Stafford loans are taken out in the student’s name and do not involve a credit check. Students are limited each year on the amount they can borrow based upon their standing (freshmen, sophomore, etc.) If a student accepts these loans on their financial aid package, they are required to complete Entrance Loan Counseling and a Master Promissory Note in order to have that funding added to their student account and be accessible to pay for college costs.
Entrance Loan Counseling
Before receiving any federal student loans, borrowers MUST complete an entrance counseling session. This quick and interactive counseling session provides useful tips and tools to help you develop a budget for managing your education expenses and helps you understand your loan responsibilities. Both Stafford Loan and PLUS loan borrowers must complete the appropriate Master Promissory Note.
Please allow approximately 30 minutes to complete this process.
To complete this requirement, please complete the following steps:
- Go to www.studentloans.gov.
- Click on the blue “Log in” on the top right hand side
- Use your (student’s) FSA ID and Password to log-in (Accept the Disclaimer)
- Under the “I WANT TO” section select Complete Loan Counseling
- Select ENTRANCE LOAN COUNSELING, it should be the first loan counseling option to select
- Complete the session. Be sure that you have selected to notify ANDREW COLLEGE
- Once you have completed the Entrance Counseling, please continue to complete the Master Promissory Note.
Master Promissory Note
The Federal Direct Master Promissory Note is a legal document listing the terms and conditions under which you repay your loan(s).
You will be required to list two references. One reference can be a parent, and the other must be someone that lives at a different address.
- Make sure you are logged on to www.studentloans.gov. (Follow the directions listed above).
- Under the “I WANT TO” section select “Complete Loan Agreement (MPN)
- Select the first option “MPN for Subsidized/Unsubsidized Loans”
- Complete the required information.
- The Institutional Title IV form MUST be completed by all students receiving funds from state, federal, or institutional sources including grants, loans, and scholarships.