Student Loans

Types of Loans | Repayment Options | Loan Tracker | Apply For Loan | Need Help

M&F Bank offers Federal Stafford Loans for students and Federal PLUS Loans for parents, graduates and professional students, all with some of the best borrower benefits you’ll find anywhere.

Federal Stafford Loans are available to eligible students as determined by the results of their FAFSA.

Federal PLUS loans enable parents, graduates and professional students with good credit histories to borrow money to help pay for the educational expenses of students enrolled on at least a half-time basis.
PLUS Loans are not based on financial need.

Why is M&F Bank my best choice?

• We offer some of the lowest rate interest loans to help you save money, so you can focus more on your education.
• You can check the status of your loan online anytime with our user-friendly Loan Tracker Web-based program.
• When you have questions about your loan, you can call us toll-free at 1.877.349.4347.
• Access the Stafford, Parent and Grad PLUS applications online 24/7.
• M&F Bank is always accessible with locations in Mississippi, Alabama, Florida and Tennessee.
• Students can complete Entrance and Exit Loan Counseling requirements online if your school allows.

Entrance and Exit Counseling
Federal regulations require that students complete a student loan entrance counseling session prior to obtaining a Federal Stafford student loan. The federal government also requires that you complete student loan exit counseling prior to graduating or ceasing at least half-time attendance.
Stafford Online Student Loan Counseling enables you to complete student loan entrance and exit counseling requirements anytime, anywhere. Click the appropriate link below to access online counseling services. It's the quick and easy-to-use method to complete student loan entrance and exit requirements.

Click here for Entrance Counseling

Click here for Exit Counseling

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Types of Loans

There are three types of loans:

(1) Federal Stafford Loans (for students)

Federal Stafford Loans, with various repayment plans, are available to students determined to be eligible by their college or university based on the results of the FAFSA. The interest rate is fixed at 6.8%.
There are two types:

• Subsidized - Eligibility is based on financial need as determined by information provided on your FAFSA. The federal government pays interest on the loan until repayment.
• Unsubsidized - Eligibility is not based on financial need. You are responsible for paying the interest, although payment may be deferred while you are in school.

M&F Bank - Lender ID - 806700

• Dependent undergraduate: $23,000
• Independent undergraduate: $46,000
• Graduate/professional, including undergrad: $138,500

Stafford Loan Fees and Interest Rate
There are two federal fees associated with a Stafford Loan which will be deducted from the amount you borrow.

For loans guaranteed on or after April 1, 2008, and disbursed prior to July 1, 2008:

• 1.5% origination fee
• 0% to 1% default fee, based on guarantor of the loan

• 1% origination fee
• 0% to 1% default fee, based on guarantor of the loan

(2) Parent PLUS Loans

Parent PLUS Loans enable parents with good credit histories to borrow money to help pay for the educational expenses of undergraduate students enrolled on at least a half-time basis. PLUS Loans are not based on financial need.

Parent PLUS Loan Pre-approval

Some colleges and universities may require Pre-approval before certifying your loan. If Pre-approval is required, you may click on the icon to apply on-line for convenient pre-approval for your PLUS Loan. If you accept the terms of our privacy agreement, you will be taken to a secure site to complete the request form.

If your college directs you to your lender to submit a PLUS Loan Master Promissory Note, you may click here to access our online Master Promissory Note which allows you to complete the MPN online and submit it either electronically or by print and mail process.

Questions? Just call toll free at 877-349-4347.

PLUS Loan Fees and Interest Rate
There are federal fees associated with a PLUS Loan which will be deducted from the amount you borrow. For loans disbursed on or after July 1, 2008:

• 3% origination fee
• 0% - 1% default fee, based on guarantor of the loan

• Fall semester enrollment: Apply no earlier than June 20
• Spring semester enrollment: Apply no earlier than October 15
• Summer semester enrollment: Apply no earlier than March 15

(3) GradPLUS Loan

Introducing M&F Bank's Newest Product ... The M&F GradPLUS Loan

M&F Bank now offers the GradPLUS Loan for graduate and professional students who need money for college expenses in addition to other financial aid.
Not all schools participate in this loan program - please check with your school to see if they are participating in the FFELP GradPLUS Loan Program.

Important Facts about the GradPLUS Loan

• The loan is not based on financial need.
• A credit check is required to ensure the applicant does not have adverse credit history.
• The eligible loan amount cannot exceed the student’s cost of attendance less other financial aid. ,
• Applicants must file the FAFSA annually after January 1 of each year.
• Applicants must apply for and the school must determine the student’s eligibility for the maximum annual subsidized and/or unsubsidized Stafford Loan amount; however, the student is not required to receive a Stafford Loan as a condition of receiving a GradPLUS loan.
• Repayment begins within 60 days after final disbursement of the loan; M&F defers GradPLUS Loans while the student is enrolled at least half-time.
• The borrower is responsible for interest which accrues on the loan from the date of the first disbursement; however, interest can be deferred.
• Upfront fees of 4% of the loan amount are deducted from the loan proceeds.
• The interest rate is fixed at 8.5%.
• The borrower may take up to 10 years to repay.

