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Accepting your loans

A Financial Aid Award Notice may include an amount from the William D. Ford Federal Direct Loan program. The Federal Direct Loan program is a low interest loan program that provides loan funds that are to be repaid after you complete your program of study or stop attending on an at least half-time basis (whichever occurs first). The funds for the Federal Direct loan come directly from the Department of Education.

Unlike the grants included in your Offer of Financial Assistance, there are additional steps you must take in order to receive a Federal Direct Loan. It is important to follow each of these steps to avoid delays in receiving your student loan funds. (Not having an accepted Federal Direct loan for the semester is a common reason for not being eligible for the bookstore credit program at Metropolitan State University.)

To accept your Federal Direct Loan offer, please refer to the instructions below (these instructions are also in your award letter) 

Accepting Your Loans

Loan acceptance or loan requests are done online via student eServices. Students can make an online loan request by following the below instructions

  • Login to Student eServices.
  • Click on "Financial Aid" and then "Loans".
  • Follow the on-screen instructions to submit the loan acceptance.
  • In 1-3 business days, the student's loan status will be updated to "Certified" status. Loan funds will be applied to the student's account on the scheduled disbursement date.

Beginning with the first scheduled disbursement date for the semester, loan funds are transmitted from the Department of Education to the university and then applied to your student account. Financial aid funds in excess of your tuition, fees and other charges on your student account are provided to you (either by check or by direct deposit) for your indirect education expenses. See the disbursement process for more information.

Each year that you wish to accept student loans, you will need to complete the Loan Acceptance (requires login) on eServices. Because the Master Promissory Note (MPN) is not year specific, you can obtain additional loans for future academic years under the same MPN. So long as you do not stop attending for more than two consecutive terms, your MPN will remain active for 10 years.

Other Requirements of the Federal Direct Loan Program

By accepting loans from the Federal Direct Loan program, you agree to abide by the rules of the program. Three of the most important rules in this program are:

  1. You must notify the Financial Aid Office when you stop attending at least half time; that is, when the number of credits you are registered for drops below 6 credits (4 if you are a graduate student).
  2. You must notify the Financial Aid Office when you have a change of circumstance (for example, if you withdraw, graduate or otherwise change your degree program) that affects your loan eligibility.
  3. You must attend or participate in online Exit Counseling after you stop attending at least half time.

Borrow Just What You Need

It's important to remember that Federal Direct Loans are funds that you will need to repay after you graduate. Because of this, it is important to ensure that the job-market value of your education supports the amount of student loans that you are borrowing.

Student loans are an affordable way to invest in your future, but borrow wisely so that you can enjoy the benefits of your education without the burden of excessive student loan debt.

Student Loan Advocacy

The Minnesota Department of Commerce has recently completed the integration of a Student Loan Advocate to their staff as recently as the 2023 Minnesota Legislative session to implement and oversee a student loan borrower complaint process. The Student Loan Advocate may be reached by phone at 651.539.1022 or through their online complaint form. Visit their website which informs students on their rights with regard to student loans and additional information.