Here's how 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 e-mail or US Mail. (If your letter mentions the William D. Ford Direct Lending Program, contact your school for the appropriate promissory note.)

4. Complete a Stafford Master Promissory Note and return to Sound Credit Union.
Complete and print the
Stafford Master Promissory Note (MPN) and Addendum to Stafford MPN
to get your loan at Sound Credit Union. While you must complete the FASFA process to apply for aid each academic year, this Master Promissory Note will be used by the credit union to process all of your loans over multiple academic years at the same school. Be sure to indicate your FULL school name (no abbreviations) and school code (if known), city and state in the upper right-hand corner of the Master Promissory Note. Return it to the address below so we can complete the processing for you.

Sound Credit Union
Attn: Lending
P.O. Box 1595
Tacoma, WA 98401

5. If Needed, Complete a PLUS Master Promissory Note.
Parents or graduate/professional students can complete and print the
PLUS Loan Master Promissory Note (MPN) and Addendum to PLUS MPN.
The PLUS Loan Master Promissory Note will be used for all of your loans over multiple academic years at the same school. Be sure to indicate you or your child's school name (no abbreviations) and school code (if known), city and state in the upper right hand corner of the Master Promissory Note. Return it to the address below so we can complete the processing for you.

Sound Credit Union
Attn: Lending
P.O. Box 1595
Tacoma, WA 98401

6. Your School will Receive the Funds. Both Stafford and PLUS Loans are guaranteed and serviced by Great Lakes Educational Loan Services, Inc. (Great Lakes). When Great Lakes receives the Master Promissory Note from the credit union and School Certification Form from the school indicating the loan amount and disbursement dates, funds will be sent to the school.

7. Access Your Loan Account Online. You can check the status of your loan, view your account information and make payments from your bank account 24/7 at www.mygreatlakes.com. Choose "Borrowers" and then log in to access Internet Borrower Inquiry Service. This site offers a variety of tools for calculating the cost of your loan. It's your resource to forms, a glossary of financial aid terms, contact information, and lots of other information to help you manage your loans.

8. Call These Toll-free Numbers for Loan Inquiries.

• BEFORE your loan is disbursed to the school: Contact Great Lakes Educational Loan Services, Inc. at 1-800-366-0032
• AFTER your loan is disbursed to the school: Contact Great Lakes Educational Loan Services, Inc. at 1-800-236-4300