Details about Student Loans
Loans are one way to finance your education. Federal Direct Loans are generally awarded as part of a larger award package. To accept these loans, you must sign a Master Promissory Note.
What is a Master Promissory Note (MPN)?
Borrowers promise to repay their loans by signing a MPN. A student borrower may obtain a Federal Perkins Loan and both subsidized and unsubsidized Federal Direct Student Loans (FDSL). If you accept both types of FDSL in a single enrollment period, signing a single Master Promissory Note is sufficient. Parents who obtain Parent PLUS Loans must sign their own MPN.
To make sure borrowers are well aware of their responsibility to repay their loans and the interest that accrues on the original loan balance, borowers are required to complete Entrance and Exit Counseling.
- Helps you better understand your student loans
- Helps you manage your personal finances
- Informs you of the different types of student loans, repayment options and the consequences of default
- Is required before you withdraw, transfer, graduate, or drop below half-time attendance
- Helps you understand your rights and responsibilities as a student loan borrower
- Provides useful tips and information to help you manage your loans
Each time you want to access your sensitive financial information, you must use your PIN number. Your PIN is easy to forget since you might not use it for one year. Keep a record of it. You can login to the Student Loan Database System to monitor your loan borrowing history.