Financial Aid Loan Information
As a first time Federal Direct Loan borrower or a new student at ISU receiving Federal Direct Loans, you must complete two on-line forms to receive loans.
- Loan Entrance Counseling
- Master Promissory Note (MPN)
Both are completed on-line at StudentLoans.gov. The Federal Student Aid FSA ID is needed to complete these forms and can be obtained at Create a New FSA ID. Proof of completion will be sent to ISU Financial Aid in mid July.
Loan Entrance Counseling: This requirement applies only to first time loan borrowers at ISU. If you have previously borrowed a loan at ISU, you do not need to complete Entrance Counseling for 10 years. To ensure that you understand this responsibility and the obligation you are assuming when borrowing student loans, the federal government requires you to participate in Loan Entrance Counseling before your loan funds can be disbursed. During entrance counseling, you will receive facts about loans, managing your educational expenses, and your rights and responsibilities as a borrower.
Master Promissory Note (MPN): A legal document you must sign with your FSA ID agreeing to pay back your loans. See Plain Language Loan Disclosure Information. This document will apply to your students loans for 10 years, except in the case of Graduate PLUS loans which require a MPN every year.
To complete and sign your Entrance and electronic MPN, you will need the following information:
- Approximately 30 minutes to complete
- Your FSA ID
- Apply for FSA ID (May requires Soc Sec verification-3 days before available for use.)
- Your Permanent Address
- Mailing Address (if different from permanent address)
- Your Telephone Number
- Email Address
- Employer Name
- Employer Address
- School Name
- Reference information for two people you have known for at least 3 years.
First reference should be a parent or legal guardian.
- Reference Names
- Reference Addresses
- Reference Telephone Number
- Reference Relationship to student
If you have any questions, please contact the Financial Aid Office at 208-282-2756.
I have completed Entrance and Promissory Note! Why isn't the Requirement Satisfied in BengalWeb?
You may have completed the Federal requirements shown in BengalWeb for the Entrance Counseling and Promissory Note. They may still show a red flag (action needed) next to the requirement in BengalWeb. These two requirements will be received by ISU Financial Aid Office in mid July. If you have completed the correct Entrance and Promissory Note (Graduate Plus vs Undergraduate), these will change to green checks (requirement fulfilled) mid July.
Time Limitation on Direct Subsidized Loan Eligibility for
First-Time Borrowers on or after July 1, 2013
On January 17, 2014, the U.S. Department of Education published the final rule in Federal Register (79 FR 3108) implementing the Moving Ahead for Progress in the 21st Century Act (MAP-21) (Public Law 112-141) that added a new provision to the Direct Loan statutory requirements that limits a first time borrower’s eligibility for Direct Subsidized Loans to a period not to exceed 150 percent of the published length of the borrower’s educational program (“the 150% limit”).
- Plain Language Loan Disclosure Information
- Repayment of Student Aid Funds
- Federal Graduate PLUS Loans
- Federal Parent PLUS Loans