Think your loan award is finalized? Take a closer look. Instructions for accepting your Federal Direct Student Loan (For Students Only) You must complete the two-part, loan-acceptance process online before any loan funds can be disbursed. Before going online to complete this process, we recommend that you gather the following information: Your Social Security Number Your U.S. Department of Education FSA ID and password Your driver’s license number (if available) The names, addresses, and phone numbers of two personal references (This may include a parent, relative, or friend. They cannot have the same last name, address, or phone number.)
Part 1 – Entrance Counseling Before receiving a Federal Direct Student Loan, student borrowers must complete an Entrance Counseling session. This interactive counseling session provides useful information and helps you to understand your loan responsibilities. This part will take about 30 minutes to complete. Step 1 – Go to www.studentloans.gov and choose “Log In.” Step 2 – Enter your FSA ID and password. Step 3 – Verify your personal information displayed is correct, and if prompted, select your correspondence preferences (electronic or paper). Select the box “I agree to the terms and conditions” at the bottom, and click “Save Account Settings.” Step 4 – Once you are at the “My Home Page” menu, select “Complete Loan Counseling” and then click “Start” next to the Entrance Counseling section. Step 5 – Add ACC to receive your Entrance Counseling results by entering the school information in the menu on the left and click “Notify this School.” Select “I am completing entrance counseling to receive Direct Loans as an undergraduate student” and click “Continue.” Step 6 – There are five screens of tutorial information with questions for you to answer on each screen. Go through each screen carefully, answer the questions in the “Check Your Knowledge” boxes, and provide any requested information. If you select an incorrect answer, you can re-select the correct answer and proceed. Click “Continue” at the bottom of these screens. Step 7 – On the last screen, click “Submit Counseling.” (You will receive this message: “(Your name), you have successfully completed Entrance Counseling!” You do not need to print this page, but you may choose to print it for your own records. You are done with Part 1 and can go to Part 2.) (Continue with Part 2 on back)
www.studentloans.gov
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Part 2 – Master Promissory Note (MPN) All loan borrowers must complete a Master Promissory Note before loan funds can be disbursed. The MPN is your promise to repay loans awarded through the Federal Direct Loan Program. An electronic MPN can be completed in about 20 minutes. Make sure you allow enough time to complete this part in a single session. If you exit this web site before submitting your signed MPN, you will have to start over. Step 1 – If you have just completed Entrance Counseling, select “Complete a Master Promissory Note” from the menu on the right. Otherwise, “Log In” to www.studentloans.gov with your FSA ID and password and select “Complete a Loan Agreement (Master Promissory Note).” Step 2 – Click “Start” next to the MPN for Subsidized/Unsubsidized Loans section. Step 3 -- Verify your personal information is correct or make any corrections. Select “Texas” from the state drop-down list and “Austin Community College” from the school drop-down list. Click “Continue.” Step 4 – Enter information for two personal references paying attention to the notes on references at the top of the screen. Select “Continue.” Step 5 – Review and edit (if necessary) any information on this screen and select “Continue.” Step 6 – Scroll down the MPN screen to review each section. At the bottom, complete the Sign & Submit part and then select “Sign & Submit.” Typing your name at the bottom of this screen serves as your electronic signature on the MPN. Step 7 –You will receive this message: “You have successfully submitted your MPN.” (You have completed Part 2, and you will receive a confirmation e-mail. You may choose to view the PDF file and print the MPN for your records. However, it is not necessary to print and sign the MPN.)
Step 8 – Select “Logout” at the top.
www.studentloans.gov Things to Remember
By signing an MPN, you are agreeing to repay all Federal Direct Student Loan funds disbursed on your behalf.
You (the student) must be enrolled for at least six semester credit hours to receive Direct Loan funds.
Loan disbursement dates are based on your actual enrollment period. Any change to your enrollment may cause a delay or cancellation of your loan. Loans for only one semester will be disbursed in two equal payments. Updated 01/30/2017
For website assistance, contact Direct Loan Servicing at
1-800-557-7394 Monday – Friday / 7am – 7pm CST (Central Standard Time)
