Federal Direct Loans
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 Account Services until these items are completed.
1. ENTRANCE COUNSELING SESSION: The online counseling session assures that you understand your rights and responsibilities when borrowing federal loans.
2. MASTER PROMISSORY NOTE (MPN): The MPN is your promise to repay your federal direct loan. The Direct Loan MPN is valid for ten years.
Please note: When you sign into the StudentLoans.gov, use the same Federal PIN you used to sign the FAFSA and your personal information. Once logged in, please proceed to the links for Complete Counseling and Complete Master Promissory 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.”
Federal Perkins Loan
Students who have been award a Federal Perkins Loan and wish to accept the loan are required to complete a Master Promissory Note and online Entrance Counseling. The MPN and Entrance Counseling requirements for the Federal Perkins loan are different from those needed for the Federal Direct loans.
Master Promissory Note: Borrowers will receive an email from ACS (PSU’s Federal Perkins Loan servicer) with instructions on how to complete the Perkins MPN online.
Entrance Counseling: Borrowers will be required to visit Mapping Your Future to complete the Online Federal Perkins Entrance Counseling session. PSU will be notified once you have completed this requirement.
Federal Direct Parent PLUS
If your parent(s) wish to use an Optional Federal Direct PLUS Loan, they must complete both a Parent Request Form and a Master Promissory Note (MPN); this loan is NOT an automatic award. The PLUS loan application will be submitted for a credit review and approval of the loan will be based upon Department of Education PLUS loan criteria.
NOTE: If the student intends to either reduce or decline Federal Work Study so the parent may apply for a higher Federal Direct PLUS loan amount, please submit the request to the Financial Aid Team at least one day prior to applying for the PLUS loan.