Steps for Federal Student Loans
In the financial aid process, you will be asked to accept the amount of aid you need. If loans are necessary and you accepted part or all that was offered in your Award Letter, there are additional steps to complete the process.
- Once you sign your Award Letter, the financial aid office will send you information on how to complete your Entrance Counseling. This counseling session could be online or in person depending on your school. This is information all about your loan(s) including the interest rates and repayment options. This is important information, so pay attention.
- You will also sign a Master Promissory note. This is the legal document you have to sign to receive the loan. It states that you promise to repay the loan and any interest that is accrued on the loan to the federal government. Each year you receive a loan, it is a new loan and instead of annually signing a different promissory note, the ‘master’ promissory note is good for 10 years. You are able to sign online by using your FSA ID.
Learn more about the entire process for students and federal student loans.
