Applying for financial aid can be confusing and overwhelming. Two required documents you may encounter when applying for federal student aid are the Master Promissory Note (MPN) and Entrance Counseling. The Master Promissory Note is an agreement between you and the Department of Education that outlines the terms of your loan. Entrance counseling consists of online materials provided by the US Department of Education to familiarize you with the rights and responsibilities associated with borrowing Federal Direct Loan funds. In this blog post, we'll take a closer look at what an MPN is, why it's important, and how to complete one.
What Is A Master Promissory Note?
A Master Promissory Note (MPN) is a legally binding document that outlines your responsibilities as a student borrower. The MPN includes information about your loan type and amount, interest rate, repayment plan options, fees, deferment rights, and other important information about your loan. You must sign the MPN before you can receive any federal student loan funding from the Department of Education.
Why Is A Master Promissory Note Important?
The MPN serves several important purposes. First and foremost, it serves as proof that you have agreed to the terms of your loan agreement with the Department of Education; without an MPN signed, no money can change hands. Secondly, it helps to protect both parties in case of a dispute over terms or conditions; if there are disagreements or discrepancies down the line, both parties can refer back to what was written in this document as proof of their respective obligations. Finally, it serves as a reminder to borrowers—both current and future—about exactly what they agreed to when they took out their loan(s). It's easy to forget details like interest rates or repayment plans after several years have passed since taking out loans; having an MPN on file gives borrowers somewhere to turn for answers when questions arise about their loans.
How Do I Complete A Master Promissory Note?
Completing an MPN is relatively simple: all you need is basic personal information such as name, address, Social Security Number (SSN), etc., bank account details (if applicable), employment information (if applicable), loan type and the amount being requested, etc., and signature authorization. Once these steps are completed online on the Federal Student Aid website you'll submit them electronically. Next, simply enter your chosen username/password combination when prompted during the submission process. After all the forms are processed correctly – then funds should be disbursed accordingly!
What is Federal Student Loan Entrance Counseling?
Entrance counseling consists of online materials provided by the US Department of Education to familiarize you with the rights and responsibilities associated with borrowing Federal Direct Loan funds. Entrance counseling must be completed before a student is permitted to borrow Federal direct loan funds from the Department of Ed.
Applying for financial aid can be confusing and overwhelming—but understanding what an MPN and Entrance Counseling are can help make things easier for students looking to use aid to assist with their university expenses. An MPN serves many purposes including protecting both parties in case of disputes over terms or conditions related to loans given out by the Department of Education. Completing an MPN and Entrance Counseling requires basic personal information which can easily be done electronically through the website Federal Student Aid website. Knowing what to expect when navigating the financial aid process can help give Lionel University students confidence as they take the next step toward achieving their college & fitness industry dreams.
And there are so many fitness job opportunities that you’ll be able to explore once you have a degree or certifications in exercise science. In fact, earning an associate degree, bachelor’s degree, or master’s degree, will put you in demand for jobs. Regardless of which degree you are pursuing, at Lionel, you earn multiple certifications and specializations along the way. This means you can start working as a fitness professional even before graduation day!