Direct Loan Application Procedures

Processing My Federal Direct Loan at Rensselaer

All students wishing to borrow Subsidized and/or Unsubsidized Direct Loans must have completed the Free Application for Federal Student Aid (FAFSA).

If you have been offered a Direct Loan, the award type and amount will be provided on your award notification and listed in the Rensselaer Student Information System (SIS).

Complete the following steps for subsidized and/or unsubsidized Direct Loans to be certified and received by Rensselaer Polytechnic Institute.

  1. Log into your SIS account at http://sis.rpi.edu
  2. On the Financial Aid card, click the "Open Financial Aid Dashboard" button
  3. If not selected by default, select the appropriate Aid Year from the drop-down menu on the top right of the page
  4. Navigate to the "Offer" tab and follow the prompts to accept, decline, or modify your aid offer
  5. Once finalized, finish by clicking the Submit button

The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department of Education. It also explains the terms and conditions of your loan(s). The MPN is valid for up to 10 years. It must be completed in order for your Direct Loan funds to be disbursed to your student account. Rensselaer will be informed electronically when you have successfully completed this  requirement.

  1. Go to https://studentaid.gov/
  2. Click on blue log in button to sign in with your FSA ID & Password
  3. Once logged into main page, click the “Complete Loan Agreement (Master Promissory Note)” link
  4. Next, find the MPN type: MPN for Subsidized/Unsubsidized Loans (at top of page)
  5. Use START button and follow the instructions. Note, information is not saved and can’t be revisited

All first time borrowers in the Direct Loan program must complete an Entrance Counseling session. This can be done via the Internet and takes about 20 minutes. There is a quiz at the end of each section so that you may demonstrate that you understand the information being provided. Rensselaer will be informed electronically when you have successfully completed this requirement.

  1. Go to https://studentaid.gov/
  2. Click on blue log in button to sign in with your FSA ID & Password
  3. When on main page, click the “Complete Loan Counseling (Entrance, Financial Awareness, Exit)” link
  4. Next, find the Counseling type: Entrance Counseling (at top of page)
  5. Use START button and follow the instructions. Note, information is not saved and can’t be revisited

It is only necessary to complete one MPN and one Entrance Counseling session for both the Subsidized and Unsubsidized Direct Loan. These requirements must be met in order for your Federal Direct Loan award(s) to be considered for billing purposes on your student account. Please note, in peak processing times, it may take up to 10 working days for the SIS to reflect that you have completed these requirements. Please plan accordingly. Fall billing statements are released on or about July 1st. Spring billing statements are released on or about December 1st. You are encouraged to finalize this process as soon as possible.

Direct Loan Exit Counseling

Once you are no longer actively enrolled, you are required to complete student loan exit counseling. Exit counseling provides essential information to help prepare you for repayment of your federal student loan(s). If you have received a Subsidized, Unsubsidized, or PLUS Loan under the Direct Loan or FFEL Program, you are required to complete exit counseling each time you:

  • Graduate
  • Drop below half-time enrollment
  • Leave school for any other reason

You may complete your exit counseling for the Federal Direct and/or Stafford Loan(s) by signing into your account, using your FSA ID, on the Federal Student Aid website. Once signed in, hover over the Loan Repayment tab at the top of the page and click the "Loan Exit Counseling" link. Next, click the blue "Log In To Start" button on the left and follow the provided instructions. 

Please allow approximately 25 minutes to complete the counseling.             

 

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