Loan Resources

Learn about the requirements of your federal loans and the steps you need to take to satisfy them.

Direct Master Promissory Note (MPN)

The MPN is a promissory note that can be used to make one or more loans for one or more academic years (up to 10 years). There are two types of MPNs in the Direct Loan Program: one for Direct Subsidized/Unsubsidized Loans and one for Direct PLUS Loans.

The Federal Direct Loan Program offers the following types
of loans:

• Subsidized: for students with demonstrated financial need, as determined by federal regulations. No interest is charged while a student is in school at least half-time, during the grace period, and during deferment periods.
• Unsubsidized: not based on financial need; interest is charged during all periods, even during the time a student is in school and during grace and deferment periods.
• PLUS: unsubsidized loans for the parents of dependent students and for graduate/professional students. PLUS loans help pay for education expenses up to the cost of attendance minus all other financial assistance. Interest is charged during all periods.

Steps to Complete the MPN

1. Log onto http://studentloans.gov
2. Click on the Sign In box. You will be required to enter your SSN Number, first two characters of your last name, your Date of Birth and PIN.
3. Once you have logged in, select Complete Master Promissory Note (MPN). Be sure to select the MPN you need for the type of loan you accepted.

Entrance Counseling

Entrance Counseling is a federal requirement for all Direct Stafford Loan recipients. The funds for your loan will not be disbursed until you have completed the counseling. Entrance Counseling provides you with information about:

• Your rights and responsibilities as a borrower.
• Interest rates, expenses, repayment plans, and other important details about borrowing
• Who to contact with questions

Steps to Complete the Entrance Counseling:

1. Log onto studentloans.gov
2. Click on the Sign In box. You will be required to enter your SSN Number, first two characters of your last name, your Date of Birth and PIN.
3. Once you have logged in, select Complete Entrance Counseling. You will need about 30 minutes to complete the counseling session.

Exit Counseling

Exit Counseling is a federal requirement for all Federal Direct Stafford Loan recipients and Federal Perkins Loan recipients. Exit counseling requirements were created to ensure that you understand your rights and responsibilities as a borrower. During the counseling, you will learn how to make payment of your loans easier and how to get help and protect your credit rating if you have problems.

Steps to Complete Exit Counseling:

1. Go to the National Student Loan Data System located at http://www.nslds.ed.gov/nslds_SA/
2. Choose Exit Counseling
3. Complete the Exit Counseling requirements.

Alternative Loan Programs

If your family is not eligible for need-based financial assistance or choose not to apply, these programs offer alternative loan resources. Students who are receiving financial aid can also utilize these programs to finance all or part of their calculated expected family contribution. Borrowers must be creditworthy to participate in these programs. Students who are not creditworthy by program guidelines, may still be eligible to participate IF they can find a creditworthy person to cosign their loan application.