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Federal Direct Student Loan MPN
Federal Direct Student Loan MPN
A college education is one of the most important investments you can make. If you need assistance to finance your education at Bloomsburg University, you may apply for a Federal Direct Student Loan. Remember, the Federal Direct Student Loan Master Promissory Note (MPN) is a legal document. By signing the MPN, you promise to repay your current and future loans. This Promissory Note is valid for 10 years and does NOT require you to complete another MPN for subsequent borrowing. If you have a valid MPN on file, loans for subsequent years will automatically be processed when you complete the FAFSA. Please contact the Office of Financial Aid if you have questions about your eligibility.
PLEASE READ ALL INSTRUCTIONS. It is important that you complete all 3 Steps to insure that your loan application is properly processed. Failure to do so will delay the certification of your loan. If you are not currently enrolled as a Bloomsburg University student or have been Admitted and but have not paid your Admissions Deposit, DO NOT SUBMIT THIS APPLICATION.
STEP 1 - Complete Loan Entrance Counseling (All students must complete counseling regardless if they previously completed counseling for Federal Stafford Loans)
According to Federal regulations, a student is required to complete an entrance counseling session prior to the release of the first disbursement of their first Federal Direct Student Loan made at the school they are currently attending. At this time you will be informed of your rights and responsibilities as a borrower. When a student borrows a loan, they are obligated to repay the loan after graduation or at such time as they cease to be enrolled on at least a half-time basis.
If at any time throughout your college career you have any questions concerning your student loan, feel free to contact the Office of Financial Aid or your loan servicer. You may also contact the Federal Student Aid Information Center at (800) 4-FED-AID with questions regarding the Federal Direct Student Loan or any other form of Federal Aid.
You may complete the counseling requirement at this time. You will be directed to the Department of Education's StudentLoans.gov website. After signing in, select the "Entrance Counseling" Option. The counseling session must be completed in one sitting in order for it to be recorded. Please remember that the student must also complete Steps 2-3 once the counseling session has been completed. If you have any questions after completing the session, you may contact the Office of Financial Aid by e-mail or phone at (570)389-4297.
Yes, I wish to complete my Federal Direct Student Loan Entrance Counseling. The student not the parent must complete the counseling session. If you experience any technical issues or have questions on the site you are being directed to, please call Applicant Services at 800-557-7394.
STEP 2 - Submit Loan Master Promissory Note (MPN)
1. Student must log into StudentLoans.gov. The student not the parent must complete the MPN. If you experience any technical issues or have questions on the site you are being directed to, please call Applicant Services at 800-557-7394.
2. Select "Complete Master Promissory Note".
3. Select "Subsidized/Unsubsidized".
4. Complete requested information and follow instructions given.
STEP 3 - WHAT HAPPENS NEXT - Certification, Acceptance, Disbursement, & Reduction/Cancellation of Loan
- Bloomsburg University's Office of Financial Aid will certify your Direct Student Loan once all required information has been received (i.e. completed FAFSA, completed MPN, completed Entrance Counseling, verification of at least half-time enrollment in an eligible program, and satisfactory progress earned). The maximum amount based on grade level will be processed. This amount may be reduced based upon eligibility. Get more information on Federal Direct Student Loans. The Student Loan will appear on the student's ISIS Self-Service Account when it has been processed.
- In order for a student loan to be approved and disbursed, the student must accept the loan on their ISIS Self-Service Account, complete the master promissory note, and complete entrance counseling before the last day of enrollment for the term in which the loan is processed. The student must be enrolled at least half-time at the time of disbursement.
- The funds will be delivered through Electronic Funds Transfer (EFT) directly to your school account. Get more information on tentative disbursement dates.
- You may decline this loan on your "Self-Service Account". Information on how to reduce the loan can be found at www.bloomu.edu/aid/reduce_loan. Once disbursement of funds has been made, you have 30 days to request the Bursar Office to return funds.