PLUS Loan Fees and Interest Rate
There are federal fees associated with a GradPLUS Loan which will be deducted from the amount you borrow. For loans disbursed on or after July 1, 2008:

• 3% origination fee
• 0% - 1% default fee, based on guarantor of the loan

• Fall semester enrollment: Apply no earlier than June 20
• Spring semester enrollment: Apply no earlier than October 15
• Summer semester enrollment: Apply no earlier than March 15

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Repayment Options

Repayment Tips
Educational loans are like any other loans and must be repaid whether you complete your education or not, even if you can't find a job. It's obviously important to carefully consider your decision. And don't borrow more than you realistically think you'll be able to repay. Maintaining all your loan records together in a convenient place will make the job of managing your student loan debt a lot easier. Keep these items on hand:

• Copies of all loan applications/promissory notes
• Copies of all loan disclosure statements
• Copies of all correspondence with your school, lender, servicer, or secondary market (including a record of all telephone calls) You can track the status of your ESF loan anytime with our online LoanTracker service.

Repayment Options
There are several valid options which offer temporary relief to individuals who are having trouble repaying their student loans.
Standard Repayment Schedule
With the Standard Repayment Schedule plan, your loan is repaid in equal monthly payments over a 10-year period or 120 equal payments. The minimum monthly payment is $50, but the actual monthly cost depends on your loan balance and interest rate.
Graduated Repayment Schedule A Graduated Repayment plan is ideal if you have a limited income today but expect to have higher earnings in the future. The monthly payments begin low and increase gradually as your income increases. The initial monthly payments must be high enough to cover each month's interest. This option may increase the total amount you will be required to repay as more interest may accrue over the life of the loan.
Income Sensitive Repayment Schedule
An Income Sensitive plan allows you to pay based on your income. You will be required to provide proof of your gross income, and your service provider will calculate the amount you should reasonably be able to pay. To stay on the Income Sensitive Repayment Schedule, you will have to provide your service provider with proof of income annually. Your repayment amount will be adjusted each year based on your gross income. This option will increase the total amount of your loan and may extend your repayment period.
Consolidation
Consolidation is a loan repayment program designed to allow borrowers to combine several student loans into one loan with the following possible benefits:

• extend your repayment terms to as much as 30 years,
• reduce your monthly payment amount,
• lock into a fixed interest rate,
• eliminate the hassle of making payments to multiple lenders, and
• be eligible for consolidation incentives which may reduce interest rates.

• Unemployment
• Returning to school
• Economic hardship

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Loan Tracker

You can track the status of your loan on-line anytime by accessing Loan Tracker, a secure user-friendly web-browser program provided by ESF Loan Servicing, the servicing agent for M&F Bank. You can check to see when your application is approved, when your funds are disbursed, and what your loan balance is.

Simply Click here to move to the LoanTracker site.

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Apply For Loan

Four Easy Steps to Paying for College
1. Fill out the FAFSA (Free Application for Federal Student Aid). The FAFSA is available from your high school counselor, college financial aid office, public library or online at http://www.fafsa.ed.gov/. Need assistance? Contact College Planning at 1.800.986.4322.
2. Check the results. The federal Department of Education will determine your Expected Family Contribution (how much you and your family are expected to contribute to your education costs) and send you a Student Aid Report (SAR) for your review. Notify them immediately of any inaccuracies.
3. Choose M&F Bank as your lender. Your college will send you a financial aid award letter detailing how much and what types of funding you may receive. Notify your college that you have chosen M&F Bank - Lender ID# 806700 to provide your federal loan.
4. Complete MPN. Each school determines the method by which loans will be processed. You will need to complete a Stafford Loan Master Promissory Note (MPN) which is a legal document that must be signed to obtain a loan. It will include information about your interest rate, deferment and cancellation provisions and other information. It's very important to read and understand this document because by signing it you promise to repay the loan.
If your school directs you to your lender to complete a Stafford Master Promissory Note, please click on the link below which will take you to a secure site to complete your MPN. You may choose to electronically sign and submit your application or you may print out the completed copy to sign and submit. Please check with your school for their policy on submitting an MPN.

Click one of these options to print a Blank Application for mailing.

• Federal Stafford Loan
• Parent PLUS Loan
• GradPLUS Loan
• PLUS Loan Pre-Approval

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Need Help

If you have questions regarding any of the information included in this site, please call us toll-free at 1.877.349.4347. We will be glad to serve you.

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