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Financial Aid for Undergraduate Students

Federal Loan Entrance Counseling and Direct MPN

New Students: Federal Loan Entrance Counseling and Direct Master Promissory Note
 


Students who are taking out a Federal Direct loan are required to complete the Federal loan entrance counseling and Federal Direct Stafford Loan Master Promissory Note (MPN). This is a two step process that may take approximately 20 to 30 minutes.

  • Student loan entrance counseling will further assist you in understanding your rights and responsibilities as a student loan borrower and is required for all first time DWU borrowers.
      
  • The Master Promissory Note is a legally binding agreement you must sign to indicate your commitment to repay your student loan(s). The MPN list the terms and conditions of the loan, including interest rate, origination fees and repayment options. An MPN may be used for multiple Federal Direct Stafford Loans up to 10 years.

To complete the electronic MPN, you will be required to use your U.S. Department of Education issued PIN (this PIN is used to sign your FAFSA). If you do not remember your PIN# you can retrieve this by going to the following website: www.pin.ed.gov and selecting “Requesting a Duplicate PIN”.
 

Continuing Students: Complete New Direct MPN for Student Loans
 


The Master Promissory Note is a legally binding agreement you must sign to indicate your commitment to repay your student loan(s). The MPN list the terms and conditions of the loan, including interest rate, origination fees and repayment options. An MPN may be used for multiple Federal Direct Stafford Loans up to 10 years.

March 2010 legislation passed eliminating of the Federal Family Education Loan (FFEL) program (including Stafford, Grad PLUS and Parent PLUS) and requires that all Federal student loans disbursed after July 1, 2010 be made under the William D. Ford Direct Loan program, directly through the U.S. Department of Education. Due to these changes students will be required to complete a new Master Promissory Note to receive their funding through the Direct Loan program beginning with the Summer 2010 term.

To complete the electronic MPN, you will be required to use your U.S. Department of Education issued PIN (this PIN is used to sign your FAFSA). If you do not remember your PIN# you can retrieve this by going to the following website: www.pin.ed.gov and selecting “Requesting a Duplicate PIN”.

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Last updated: 7/10/12
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