- What is the first step in receiving a Federal Direct Student Loan?
- How do I apply for Financial Aid?
- What documents are required to complete the FAFSA application?
- Do I have to complete a FAFSA to receive student loans?
- Who is eligible for Financial Aid?
- How do I know if I am receiving a loan?
- What are the different types of loans?
- Do I have to accept the full amount that is offered?
- Are there any other documents I need to complete besides the FAFSA and Loan Acceptance Form?
- What is Entrance Counseling?
- Do I need to complete a new Entrance Counseling for Direct Loans?
- What if I do not complete Entrance Counseling and I am a first time borrower?
- What is a Master Promissory Note (MPN)?
- Do I have to complete a new Master Promissory Note (MPN) for Direct Loans?
- What if I do not sign the Master Promissory Note?
- What if I borrowed previously from the FFELP Loan Program?
The first step is applying for financial aid.
- The first step is to complete the Free Application for Federal Student Aid (FAFSA) at www.fafsa.gov for the current aid year. This must be done annually as long as you intend to receive financial aid.
- You must list the NLU school code 001733 for NLU to receive your FAFSA results.
- If you need help completing any of these steps above please call 888-658-8632, option 3.
- Social Security Number
- Driver's License Information
- Alien registration number if you are not a U.S. Citizen
- Tax returns from the previous year
- W-2's from previous year
Yes, you must complete the FAFSA for the Student Finance Office to determine your financial aid eligibility.
Students who are fully admitted to a degree-seeking program and are taking classes that are required for the degree. Students must be enrolled at least half-time to be eligible for most financial aid programs including student loans.
You will be sent an Award Notification Letter that includes the offer of student loans. Award letters are emailed to your NLU student email address. The award letter will include a Loan Acceptance Form. Please follow all the instructions on the loan acceptance form and return it to the Student Finance Office.
There are two types of Federal Direct Student Loans, Stafford and PLUS loans.
No. You will be offered your maximum loan eligibility. You have the option to accept all of the offered loans or a partial amount.
Yes, you have to complete Entrance Counseling and a Master Promissory Note (MPN) in order for the Student Finance Office to disburse the loans to your account. These can be completed online at studentloans.gov.
This is a federal requirement that helps students understand their rights and responsibilities regarding their loans.
All first time borrowers must complete Entrance Counseling. You can complete it here: https://studentloans.gov. We will receive electronic notification that you have completed entrance counseling 1-2 business days after you have done so online.
Your loans will not disburse until Entrance Counseling has been completed.
A Master Promissory Note (MPN) is a contract/legal agreement between you and your lender that you will repay the loan.
Yes, unless you have already completed a Federal Direct Loan Master Promissory Note (MPN) that hasn't expired. When you complete an MPN and have a loan disbursement within one year, the MPN is active for ten years. You are able to complete the MPN here: https://studentloans.gov.
Your loans will not disburse until the MPN has been completed.
As of July 1, 2010, all loans are Federal Direct and you are required to complete a new Federal Direct Loan Master Promissory Note.