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 nslds.ed.gov. 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. You complete this 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 NSLDS (National Student Loan Data System) website (nslds.ed.gov) 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 at studentaid.gov/understand-aid/types/loans.