• Personal Loans
• Student Loans
• Mortgage Loans
• Credit Cards
• Home Equity Line of Credit (HELOC)

Go to: Deposit Accounts • Services That Simplify

Personal Loans

From new autos to room additions, make your dreams come true with a loan from the McFarland State Bank. Our staff will create a sound payback program that won't overwhelm your budget.

We make loans for any good reason, including those below:

• Automobiles
• Boats
• Debt Consolidation
• Education
• Home Improvement
• Medical or Dental
• Motor Homes
• School Expenses/Tuition
• Travel

To start the process, simply give us a call and schedule an appointment with one of our Personal Bankers or contact us.

To make the loan process run smoothly for you, print the loan inquiry form, fill it out and bring it with you to your appointment.

• Click here for the loan application form.

*To view the application, you must have Adobe Acrobat Reader installed on your computer. If you don't have Acrobat Reader you may click here to download it for free.

Do you need money to finance college? Are you wondering where to start?

What do I do first?

The very first thing to do is fill out the Free Application for Federal Student Aid (FAFSA). It is important that you fill out a FAFSA early. It also needs to be completed each year you attend school.

Where do I get FAFSA?

You may obtain the FAFSA from the school you plan to attend, the public library, or the Department of Education. You may also complete it online at www.fafsa.ed.gov. You will need to gather documents to answer some of the questions on the FAFSA. These will include your (and your family’s, if a dependent student) W2’s, bank statements, most recent federal tax forms, and a driver’s license (if applicable). If questions arise when filling out the FAFSA, contact the financial aid administrator at the school you will be attending or the Department of Education at 1-800-433-3243.

What happens next? Student Aid Report (SAR)

Approximately four weeks after submitting the FAFSA, you and the schools you listed will receive a Student Aid Report (SAR). If any adjustments are necessary, make the corrections on part 2 of the SAR and return it to the Department of Education, as directed.

The financial aid office will determine your eligibility for grants, loans and any other aid available at the institution. A financial aid award letter will be sent to you advising of the options that are available.

Keep in contact with the Financial Aid Office

Once an award letter has been received, you may be informed that you are eligible for loans. At this point, the school may enclose a loan application or submit information electronically to a guarantor to initiate the process. It is important that all paperwork be understood and completed by you, and that you agree with the terms of the loan. Be sure to read all documents carefully, and direct any questions to the financial aid office. Keep a copy of all paperwork for your records.

In addition, the financial aid office will be handling loan disbursements, either via check or electronic funds transfer (EFT), so be sure to find out how and when funds will be distributed to you (either directly or to an account). The school can certify changes to disbursement dates and amounts, so it is vital that you understand the process. You should make out a monthly budget. It will be easier to plan your budget if you know how and when you will receive funds. Don’t forget to include the following in your budget:

• Tuition
• Books
• Room and Board
• Supplies
• Entertainment
• Clothing and Travel

Considering the Award Letter: Things to consider prior to taking out loans:

Have you exhausted all other sources of aid prior to taking out a loan such as:

• Scholarships – Your high school guidance counselor may have a local listing!
• Grants – Be sure to fill out your FAFSA early! Remember; never pay a fee to be considered for
  grants and scholarships. If it sounds too good to be true – it is too good to be true!
• Savings – Begin saving as soon as possible for college!
• Job – A part time job can help you pay some of your tuition as well as give you some spending
  money.

Grants and scholarships are free money! That’s the best kind because it doesn’t need to be paid back. Loans, on the other hand, need to be paid back in full without exception. It is in your best interest to consider all options prior to signing for a loan. Again, be cautious of a service guaranteeing results or charging fees for information that is generally available at no cost.

The Federal Family Education Loan Program (FFELP) generally offers three types of loans:

• Subsidized Stafford – This loan is based on your financial need. The interest is paid by the federal government while you are enrolled at least half-time, in a grace period, or in a qualified deferment.
• Unsubsidized Stafford – This loan does not require you to demonstrate financial need and the interest is not paid by the federal government. You are always responsible for the interest on this type of loan. You may have the interest deferred, or postponed while in school; however, if not paid when you enter repayment, it will be capitalized, resulting in more interest to be paid over the life of the loan.
   
  Remember, there are annual and aggregate limits to Stafford Loans!
   
