Has anyone signed a Master Promissory Notes for any new Federal loans?

I remember reading something about having to sign a new one because of the change to the Direct Loan program, but I either clicked 'Later' or threw it away; I can't find it. Do we have to sign the new MPN before the Fin Aid office will offer us loans, or after they're offered and before they're disbursed?

6/26/2010 12:20:34 PM

i bet the financial aid office would know

6/26/2010 2:05:14 PM

Depending on whether or not you've had loans before, you may have to complete entrance counseling and sign your MPN online @ studentloans.gov

You have to sign one MPN for all your future loans (they're good for 10 yrs). I'm not sure about NCSU, as I'm going to grad school at ASU, but ASU offered them to me before I signed the MPN. So, since they're both public NC schools, I'd guess NCSU is the same way. It's really nice to do the MPN online, really nice, not tough!

To answer your question: for me it was after they're offered, before they're disbursed. I'd assume it'd be something similar for NCSU!

6/27/2010 10:29:44 AM

^According to the Aid Office, its the same at NCSU.

6/28/2010 1:20:36 PM

Most students at NC State will need to sign a new MPN at studentloans.gov. If you had student loans before (through College Foundation, Wachovia, Bank of America, etc.) then you can no longer borrow through those lenders. All federal student loans are now handled through Direct Lending. Unless you've had a Direct Loan before, you'll need to sign a new MPN.

That doesn't mean the office won't offer you a loan. It just means you won't actually receive the funds until you've completed the MPN. And don't forget that you will need to go through MyPack to accept the award(s) you've been offered.

Questions? Contact your financial aid advisor.
http://www7.acs.ncsu.edu/financial_aid/contact.htmlhttp://www7.acs.ncsu.edu/financial_aid/contact.html

6/28/2010 2:34:19 PM