Stafford Loan Information
You are ready to apply online for your Federal Stafford Subsidized or Unsubsidized Stafford Loan if you have signed and returned your award letter to MICA accepting the loan.
A note regarding MICA’s recommended lenders: Federal Stafford loans have a fixed 6.8% interest rate set by the federal government. Repayment terms are also set by the federal government. Given that the terms and interest rates on these loans are predetermined, we recommend lenders based on:
- Extra benefits, such as 0% fees and interest rate reduction incentives at the time of repayment
- Excellent customer service
- Full electronic processing and transfer of funds
- Extensive knowledge of MICA’s processes
- Dedicated representative who works well with MICA staff to quickly resolve any issues
We review our lender list every year to insure MICA students receive the most competitive benefits and receive the best service. We do not receive any form of payment or compensation for inclusion on our recommended lender list. MICA students and parents are free to borrow from any lender.
New Borrowers
Choose a lender. We recommend that you choose one of our lenders listed below. All federal Stafford loans have a fixed interest rate of 6.8% and the same repayment terms no matter which lender you choose. The lenders below will provide you with excellent service and repayment benefits. Choosing one of the lenders we have listed can alleviate delays and ensure smooth processing. You may, however, choose any lender you wish.
If you choose a lender that is not listed below, you or your lender will need to provide us with a copy of your entrance interview and Master Promissory Note. You may fax this information to us at 410-225-2558.
- Complete the Entrance Interview. First-time borrowers are required to complete a Stafford Loan Entrance Interview. This will help you understand your rights and responsibilities. Federal law requires that you complete an Entrance Interview before loan proceeds can be disbursed. When you click on either of the links to the lenders below, you will be guided through the process
- Complete the Stafford Loan Master Promissory Note. You will automatically be directed to the promissory note after completing the Entrance Interview
Before you begin, gather the following information:
- Your social security number
- Your driver's license number
- Name and full address and telephone number of two references
Recommended Lenders
AMS (Academic Management Services)/Sallie Mae
AMS (Academic Management Services)/Sallie Mae
One AMS Place
PO Box 812
Swansea, MA 02777
Lender Code: 833079
Phone 1-800-637-3060
View Benefits and Apply Online
Citibank, The Student Loan Corporation
Citibank, The Student Loan Corporation
PO Box 6191
Sioux Falls, SD 57117-6074
Lender Code 824756
Phone 1-800-967-2400
View Benefits and Apply Online
Bank of America
Bank of America
PO Box 515210
Los Angeles, CA 90051-6510
Lender Code: 802176
Phone 1-800-344-8382
View Benefits and Apply Online
Edamerica
Edamerica
PO Box 36014
Knoxville, TN 37930-6014
Lender Code: 834060
Phone 1-800-377-1009