The Master Promissory Note and Entrance Interview

In order for your federal loan to pay out you must complete two key forms; the Master Promissory Note (MPN) and the Entrance Interview.

• The Master Promissory Note is a binding legal document a student or parent signs in order to obtain a federal educational loan. It lists the conditions under which you are borrowing and the terms under which you agree to pay back the loan. The Master Promissory note will include information about the loan’s interest rate, deferment, and cancellation. Your Master Promissory Note with Direct Loans is valid for ten years and transferable to any school or institution of higher learning you may attend.

• The Entrance Interview is an explanation of your Direct Loan obligation and a review of your agreement that must be completed before your loan is authorized for disbursal. Also when you finish school you will take an Exit Interview that will recap your obligations of repayment for this loan. It is normally done online. Be advised that some schools may require an in person interview process. Check with your school’s financial aid office to confirm

• Generally all requirements can be fulfilled through the direct loan website here

Ken’s Tips: Make sure you register these forms before you start college. Don’t get held up because they are incomplete and you will save yourself some headaches. When you go through the direct loan process you will be prompted to get a personal identification number (PIN). Make sure you remember your PIN. In my experience at least 25% of students every year fumble this process and end up wasting time later in the semester trying to get it resolved. By staying on top of this you can avoid missing registration deadlines, and expedite any refunds due to you if applicable.