Federal Direct Loan Requirements for Student Borrowers
Before federal student loans can pay toward a student account, all three of the items below must be completed online. Once completed, please allow 3-4 business days for them to be uploaded to GVSU's system. You must use your student FSA ID when logging in to complete these items, so that they are properly connected to your record.
1. Complete Entrance Loan Counseling
First time Federal Direct Loan borrowers will need to complete both entrance loan counseling and a master promissory note through studentaid.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
2. Sign 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 Federal 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:
3. Annual Student Loan Acknowledgment
All Federal Direct Loan borrowers, including Federal Parent Plus Loan borrowers, are required to complete an Annual Student Loan Acknowledgment each year you accept a new federal student loan. It should take less than 10 minutes to complete.
- 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 you can borrow.