• PLUS Loan – A parent of an undergraduate dependent student is eligible for this loan type. This is the parent’s loan and remains their responsibility until the loan is paid in full. The borrower must pass a credit check and is responsible for all interest on the loan. The maximum amount that may be borrowed is the cost of attendance minus all other financial aid received by the student.
• Alternative Loan – Students seeking loans in addition to, or as an alternative to, federal loans may seek out alternative loans. These loans are not federal loans. Most require credit checks and have higher fees and/or interest rates. In addition, a cosigner may be necessary to secure the loan. This type of loan is usually considered when all other options have been exhausted.

The Loan Application Process

A promissory note must be complete by the student (or the parent in the case of a PLUS loan). The first section is to be completed by the borrower in full, with the remainder of the application certified by the school. Your Promissory Note can only become a loan if all the information is filled out completely and accurately. Any omissions may delay the disbursement of the funds. Funds will be disbursed to the school on the disbursement date, as determined by the school. Any unwanted funds may be returned to the school or directly to Great Lakes.

How do I get more information?
Great Places to find information on Financial Aid, Higher Education and More…

• www.glhec.org – Find out about Great Lakes Higher Education Corporation. Check out the online borrower account inquiry.
• www.ed.gov – The Department of Education hosts a wealth of resources on this site.
• mapping-your-future.org – Information of career planning and college selection and more!
• www.fastweb.com – FREE reliable national scholarship search.
• www.fafsa.ed.gov – Get and complete your FAFSA online.

Or, contact us at McFarland State Bank.

Congratulations, on deciding to further your education!!!

McFarland State Bank is pleased to provide our state of the art online mortgage product. Apply for and receive pre-approval in minutes for your next mortgage loan. Please click this link to go directly to our Online Mortgage program.

Which Loan Program is best?

Today’s home buyers have unique needs. Loan terms should be suited to meet your lifestyle and budget. Our many mortgage options include the following popular programs.

 

Loan Servicing

At McFarland State Bank, customers have the option on all non-government mortgages to have them serviced here-at home. Choosing a mortgage with this option, means that we handle your monthly mortgage payments.

As your loan experts we:

• Take care of the accounting of the principal and interest portion of your payments.
• Calculate ARM adjustments and inform you of payment changes.
• Answer your questions on payment coupons, interest figures, payoffs, etc. with a local phone call to someone you know.

These options are intended for owner occupied 1-4 family dwellings. They may be subject to government funding, and/or other restrictions.

When you are choosing a mortgage plan, it is important to learn all you can in the early stages of the mortgage process. For help in picking the plan that best meets your financial needs, give one of our Mortgage Specialists a call at (608) 838-3141. To help speed up this process, here is a list of preliminary information that will be needed for your loan application.

Preliminary Information Needed for Loan Application:

• Employer(s) name, address & phone number for past 2 years
• W-2’s for the past 2-years
• Pay stubs covering wages for the most recent 30-day period
• Last 2 statements for all deposit accounts – checking, savings, investment, IRA etc.
• If self-employed, provide last 2 years signed and dated personal & business tax returns (if applicable) with all schedules attached.
• Landlord’s name and address for past 2 years.

Click here for our Mortgage Calculator.

At McFarland State Bank we offer a wide variety of consumer credit cards. There are options for you if you are just starting out, going to college, looking for a low interest rate, wanting travel or cash rewards…

Take a look at what the McFarland State Bank Elan Credit Card can do for you. Apply today!

to learn more and/or to apply for Elan Visa Consumer or an Elan Visa Business Credit Card.

• Click here for more info or to apply online.
• If you are an existing Elan Card Customer, click here to access your account.
  
  Remember that all credit cards require an application and credit approval.

For more information about applying for a credit card, call one of our Personal Bankers.

The equity that you have in your home can be used for almost any financial need:

• Debt Consolidation
• Home Improvements
• Investment Opportunities
• Education/Tuition
• Home Electronics
• Appliances
• Automobiles
• Vacations
• Emergencies
• …And More.

What’s more…The interest you pay may be tax deductible (check with your tax advisor).

Rates are at an historic low and Home Equity Loans can start as low as prime. It’s a great time for home improvements, room additions, or maybe a well deserved vacation.

You will find our Home Equity Line of Credit flexible, accessible and competitive. You won’t pay interest until you use the loan. Closing costs, fees and loan value requirements apply.

To start the process, simply give us a call and schedule an appointment with one of our Loan Officers or contact us.

To mak e the loan process run smoothly for you, print the loan inquiry form, fill it out and bring it with you to your appointment.

• Click here for the loan application form (Legal size).

*To view the application, you must have Adobe Acrobat Reader installed on your computer. If you don't have Acrobat Reader you may click here to download it for free.