|
> Office of Financial Aid
Loans
Master Promissory Note and Loan Entrance Counseling
Students
As a first time Federal Stafford Loan borrower, you must complete
two documents before you can receive your loan: 1) Loan Entrance
Counseling and 2) the Master
Promissory Note. Before you complete your Master Promissory Note, you must determine if you are using a lender on our lender list. To compare borrower benefit information for the lenders on our lender list, please visit our FAST Choice website. If you choose to use a lender on our lender list, you may
complete both of these documents electronically.
Loan Entrance Counseling and Master Promissory Note
This requirement applies only to first time loan borrowers at
MSU. If you have previously borrowed a loan at MSU, you do not need
to complete entrance counseling again. To ensure that you understand
this responsibility and the obligation you are assuming when borrowing
student loans, the federal government requires you to participate
in Loan Entrance Counseling before your loan funds will be disbursed. During entrance counseling, you will receive facts about
your loan, managing your educational expenses, and your rights and
responsibilities as a borrower.
You may print, sign, and mail the Entrance
Counseling form to the Office of Financial Aid Services by using the Forms section
of this website to download a copy of the form, or you may complete your Loan Entrance Counseling on-line.
The Master Promissory Note is the legal document you must sign agreeing to pay back your loan. Through our partnership with the Montana Guaranteed Student Loan Program (MGSLP), you may complete and sign a Federal Stafford Loan Master Promissory Note (MPN) electronically using your federal Personal Identification Number (PIN). When you applied for financial aid, you were mailed a PIN by the federal aid processor. If you do not know your PIN, you may obtain your PIN data at the U.S. Department of Education PIN site.
If you have any questions, or would like your MPN mailed to you in paper form, please contact MGSLP at 1-800-537-7508.
***If you are not using a lender on our lender list, you should complete loan entrance counseling online, and contact your chosen lender to request a MPN. Once you have signed this note, please mail it directly to your chosen lender. Certifying your loan with a lender that is not listed on our lender list is a manual process. Please allow extra processing time each semester for us to process your loan.
FEDERAL GRADUATE PLUS LOANS
This new federal loan is available to graduate students who have been offered maximum Stafford loan amounts yet still have financial need. As a Graduate PLUS Loan borrower, you will be subject to a credit check to determine creditworthiness.
If you would like to apply for a Graduate PLUS Loan, three items need to be completed. If you choose to use a lender on our lender list, you may complete these requirements electronically using the links below. To compare borrower benefit information for the lenders on our lender list, please visit our FAST Choice website.
1.) Graduate PLUS Entrance Counseling
This requirement applies only to first time Graduate PLUS loan borrowers at MSU. If you have previously borrowed a Graduate PLUS loan at MSU, you do not need to complete entrance counseling again. To ensure that you understand the rights and responsibilities you are assuming as a Graduate PLUS loan borrower, the federal government now requires you to complete a Graduate PLUS loan specific entrance counseling session before your loan funds will be disbursed. At this time, you must complete your Graduate PLUS loan entrance counseling online.
2.) Graduate PLUS Loan Pre-Approval
The Graduate PLUS Loan Pre-Approval process will access your credit history to determine whether your loan will be approved or denied by giving you a nearly instantaneous credit decision. If the loan is approved, follow the online instructions to complete the Master Promissory Note.
3.) Graduate PLUS Master Promissory Note (MPN)
The Graduate PLUS Master Promissory Note, required of first time Graduate PLUS Loan borrowers at MSU, is the legal document you must sign agreeing to pay back your loan. Through our partnership with the Montana Guaranteed Student Loan Program (MGSLP), you may now complete and sign a Federal Graduate PLUS Loan MPN electronically using your federal Personal Identification Number (PIN). To obtain a PIN, visit the U.S. Department of Education PIN site. If you decide later to change lenders, a new MPN will be required.
If you have any questions or would like your MPN mailed to you in paper form, please contact MGSLP at 1-800-537-7508.
***If you are not using a lender on our lender list, you should complete Graduate PLUS Loan Entrance Counseling online, and contact your chosen lender to request a MPN. Once you have signed this MPN, please mail it directly to your chosen lender. Certifying your loan with a lender that is not listed on our lender list is a manual process and the funds will arrive via a paper check that requires your endorsement. Please allow extra processing time each semester for us to process your loan.
Back to top
FEDERAL PARENT PLUS LOANS
Your dependent, undergraduate student
has been offered a Federal Parent PLUS Loan in their award
package. The borrower of this loan will be subject to a credit
check to determine creditworthiness.
If you would like
to apply for a Parent PLUS Loan, three documents need to be completed. NOTE: The parent who completes the Master Promissory Note (MPN) must also be the parent who completes the Parent PLUS Request Form. If you choose to use a lender from our lender list, the Promissory Note and Loan Pre-approval may be done online using the links below.
1.) Parent PLUS Request Form
Complete the PLUS Loan Request Form and mail or fax it back to the Office of Financial Aid Services. The Parent PLUS Request Form must be filled out completely. If you find that you would like to change the amount of the loan, we will need a new request form with the new amount.
2.) PLUS Loan Pre-Approval
Before going through a credit check, you will be given the opportunity to compare borrower benefit information for the lenders on our lender list. Once you have chosen a lender, you will be prompted for demographic information to start the pre-approval process.
The PLUS Loan Pre-Approval process will access your credit history to determine whether you will be approved or denied your loan by giving you a nearly instantaneous credit decision. If the loan is approved, follow the online instructions to complete the MPN. If the loan is denied, follow the online instructions about how to proceed.
3.) Parent PLUS Promissory Note (MPN)
The Master
Promissory Note, required of first time PLUS loan borrowers at MSU, is the legal document you must sign agreeing
to pay back your loan. Through our partnership with the Montana
Guaranteed Student Loan Program (MGSLP), you may now complete
and sign a Federal Parent PLUS Loan MPN
electronically using your federal Personal Identification Number
(PIN). To obtain a PIN, visit the U.S.
Department of Education PIN site.
If you decide later to change lenders, a new MPN will be required.
NOTE: If you have more than one student for which you want to
apply for the Federal Parent PLUS Loan, you will need to complete a separate PLUS Loan Application and Authorization Form, as well
as a separate Master Promissory Note, for each student.
If you have any questions or would like your MPN mailed to you
in paper form, please contact MGSLP at 1-800-537-7508.
***If you are not using a lender on our lender list be sure to indicate this on your Parent PLUS Request form. You will need to contact your chosen lender to request a Master Promissory Note. Once you have signed this note, please mail it directly to your chosen lender. Please keep in mind that selection of another lender may result in unavoidable delays and you may be subject to additional origination fees by your chosen lender.
Back to the top
|
