First time Direct Loan borrowers will need to complete both entrance loan counseling and a master promissory note through www.studentloans.gov before any loan funds will be disbursed to the university.
Entrance loan counseling informs you of your rights and responsibilities as a borrower. It also explains interest rates and the different types of federal loans available. Grand Valley will receive notice that you have completed the requirements directly from Direct Loans. Please allow 3-5 business days for us to receive notification.
The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s). Unless your school does not allow more than one loan to be made under the same MPN, you can borrow additional Direct Loans on a single MPN for up to 10 years.
The entire MPN process must be completed in a single session, so be sure you have enough time before you start. Each MPN generally takes approximately 30 minutes to complete.
In this process, you will need the following information: