I didn apply for a loan but received a Master Promissory Note from Direct Loans in the mail that looks like I am required to sign it. Now what do I do?
With the new Direct Loan system, all students will be made aware of their maximum loan eligibility automatically. The amount you see will be equally disbursed in fall and spring ONLY IF you choose to complete the loan process. However, if you DO NOT want the loans or want to REDUCE the amount, they have that option. If you DO NOT want a loan AT ALL, the best thing to do is CANCEL your loans through your Access OTC awards page using the form 2010-2011 Award Notifications, or you will receive a paper MPN from Direct Loans every thirty days. If you do not want Direct Loans: 1. Go to MYOTC 2. Click Access OTC Tab 3. Choose Financial Aid Status by Term 4. Select the 2010-2011 Award Notifications link in the list at the top of the page 5. Cancel loans BE MINDFUL! READ THE ENTIRE FORM. DO NOT CANCEL ALL AWARDS per the first question! Only answer the question about cancelling the loans. Do not complete online Entrance Counseling and do not sign the Master Promissory Note. The loans will never
Related Questions
- I completed the Federal Direct Stafford Loan Master Promissory Note (MPN) last year, 2010-11. Do I need to complete the Federal Direct Stafford Loan Master Promissory Note (MPN) for 2011-12?
- Do I need to complete Stafford Loan Entrance Counseling and the Master Promissory Note?
- How and when does my parent complete a Direct PLUS Loan Master Promissory Note?
