Federal Loan Counseling and Master Promissory Note
Federal Loan Counseling and Master Promissory Note

» Federal Loan Counseling and Master Promissory Note

Per Federal requirement, students who receive Federal Direct Loans for the first time must complete Federal Loan Entrance Counseling and the corresponding Master Promissory Note (MPN) for the loan(s). Until these requirements are met, loan funds cannot be released to the student.

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Federal Loan Entrance Counseling

Federal Loan Entrance Counseling is a process set up by the Federal government to educate new students about loans and the Federal Direct Loans program. It consists of a short mandatory information session that will help you learn about your rights and responsibilities as a borrower. The process takes about 15 to 20 minutes to complete. Federal Loan Entrance Counseling can be completed online at www.studentaid.gov by signing in with your (the student's) FSA ID Username and password. After logging in, expand the "I'm In School" drop-down menu and select “Complete Entrance Counseling” to begin your Loan Entrance Counseling.

Image demonstrating how to navigate the StudentAid.gov website and where to find Complete Entrance Counseling as the 4th link under the collapsible region "I'm in School."

Upon successfully completing Federal Loan Entrance Counseling, an electronic statement of completion is generated within the Federal Direct Loans system. Processing for this statement can take up to two business days from the point it reaches Chapman University’s system. Please be aware that this only applies to the Federal Direct Loans. Other loans, such as the Chapman Interest-Free Loan and private loans have their own requirements that must be completed.

Master Promissory Note

It may be requested that you complete a MPN if one has not already been completed. A MPN can be completed by logging into www.studentaid.gov and selecting "Complete Loan Agreement" from the "I'm In School" drop-down menu.

Image demonstrating how to navigate the StudentAid.gov website and where to find Complete Loan Agreement as the 3rd link under the collapsible region "I'm in School."

Make sure to select the correct MPN type if you are a student borrower or parent borrower and follow the steps accordingly. Once completed, an electronic MPN will be generated. You may wish to print a copy for your personal records. These electronic MPNs are sent to Chapman University’s system twice a week and may take up to two additional business days for processing.

Image demonstrating how to navigate the StudentAid.gov website.

Note that a MPN must be completed by each borrower. Federal Direct PLUS loans require a separate MPN. For Parent PLUS borrowers, the PLUS Loan MPN must be completed by the borrowing parent.