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Direct Loan Entrance/Exit Processes

Unless you have previously borrowed a Direct Loan while at the University of Montevallo and completed the Entrance Counseling Interview and signed the Master Promissory Note (MPN) with the U.S. Department of Education, you must follow the process below:

Entrance Counseling Interview:

  • Access studentloans.gov
  • Click “Sign In” on the top, left-hand corner.
  • Enter personal information including PIN (if you do not remember your PIN used when filing the FAFSA, click on the link to retrieve your PIN).
  • Click “Sign In.”
  • Verify that personal information is correct and select “Complete Entrance Counseling” in the center of the webpage.
  • Begin the entrance counseling session.
  • Follow the instructions provided and click “Complete Entrance Counseling, next, continue, submit, etc.” until you receive a congratulatory confirmation for the entrance counseling session.

Direct Loan(s) eMPN:

  • Access studentloans.gov
  • Click “Sign In” on the top, left-hand side.
  • Enter personal information including PIN. (If you do not remember your PIN used when filing the FAFSA, click on the link to retrieve your PIN.)
  • Click “Sign In.”
  • Verify that personal information is correct and select “Complete Master Promissory Note” in the center of the webpage.
  • Select “Subsidized/Unsubsidized” for your MPN Type.
  • Follow the instructions provided and click “next, continue, sign, submit, etc.” until you receive a “thank you” confirmation for the Master Promissory Note signature session.

PRINT ALL AVAILABLE CONFIRMATION PAGES FROM THESE TWO PROCESSES FOR YOUR FINANCIAL AID RECORDS!

 

FEDERAL LOAN EXIT COUNSELING INTERVIEW

Please note that students who graduate, withdraw, or drop below half-time must complete a Federal Loan Exit Counseling Interview for all loan types at www.studentloans.gov. Half-time for undergraduates is six (6) credit hours, and for graduate students it is five (5) credit hours. The process for completing the Federal Loan Exit Counseling Interview is as follows:

  • Go to www.studentloans.gov.
  • Click “Sign In” on the top, left-hand corner.
  • Enter personal information including PIN. (If you do not remember your PIN used when filing the FAFSA, click on the link to retrieve your PIN.)
  • Click “Sign In.”
  • Verify that personal information is correct and select “Complete Exit Counseling” in the center of the webpage.
  • Begin the exit counseling session.
  • Follow the instructions provided and click “complete exit counseling, next, continue, submit, etc.” until you receive a congratulatory confirmation for the exit counseling session.

As you will see when completing the Federal Loan Exit Counseling Interview, there are numerous options for you to keep your loan(s) in deferment. If you are unable to make payments, you must remain in close contact with your lender(s)/servicer(s) to determine which deferment is best for you. DO NOT DEFAULT on your loan, because you do have options, and it can negatively affect your credit! Your servicer(s) can assist you through the process.

Annual Limits

Dependent Student Independent Student
Maximum combined subsidized and unsubsidized Stafford Loan (Effective July 1, 2008) Maximum combined subsidized and unsubsidized Stafford Loan(Effective July 1, 2008)
1st-yr. $5,500 $ 9,500
2nd-yr. $6,500 $10,500
3rd & 4th-yr. $7,500 $12,500
Teacher Cert $7,500 $12,500
Grad/Professional N/A $20,500