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Student Loans

Make College a Reality

Get Your Student Loan from First New England

Getting a college degree is a worthwhile goal.  That's why First New England offers Federal Family Education Loan Program (FFELP) loans (Lender Code: 816773).  If you or another family member plans to attend a university, technical college, or any specialized training program, First New England can help you with the funding you need to pursue your dreams.

FFELP offers loans for students and parents.

STAFFORD LOANS

  • The SUBSIDIZED LOAN is based on financial need.  The government pays interest while you are in school.
  • The UNSUBSIDIZED 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.

PARENT PLUS/GRAD PLUS  

  • Creditworthy parents of dependent undergraduate students and graduate/professional students can apply for this loan, which is not based on need.  

Follow these steps to obtain a Federal Student Loan

  1. 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.  Contact your school for their application deadline.

  2. Receive your 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.

  3. Receive your Award Letter 
    Your school(s) use data from your SAR to determine your financial aid award for the current academic year and send you an award letter by email or US Mail. 

  4. Complete a Master Promissory Note  
    Apply fast and easy on-line and receive answers to frequently asked questions.  
    Apply Now for a Federal Stafford Loan. 
    Apply Now for  Federal PLUS (Parent) Loan. 
    Apply Now for a Federal Graduate/Professional PLUS Loan.

  5. Your School will Receive the Funds 
    Stafford, Parent PLUS and GradPLUS Loans are guaranteed and serviced by Great Lakes.  When Great Lakes receives your Master Promissory Note and School Certification Form from the school indicating the loan amount and disbursement dates, funds will be sent to the school.

  6. Access your Loan Account Online 
    Check the status of your loan, view your account information and make payments from your account 24/7.

  7. Call These Toll-free Numbers for Loan Inquiries  
    Contact BEFORE your loan is disbursed to the school:  1-800-366-0032. 
    Contact AFTER your loan is disbursed to the school:  1-800-236-4300

Need Help?

For help with the student loan process, call our lending department at 860-282-0001 or email lending@firstnewengland.org