If you want a Direct Loan that was offered on your Award Notice, you must affirm to the financial aid office that you wish to accept all or part of the “offered” loan. An “offered” loan on your Award Notice informs you of how much you are eligible to borrow. If you want loan funds, you must officially accept all (or part) of the “offered” Direct Loan(s) on MaineStreet.
You can apply for a Direct Loan in one of two ways:
Note: All steps of the Direct Loan application process must be completed before we can process your request and before loan funds can be applied to your school account.
Note: Once the loan is applied to your account, your bill will be reduced by the loan payment amount. Payments applied to your University bill can be viewed in detail in MaineStreet under the Finance section of the Student Center. We recommend you review your student bill periodically.
About Entrance Counseling: The Entrance Counseling Session is an online presentation that provides information about the different types of Direct Loans (i.e., subsidized and unsubsidized) available and your rights and responsibilities as a loan borrower. You are required by Federal law to complete this session before you can borrow a Direct Loan. This is an automated process, and you will be required to answer questions as you complete the process.
The Direct Loan MPN is an agreement you sign verifying that you promise to pay back the Direct Loan according to the terms of the note.
If you don’t complete the required MPN online, Once we certify your loan, your lender may contact you by mail requesting you to complete an MPN. Completing the MPN online is the preferred method. If a paper MPN is provided, complete it and immediately forward it to the address indicated. An MPN must be completed and returned to the lender before any loan funds are disbursed to UMFK.
Note: when you sign a promissory note and receive loan funds, you agree to repay the loan according to the terms of the note. Except in cases where the loan is discharged (for instance, in the death of the student), the loan must be repaid with interest, even if the student does not complete the program, does not like the program, or is unable to procure employment after completing the program.