Loan Requirements
For many students, loans are a necessary component of financing educational expenses. Loans, by definition and regulation, must be repaid and should be used sparingly and wisely. If you accept a loan, you are responsible for repaying the loan plus interest. Remember, the more you borrow, the higher the monthly repayment will be. So only take as much loan money as you'll need!
First-Time Borrowers
If you are accepting federal direct loans for the academic year, and have not borrowed previously, you MUST complete loan entrance counseling and submit a master promissory note.
Loan Entrance Counseling
This interactive counseling session provides useful tips and tools to help you develop a budget for managing your educational expenses and helps you to understand your Federal Direct Loan responsibilities.
- Go to studentaid.gov. Click "Log In" in the upper right corner. Log in with your FSA ID and password (FAFSA log in information).
- On the Dashboard, click the dropdown arrow next to "My Checklists, I'm in School."
- Select “Complete Entrance Counseling” (about 30 minutes to complete). Select "Start," and continue all the way through.
Master Promissory Note
This loan document must be submitted to receive funds from the program. Once a disbursement is made, a Master Promissory Note is valid for 10 years.
- Go to studentaid.gov. Click "Log In" in the upper right corner. Log in with your FSA ID and password (FAFSA log in information).
- On the Dashboard, click the dropdown arrow next to "My Checklists, I'm in School."
- Complete MPN (i.e. Loan Agreement). Select "Start" on the MPN appropriate for you, and continue all the way through.
Have Questions?
It's not every day you take out a loan, so it's natural you would have questions. Feel free to call, stop in at the Financial Aid Office or use our contact form to submit a question.