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Loan Counseling

Student Loan Counseling requirements

Entrance Loan Counseling

Entrance Counseling is designed to inform you of the rights and responsibilities associated with being a student loan borrower. It is a federal requirement that students complete Entrance Loan Counseling before Federal Direct Loan funds can disburse to student account. 

Entrance Loan Counseling provides you with information about:

  • Your rights and responsibilities as a borrower
  • Interest rates, expenses, repayment plans, and other important details about borrowing
  • Who to contact with questions

Complete the Entrance Loan Counseling.

Master Promissory Note

The Master Promissory Note (MPN) is a legal document in which you promise to repay your federal student loan(s) and any accrued interest and fees to your lender or loan holder. It also explains the terms and conditions of your loan(s). 

There is one MPN for Direct Subsidized/Unsubsidized Loans and a different MPN for Direct PLUS Loans. Most schools are authorized to make multiple federal student loans under one MPN for up to 10 years.

Complete the Master Promissory Note process.

Exit Loan Counseling

Exit Loan Counseling is designed to assist you with understanding your specific loan terms and conditions as well as establishing a loan repayment option suitable to your financial capabilities. Awareness of your loan options, rights and responsibilities is crucial to successful repayment.

You are required to complete Exit Loan Counseling if you:

  • Graduate
  • Enroll or drop to less than half-time
  • Take a Leave of Absence
  • Transfer to another institution
  • Withdraw from UMass Lowell

Completed the Exit Loan Counseling.