Loans are granted by the federal government to degree-seeking students who complete the FAFSA and are enrolled at least half-time. You will be awarded a loan based on the information you provide on the FAFSA, including enrollment status and living arrangements.
The following topics may be helpful as you maintain your financial aid:
To see if you qualify for a loan, follow the steps below:
An “origination fee” of no more than one percent of the principal is charged for direct loans according to the regulations governing the programs. The fee is deducted proportionately from each payment before the loan funds are disbursed to the school to offset the cost of the loan programs. You are still responsible for repaying the full value of the loan before the fee is paid.
The Master Promissory Note (MPN) is a legal document completed by the student only promising to repay their loans and any accrued interest and fees to the federal Department of Education. It also explains the terms and conditions of student loans.
In most cases, one MPN can be used for loans received over several years of study. The MPN must be completed online.