Federal Direct Loans
Students must file the Free Application for Federal Student Aid (FAFSA) to be eligible for federal loans. To receive a Federal Direct Subsidized loan, the student must have demonstrated financial need as determined by the information submitted on the FAFSA. Interest is not charged while the student is in school at least half-time, or during deferment periods. A Federal Direct Unsubsidized loan has the same terms and conditions as the subsidized loan but does not require any demonstrated financial need. The interest on this loan begins to accrue when it is disbursed to the student's account, and continues to accrue until the loan is paid in full.
Repayment begins 6 months after a student graduates, leaves school, or drops below half-time enrollment in a degree-seeking program.
The interest rate for new Subsidized loans originated after July 1, 2013 will be fixed at 6.8%. The interest rate for new Unsubsidized loans originated after July 1, 2013 will be fixed at 6.8%. Student borrowers are charged 1% origination fee that is deducted from the gross loan amount. The net loan proceeds are credited to the student's account electronically 10 days prior to the beginning of the each semester in 2 equal disbursements.
Master Promissory Note (MPN) & Entrance Counseling
The MPN is a promissory note that can be used to borrow multiple loans for multiple academic years (up to 10 years). While attending Denison University, students will only need to complete one MPN and this requirement will be for all first-time borrowers of a Federal Direct Student Loan. The MPN can be completed on-line here using your Department of Education issued PIN. If you do not have a PIN, you may request one from the official PIN website. First-Time Borrowers will also be required to complete Loan Entrance Counseling. Loan Entrance Counseling can be completed online here.
Sign in to www.studentloans.gov with your Federal PIN to complete your Electronic Master Promissory Note (eMPN) and Direct Loan Entrance Counseling.