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Once a student has been offered Federal Direct Loans as a part of their financial aid package, they can accept those loans by completing the following four-step process:
STEP ONE - Accept (or decline) your loan by logging on to your Financial Aid Portal and navigating to the Current Financial Aid section. Click"View/Accept Awards" and follow the prompts to access Banner Self Service. Click on the "Offer" page and then click on the drop-down to "Take Action".
STEP TWO - Once you have accepted the Direct Loan, reload the page where you accepted the loans, and then you will be prompted to complete the Direct Loan Request Form. To verify if the form has been completed, log on to your Financial Aid Portal, and navigate to the Current Financial Aid section. Click "View/Accept Awards" and follow the prompts to access Banner Self Service. A message will appear if the form has not been completed.
STEP THREE - First-time borrowers must complete entrance counseling before funds can be disbursed. Complete your counseling by logging in with your FSA ID (the one used for the FAFSA) at studentaid.gov and clicking on Complete Entrance Counseling located under the Complete Aid Process tab. The counseling session will take about 30 minutes to complete. This is a one-time requirement and will not need to be completed in following aid years.
STEP FOUR - First-time borrowers are required to complete a Master Promissory Note (MPN). You will be notified via email when your MPN is ready. You will need your FSA ID (the one used for the FAFSA) to complete the MPN. You will be asked to provide your permanent address, telephone number, driver’s license number (if you have one), and email address. You will also need the names, addresses, and telephone numbers of two personal references who have known you for at least three years. References must have different addresses from one another, and one of the references should be a parent or legal guardian. The references have no obligation to the loan and are only contacted if your contact information is not current.
Important Note: If you are experiencing difficulties officially accepting your Federal Direct Loans, please contact finaid@mtu.edu for assistance. After all steps are completed, it can take 3-5 business days for Federal Direct Loans to appear on the student bill.
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When accepting your awards on your Financial Aid Portal, just indicate the partial amount in the space provided.
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The Financial Aid Office will originate the loan with the servicing center. Once the loan is approved, you will be sent an e-mail notification with links to complete an electronic Master Promissory Note (MPN) and/or entrance counseling. The electronic MPN will be available online only after the loan has been approved. Entrance counseling can be done anytime at the same site.
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Loans that are processed for the full year will be split into two equal disbursements, one for the fall semester and one for spring. The disbursement dates will be provided on the disclosure statement sent to you from the US Department of Education. For billing purposes, loans that have been approved will appear as a memo credit on your account.
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There are two additional financing options: an alternative loan or a Direct PLUS loan.
- Students and/or parents may apply for alternative and private loans online.
- Parents can apply for the Direct PLUS Loan online.
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You should apply at least four weeks prior to the date your bill is due to ensure that there is enough time to complete the application process. Although you may receive instant pre-approval online from the loan company, most require you to submit additional information to them to continue processing your application.
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You may accept the loan on your Financial Aid Portal by selecting View/Accept Awards under the Financial Aid tab. You will also need to complete an electronic master promissory note. You will be sent an email message from ECSI with instructions on how to complete the electronic master promissory note.