Federal Direct Loan Requirements for Student Borrowers
Before federal student loans can pay toward a student account, you must complete all three of the following steps. Once completed, please allow 3-4 business days for Entrance Counseling and the MPN to be reflected on your myBanner account.
1. Accept your Federal Loan Offer
To view your financial aid award, you must login to myBanner.
Once you have logged in, follow the steps below to view and accept or decline your award offer:
- Select "Financial Aid"
- Then select "Award"
- Next select "Award for Aid Year"
- Click the drop down arrow and select the appropriate academic year
- Click on the tab "Accept Award Offer"
Now your award is displayed on the screen. Once you have accepted or declined the aid you want to use with the drop down arrow, click "Submit Decision" at the bottom of the screen.
2. Complete Entrance Loan Counseling
First time Federal Direct Loan borrowers will need to complete both entrance loan counseling and a master promissory note through Federal Student Aid 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
3. 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: