Direct Loan Frequently Asked Questions | Financial Aid

Do I have to complete a Direct Loan Master Promissory Note (MPN)?

Yes, all borrowers must complete a MPN once for each school they attend in order to receive their loans. This applies to both Direct AND PLUS borrowers.

• You can do this at studentaid.gov.

I have previously completed entrance counseling for my Direct Loans at another school. Do I have to complete Direct Loan entrance counseling?

Yes, new borrowers to Carroll will be required to complete entrance counseling. To complete this, please go to studentaid.gov.

Where do I complete an MPN for the Direct Loan Program?

The MPN can be completed at studentaid.gov. You will need to have your FSA ID to sign your MPN electronically.

When can I complete the new MPN?

You can complete your new MPN at any time—even if you have not received a financial aid award.

How/when will I have to repay my loans?

Once you are no longer taking at least 6 credits (because you graduated, withdrew, only taking 4 credits, etc.), you have a choice:

• You may either make individual payments to your loan servicer for your direct loans or you can consolidate your federal loans into one payment.
  • To view your lenders/servicers go to National Student Loan Data System (NSLDS) website.
  • For consolidation questions go to studentaid.gov/h/manage-loans.

I am a parent. I plan to borrow a PLUS loan for my student. Do I have to complete a Master Promissory Note?

If you are a new borrower then yes, you will need to complete not only a MPN, but also a PLUS Loan Request form.
If you are a continuing borrow, you ONLY need to complete a new PLUS Loan Request form; complete the PLUS Request process online at studentaid.gov.

Is there a place that will list all of my Federal Student Loans?

Yes, you can go to the National Student Loan Data System (NSLDS) website to retrieve this information.

• This will show you a list of all of the Federal student loans that you have acquired through your schooling.

If I still have more questions about the direct loan program, who do I contact?

The U. S. Department of Education Direct Loan Program Customer Service phone number is 800.557.7394 or you can go to their website.