Federal Stafford Loans Master Promissory Note

For all students receiving Federal Stafford Subsidized and Unsubsidized Loans, you will need to complete a new Master Promissory Note for your Federal Stafford Subsidized and Unsubsidized Loans. Generally MPN's are valid for 10 years unless you change schools or change lending institutions.

The interest rate for Federal Stafford Subsidized and Unsubsidized Stafford Loans is fixed 6.8%. Interest does not accrue on Subsidized Stafford Loans during the in-school and grace period. Some lenders charge up to 1.0% origination fee and a 1% federal default fee.

OCPM Financial Aid Officers have reviewed "Best Practices" and found the following suggested lenders (in alphabetical order). You may, however, select a lender of your choice that is not on this list.Borrower benefits once repayment begins include .25% interest rate reduction if you sign up to pay your monthly loan payment by auto debit. The origination a servicing agency is Sallie Mae.

Please contact the Financial Aid Office directly if you wish to choose a different lender and we will provide instructions on how to apply for a loan with that lender.

Financial Aid Office hours are from 9:00 am to 4:30 pm Monday through Thursday and 9:00 am to 3:30 pm Friday. If you would like to make an appointment to discuss your financial aid please contact the Financial Aid Office at (216) 916-7490.