Master Promissory Note and Entrance Counseling
If you plan to use Federal Direct Loans and are a first-time borrower at PSU, you will be required to complete a Master Promissory Note (MPN) and a one-time online Entrance Counseling. PSU will be notified once you have completed and submitted these requirements. Federal loan funds will not be credited to your PSU bill with Student Financial Services until these items are completed.
1. MASTER PROMISSORY NOTE: The MPN is your promise to repay your federal direct loan. The Direct Loan MPN is valid for ten years.
2. ENTRANCE COUNSELING SESSION: The online counseling session assures that you understand your rights and responsibilities when borrowing federal loans.
Both of these requirements may be completed at studentaid.gov, using the same FSA ID you used to sign the FAFSA. Once logged in, please click the tab for “Complete Aid Process” and choose the links for “Complete Entrance Counseling” and “Complete Master Promissory Note” as needed.
Note: Your MPN is not considered complete until you reach the screen with the following message: “Thank you for submitting the MPN. You may view/download the PDF version of your completed MPN.”
For more information about Federal Direct Loans and loan limits, please see our Federal Direct Loan webpage.
The U.S. Department of Education (ED) requires borrowers of Federal Direct loans who are no longer enrolled at least half-time to complete federally mandated exit counseling as soon as they cease enrollment. This is a federal regulation and applies to all students who have graduated, officially withdrawn, dropped below half-time enrollment, transferred to another institution, or simply ceased enrollment at Plymouth State University. While you may have been required to complete exit counseling in the past, but federal regulations require that you complete exit counseling every time you meet one of the above conditions, even if you plan to enroll again at a later date.
Federal Exit Counseling is mandatory. Failure to complete the requirement will prevent disbursement of future term financial aid and places a hold on the student’s account. This will prevent the student from receiving transcripts.
The purpose of this counseling is to help you to understand your rights and obligations as a student loan borrower.
Exit Counseling includes:
- Information about the importance of repaying the loan
- Loan repayment options
- Deferment and forbearance
- Loan forgiveness and cancellation
Exit Counseling can be completed online at studentaid.gov. Counseling takes approximately 20-30 minutes to complete. You log in using your Federal Student Aid (FSA) User ID and password (same as what you have used to complete your FAFSA). PSU will receive an electronic record of your successful completion within 48 hours.