized and Unsubsidized. See the Loan Comparison Chart for more information about the Stafford Loan Programs.
If you have not been awarded a loan, but wish to borrow, please
contact James Scott by email or
by phone at (507)285-7267.
How do I apply for a Stafford Loan?
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STEP 1: Complete the required Stafford Loan Entrance Session. If you have previously completed the Entrance Session at www.mappingyourfuture.org you do not need to complete it again.
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STEP 2: Complete your online Master Promissory Note (MPN). You will be completing your MPN online. This online process includes steps to select your lender, provide enrollment information and list the amount of loan you are requesting.
- STEP 4: Track the progress of your loan. After you have
completed these steps, you can monitor the status of your loan. Most of
RCTC's loans are processed by one of the two following servicers:
| Servicers
for RCTC Stafford Loans: |
What happens after I apply?
The Financial Aid Office will electronically certify student loan based
on your eligibility and the information you provided when you complete your
Master Promissory Note (MPN). Your lender will match the school's electronic
certification to your MPN and review your eligibility. Upon approval
of your loan, you will receive a Disclosure Statement from your lender.
The disclosure statement shows the amount of your loan, the interest rate
that applies to your loan, the dates your lender expects to send loan funds
to the campus, the actual amount of your disbursement (after loan fees)
and information on how to contact your lender. If you do not receive your
Disclosure Statement within 10 days of completing the application process,
please review the status of your loan by visiting your lender's website
as listed above, or call them directly.
Electronic Funds Transfer (EFT) will be used for your loan disbursements
to ensure that your funds arrive on campus as quickly as possible.
Once your loan arrives on campus, your loan will be credited toward your
account within 3 days of receipt. Please note that Federal Regulations
MAY require the first disbursement of student loan funds be delayed until
the 30th day of the semester for first time borrowers.
Most questions relating to approval, disbursement and/or the status of your
loan can be answered through your lender's website. If you have specific
questions regarding your loan that can not be answered by reviewing your
account online, please contact James Scott in the Financial Aid Office either
by email or by phone at (507)
285-7267.