Required Loan Processes for FFELP Federal Stafford Loans for Bachelor's Plus/Teacher Licensure Students
- All new Stafford Loan borrowers in the AU Bachelor's Plus or Teacher Licensure programs are required complete a Promissory Note as a condition of receiving the loan.
- In addition, first-time Stafford Loan borrowers or borrowers who do not currently have outstanding Stafford Loans are required to complete Entrance Loan Counseling. Stafford Loans will not be credited to a students account until Entrance Counseling and a Promissory Note have been completed.
PROMISSORY NOTE FOR FEDERAL STAFFORD LOANS
Click on the link below to access FASTChoice. Once you have entered your name and read a page of information regarding loan terms, click continue. You may then review the benefits offered by several lenders and select one. Then click "apply now" on that lender's link to apply for and sign a promissory note for that lender.
ENTRANCE COUNSELING FOR NEW STAFFORD LOAN BORROWERS
AU is required as a part of Entrance Counseling to inform you that the average loan indebtedness of an AU graduate is $18,250 and the average monthly loan payment is $225. Listed below are additional sample total loan amounts and the approximate payment due each month on a ten-year repayment plan at a 6.8% interest rate.
| Amount Borrowed | Monthly Payment | Total Interest Paid |
| $5,000 | $58 | $1,904 |
| $10,000 | $115 | $3,810 |
| $15,000 | $173 | $5,714 |
| $20,000 | $230 | $7,619 |
| $30,000 | $345 | $11,428 |
| $50,000 | $575 | $19,048 |
| $75,000 | $863 | $28,572 |