Annual Student Loan Acknowledgement
What is Annual Student Loan Acknowledgement?
If this is your first time accepting a federal student loan, you are acknowledging that you understand your responsibility to repay your loan.
If you have existing federal student loans, you are acknowledging that you understand how much you owe and how much more money you can borrow.
An Annual Student Loan Acknowledgement each year you accept a new federal loan. Our goal is to help you understand how your loans affect your financial future.
What is Entrance Counseling?
If you have not previously received a Direct Loan or Federal Family Education Loan (FFEL), the Federal Government requires you to complete entrance counseling to ensure that you understand the responsibilities and obligations you are assuming.
If you are completing entrance counseling to borrow a loan as an undergraduate student, then the entrance counseling will fulfill counseling requirements for Direct Subsidized Loans and Direct Unsubsidized Loans.
The U.S. Department of Education and School of Career Education requires all students to complete exit counseling before your graduation date.
What is Exit Counseling?
Exit counseling provides important information to prepare you to repay your federal student loan(s).
If you have received a subsidized, unsubsidized or PLUS loan under the Direct Loan Program or the FFEL Program, you must complete exit counseling each time you:
- Drop below half-time enrollment
- Leave school
Note: The FFEL Program ended June 30, 2010 and no new loans have been made under the FFEL Program after that date.
Master Promissory Note
The U.S. Department of Education and School of Career Education requires all students to complete Master Promissory Note before receiving any Direct Stafford Loans.
What is a Master Promissory Note?
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 school will tell you what loans if any, you are eligible to receive.