GETTING YOUR LOANS ON TIME

Loans

Typically in July or August, you will receive a tuition bill for your first semester of college. To make sure that the bill accurately shows how much you owe, be sure to accept loans as soon as possible.

1. Accept your grants and scholarships.

Log into your school’s online portal, go to the financial aid section, and accept your grants and scholarships.

Always accept all grants! This student already did.

2. Accept your work study.

Accepting “work-study” does not commit you to using work-study or guarantee you a work-study position. To learn more about work-study check out our guide to Work/Work-Study.

Always accept work-study! This student has not done that yet.

3. Accept your loans.

You can increase or decrease the loan amount that you would like to accept. To learn more about loans check out our our Ultimate Guide to Loans.

Subsidized or Unsubsidized loans

Most of our students plan to take out at least some of their subsidized & unsubsidized loans. This student did not accept their loans yet.

Parent PLUS loans

Most of our students do not plan to take out Parent PLUS Loans. Talk to a college advisor and family before accepting.

4. Do online loan counseling.

Everyone who takes out federal loans has to complete a learning exercise to make sure they understand repayment responsibilities. Your answers don’t impact how much you actually take out in loans.

For most schools, you can complete loan counseling on the Federal Student Aid Website. To log in to complete loan counseling, you will need your FSA ID. This is the same FSA ID that you created when you submitted your FAFSA online. The whole loan counseling process takes about 30 minutes.

5. Sign an online master promissory note.

Everyone who takes out federal loans is required to sign a Master Promissory Note (MPN). When you sign the MPN, you’re acknowledging that you understand you’re responsible for any federal loans you take out in college. You aren’t agreeing to how much you’re taking out.

For most schools, you can sign the MPN on the Federal Student Aid Website. To log in to complete loan counseling, you will need your FSA ID. This is the same FSA ID that you created when you submitted your FAFSA online. The whole MPN signing process takes about 10 minutes.