For example, only 35% of students know that the federal student loan program charges you extra fees (on top of your principal and interest) to underwrite the program’s costs.
Those amount to about 1.07% of the total loan amount and are deducted from each check the federal government sends to your school. Read on for answers to five of the most common questions around.
Check with your school's financial aid office to be sure that the exit counseling available on this Web site satisfies its requirements for exit counseling. It also explains the terms and conditions of your loan(s).
Download an accessible PDF version of the Master Promissory Note (MPN) for Direct Subsidized/Unsubsidized Loans.
Download an accessible PDF version of the Direct PLUS Loan Master Promissory Note (MPN).
To complete Exit Counseling, you will need: 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. Unless your school does not allow more than one loan to be made under the same MPN, you can borrow additional Direct Loans on a single MPN for up to 10 years.
Your school will tell you what loans, if any, you are eligible to receive.