Undergraduate
• Fall/Spring 2005-2006
Graduate
• Fall/Spring 2005-2006
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Student completes the Award Notification letter
To receive a Federal Stafford Loan, students must accept the Federal Stafford Loan (subsidized and/or unsubsidized) award on the Award (Letter) Notification, complete the Supplemental Information and submit both to the Department of Student Financial Aid. (The Summer Request form substitutes for the Supplemental Information for Summer School applicants).
Student selects a lender if needed
Students, who have not previously selected a lender, must select a lender. The Student Loan Office must have the lender's six-digit code to process the loan with the loan agency/lender. Students, who have not previously submitted their lender's (lender) code, must complete the lender code question on the Award (Letter) Notification. Click the Lender List button at the bottom of this page for lender information.
School, lender and guarantor process loan
The Student Loan Office, within the Department of Student Financial Aid, will create and review electronic loan applications for students who have accepted their Federal Stafford Loan award(s) and completed the Supplemental Information. When the Student Loan Office completes the review, they will electronically transmit the eligible loan applications to the appropriate lender/loan agency for processing. (Please note that federal regulations prohibit MSU from processing a loan after the end of the loan period). The lender/loan agency reviews and submits the electronic loan applications to the guarantor for approval. When the guarantor approves a loan, they notify the lender. Then, the lender/loan agency determines if the student borrower has processed a Master Promissory Note (MPN) with them.
Master Promissory Note (MPN)
The MPN is a multi -year promissory note that student borrowers must use when applying for the Federal Stafford Loan. This means that when a student signs the MPN, he or she does not have to sign another MPN for future Federal Stafford Loans so long as the same lender is used. The MPN does not have a place for a student borrower to request a specific loan amount. Consequently, a student, who wishes to borrow less than the accepted amount on the award (letter) notification, should contact their lender/loan agency or the Student Loan Office to request a lesser amount.
Student completes MPN if needed, and lender initiates the disbursement process
If the lender/loan agency determines that the student borrower has not processed a MPN with them, the lender/loan agency will generate a computer-printed Federal Stafford Loan Master Promissory Note (MPN) and mail it to the student borrower. The student borrower should complete the MPN and send it to their lender for processing. When the lender receives the completed MPN from the student, they will complete the loan application process and initiate the disbursement process.
NOTE: Students who have not yet completed the Master Promissory Note with their lender may want to contact the lender in advance to complete the Master Promissory Note. By contacting the lender in advance, delays in the receipt of loan funds may be avoided.
If the lender determines the student has already processed a MPN with them, the lender will complete the loan application process and initiate the disbursement process.
Lender List
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