What is AnchorBank's lender code or lender ID? AnchorBank's lender code is 823011.

Does AnchorBank offer any borrower benefits? Yes! AnchorBank has three borrower benefits on Stafford loans that can save you hundreds of dollars.

• Origination Fee Refund - Stafford borrowers whose loans are disbursed after July 1, 2006 will have the federal origination fee paid for them by AnchorBank. That means more money for the student.
• 2% Rate Reduction - After the first 48 payments are made on time, a 2% rate reduction will be applied to the Stafford account.
• .25% Rate Reduction - A .25% rate reduction is offered when you sign up for Great Lakes Higher Education "Check Free" automatic payment option. PLUS borrowers also receive a .25% rate reduction when they sign up for auto pay.

What is the first step I should take in applying for financial aid? For first-time students, the first step in applying for financial aid is to complete the Free Application for Federal Student Aid (FAFSA). You can link to the FAFSA site, or you can contact the organization at 1-800-4-FED-AID to request an application. This application will determine your eligibility for loans, grants and work study.

When should I apply for financial aid? The time to apply for financial aid is as soon as possible after January 1 of the fall academic year that you plan to attend. For example, if you plan to attend school in fall 2006, you should complete and submit a FAFSA application as soon as possible after January 1, 2006. It is also a good idea to contact the financial aid office of the school to see what their "cut off" date is or if other information may be required. Loans may still be obtained if the FASFA is complete after a school's cut-off date. However, a student could miss out on some other types of aid if they apply late.

Who should consider financial aid? Anyone who thinks they may need financial assistance to attend a post-secondary educational institution should consider financial aid. There are many factors taken into account when packaging student aid, so the only way to know for sure whether or not you're eligible is to apply using the free FAFSA. Most everyone will at least qualify for an unsubsidized Stafford loan.

Once I'm approved, how will I get my student loan funds? To determine how you will get your loan funds, contact your school's financial aid office to find out their procedures. In general, loan funds are sent in two disbursements - one at the beginning of the loan period and another at the midpoint. For federal education loans, disbursements are sent to your financial aid office via check or electronic funds transfer (EFT). AnchorBank only sends the funds on the dates that are chosen by the school.

Am I eligible for financial aid if I only plan to attend school part-time? Even if you are only planning to attend school part-time, you may be eligible for financial aid. Almost all aid programs are available to students who attend school at least half-time and are in a degree-seeking program.

What do I need to know if I'm interested in using AnchorBank as my lender? If you are interested in using AnchorBank as your student lender, use the AnchorBank lender code of 823011 when completing your Master Promissory Note (MPN). If you are completing an on line MPN and AnchorBank is a preferred lender, simply highlight AnchorBank in the drop-down box when you get to the lender part of the MPN. If AnchorBank is not a preferred lender, you will need to complete a paper MPN. Contact the student loan office to get a paper MPN.

Why would I use a consolidation loan? Consolidation loans can be used to combine your monthly student loan payments into one. This can help simplify your payments. Also, if your monthly payment is too much, your payments can also be spread out over a longer repayment term based on the amount you owe. This could give you a lower monthly payment. Call AnchorBank's Student Lending Office for more information.

Are there any prepayment penalties for my student loans? There are never any prepayment penalties on federal student loans or on our Alternative loans.

What if I am having problems making my monthly payment? You will want to contact Great Lakes Higher Education to see if you qualify for a deferment or forbearance, which could give you a temporary suspension of monthly payments. If you have not consolidated, you may want to see what your payment would be by consolidating. The payment could be reduced enough to fit into your budget. If you have an Alternative loan, contact Campus Door at 1-800-786-0002 to find out about your options.

What other products are available for college students? Anchor offers a Totally E-Checking account that's ideal for students. We also offer a student credit card.