Completing Your Direct Loans Entrance Counseling and Promissory Note
FIRST TIME BORROWERS ONLY!
Dear Student Loan Borrower
Your financial aid award included a federal student loan(s). Before receiving a student loan, you as the borrower must complete an Entrance Counseling session and sign a Master Promissory Note (MPN). To ensure that you understand your rights and responsibilities and the obligation you are assuming, the Federal Government requires you to participate in loan counseling prior to receiving a Direct Loan. This is a requirement for students who have not previously received a Direct Loan, or Federal Family Education Loan. The Entrance Counseling session is a quick and easy interactive counseling session that provides useful tips and tools to help you develop a budget for managing your educational expenses and helps you to understand your responsibilities as a student loan borrower.
To complete Entrance Counseling go to:
• Once you are on the webpage you will be prompted to and then choose the task you are trying to complete.
• Complete Entrance Counseling
• Select Complete Entrance Counseling
• There are four steps for this process
• (BE SURE TO LIST OUR SCHOOL AS THE SCHOOL YOU WANT TO RECEIVE YOUR QUIZ RESULTS)
• Upon completion of the Entrance Counseling, you will need to complete the Master Promissory Note(MPN)
• The signing of the MPN is on the same website and you can select Complete 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). Unless your school does not allow more than one loan to be made under the same MPN, you can borrow additional Direct Loans on a single MPN for up to 10 years. Each MPN generally takes approximately 30 minutes to complete.
To complete an MPN online, you will be required to use your Department of Education-issued PIN. If you do not have a PIN, you may request one from the official PIN site at http://www.pin.ed.gov/PINWebApp/pinindex.jsp. A parent borrower must also request a PIN number from the PIN site to use when completing a PLUS MPN.
Select the type of loan you would like to receive
(Federal Direct Loans available to undergraduate or graduate/professional students)
(Federal Direct Loans available to parents of dependent undergraduate students)
In this process, you will complete the following steps:
• Enter your personal and school information
• Enter your reference information
• Read the terms and conditions
• Review, electronically sign and submit the MPN
You will receive a disclosure statement that gives you specific information about any loan(s) that the school plans to disburse under your MPN, including the loan amount, fees, and the expected disbursement dates and amounts. You will have online access to your Direct Loan account information 24 hours a day, 7 days a week at Direct Loans on the Web at: www.dl.ed.gov.
Please remember that your money will not be released to the university until you sign your promissory note.