Stafford/PLUS loans generally take about a week from the date of receipt at the guarantee agency. Applications may be submitted up to the last day of classes in a given academic year. No past due expenses are allowed.

Schools wishing to become eligible for the ISLP or CanHELP loan programs should contact Lauren Loughman at lauren@iefc.com.

ISLP Loans:
Applicants for the ISLP loan programs may apply via paper application or through our on-line application service. For further details on these processes, please go to those loan programs and click on the "Order an Application" or "On-line Application" offerings. Upon pre-approval, school certification is required as listed under the CanHELP Loans below.

CanHELP Loans:
The loan application form is also a promissory note. It is important that students complete the form fully and neatly, without undue cross-outs and changes, and that all required documentation is included with the form.

Note: Do NOT use whiteout on the application, as this will delay processing.

The application form is then mailed to The Education Resources Institute (TERI) who is the guarantor and the originator of the loans. TERI then determines the credit worthiness of the borrower and co-borrower. A credit report is obtained for both parties and based on an evaluation of the report, along with information provided in the application form, a decision is made for approval.

If a loan application is denied, the student may appeal the decision and/or resolve their credit situation so that the application may be approved.

If a loan is pre-approved, a certification form is sent to the financial aid department of the institution or program to which the student has been accepted. The certification form asks the school official to certify the requested loan amount, the enrollment dates, expected graduation date and other pertinent information. The authorized certification form is then returned to the TERI Corporation and a date is set for the disbursement of the funds.

Loan disbursement is normally done in two installments.just before the beginning of the fall semester and again at the beginning of the winter semester. The check is made out to both the student and the institution and must be endorsed by both parties. Disbursement dates are also established by what the school identifies in the certification form.

Students take out the loan one year at a time, for up to a twelve month period.

Stafford/PLUS loans:
Students must fill out the Free Application for Federal Student Aid (FAFSA), and can do so online at www.fafsa.ed.gov . Students must then contact FAFSA at 1 800 4 FEDAID to request a copy of their 8 page Student Aid Report (SAR) in the mail - this mandatory for US studnets seeking Stafford funding at eligible foreign schools. Upon receipt, students should mail a copy of the SAR along with the Master Promissory Note (MPN) and the School Certification form to the school for processing. The school then certifies the Stafford loan according to US Department of Education methodology. (If you or your school need assistance with Stafford loan certification methodology, please contact us at IEFC.) The school then mails the Stafford Master Promissory Note and School Certification Form to the loan guarantor listed on the Master Promissory Note. After guarantee, the loan check is disbursed. Please contact your school for their loan disbursement policies.

PLUS loan applications are mailed directly to the schools. Schools certify these loans on the application itself, and then follow the same steps listed above for the Stafford loan.

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