Federal Loan Requirements

If you have been offered federal loans as part of your financial aid package there are several steps which must be completed as the borrower in order to accept the loans.   

 

Master Promissory Note for Federal Direct Stafford and/or PLUS Loans

 

mpn

 

The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education.  It also explains the terms and conditions of your loan(s).  

The Stafford MPN is valid for 10 years and any additional Stafford loans, both subsidized and/or unsubsidized, awarded in subsequent awards years will be issued under this master promissory note. 

A separate PLUS master promissory note is required of parent borrowers or graduate/professional students who qualify to participate in this credit based loan program.  Applicants requiring an endorser for the PLUS loan will be required to complete a new PLUS promissory note for future applications of credit.  

The entire MPN process must be completed in a single session and takes approximately 30 minutes to complete.  View what you will need to complete your MPN.

 

Entrance Counseling for Federal Direct Stafford and/or Graduate PLUS Loans

 

Entrance

 

Entrance counseling will walk you through the Direct Loan process and explain your rights and responsibilities as a borrower.  The Federal Government requires you to complete loan counseling to ensure that you understand the responsibilities and obligations you are assuming.

If you designate you are completing counseling in order to borrow a loan as an undergraduate student then the entrance counseling will fulfill counseling requirements for Federal Direct Stafford Subsidized and Unsubsidized Loans.

If you designate you are completing counseling in order to borrow a loan as a graduate or professional student the entrance counseling will fulfill counseling requirements for Federal Direct Stafford Subsidized and Unsubsidized Loans as well as Federal Direct PLUS Loans.

Entrance counseling is not required for parent borrowers of the Direct PLUS Loan program.

This process will take approximately 30 minutes to complete, during which you will learn about the following:

  • Direct Loans
  • Managing your educational expenses
  • Other financial resources to consider that may help you pay for your education
  • Your rights and responsibilities as a borrower

 

Exit Counseling for Federal Direct Stafford and Graduate PLUS Loans

 

Exit

 

If you have borrowed from the Federal Direct Stafford and/or Federal Direct PLUS (Graduate only) Loan programs and you are graduating, on a leave of absence or are enrolled less than half-time, federal regulations and college policy require you to complete exit loan counseling.  You will need to provide updated contact information, information regarding next of kin and two separate personal references.  The exit counseling session should take approximately 30 minutes to complete during which you will learn about the following:

  • Information on how to manage your student loan repayment
  • Your rights and responsibilities as a borrower in the federal student loan program
  • Forbearance, deferment, hardship, disability, discharge and forgiveness information
  • Other important loan servicing and default consequence information