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    How to Pay for College > Financial Aid 101 > Student Loans > First Student Loan

First Student Loan

Step 1: Accepting Your Loan

All students are offered subsidized and/or Unsubsidized Direct Loans, based on eligibility. Federal Direct Loans are a type of financial aid that must be repaid after you graduate, withdraw, or fall below half-time status. You must be registered half-time, in at least six (6) credits to be eligible for loan funding. Loans can be used to pay tuition, fees and other living expenses. Once loans are offered, you must log into your ctcLink account and accept or decline the loan.

Step 2: Entrance Counseling

Since this is your first time receiving a Direct Loan, the Federal Government requires you to complete entrance counseling. This process helps to ensure that you understand the responsibilities and obligations you assume by taking out a loan.

Get started now with Entrance Counseling

Step 3: Loan Agreement (MPN)

The subsidized/unsubsidized Master Promissory Note (MPN) is a legal document in which you promise to repay your federal student loans and any accrued interest and fees to your lender or loan holder.

Note: There are two MPN forms. One for student loans and a different one for Parent (PLUS) loans. If you’re looking for the Parent (PLUS) MPN form, visit our PLUS Loan page.

You will need:

  1. Your Federal Student Aid (FSA) ID that you used to complete your FAFSA.

  2. Complete address and phone numbers of two references.

Step 3: Exit Counseling

The Department of Education requires you to complete exit counseling to ensure reinforce the details of your loan and your commitment to repay. 

Complete Your Exit Counseling

What happens after I accept my loans?

  • The amount of loans you accept will be added to your overall loan debt under your current loan agreement (MPN) to repay.

  • By accepting loan disbursements, you acknowledge understanding and receipt of loan money.

Your Direct Loan Servicer will send you a disclosure that includes the disbursement dates.

  • In most cases, loan proceeds are disbursed by the quarter; the total loan amount is divided into equal disbursements.

  • First time borrowers in their first quarter of their program will experience a 30-day delay before their first disbursement. his will be for loan funds only and not include grants.

One-quarter-only loans will be disbursed in two parts, the second half at mid-quarter.