What Is a Master Promissory Note?
The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s).
You can complete your MPN at studentaid.gov. Please ensure that you select the correct MPN based on your loan type:
- Undergraduate and graduate student borrowers will complete the subsidized/unsubsidized MPN.
- Parent borrowers with PLUS loans will complete the Parent PLUS MPN.
- Graduate PLUS borrowers will complete the Grad PLUS MPN.
What Is Entrance Counseling?
Entrance counseling is designed to help students understand the borrowing process. The federal government requires you to complete entrance counseling to ensure that you understand the responsibilities and obligations you are assuming.
If you are completing entrance counseling to borrow a loan as an undergraduate student, then the entrance counseling will fulfill counseling requirements for direct subsidized loans and direct unsubsidized loans.
If you are completing entrance counseling to borrow a loan as a graduate or professional student, the entrance counseling will fulfill counseling requirements for direct subsidized loans, direct unsubsidized loans, and direct PLUS loans.
You can complete entrance counseling at studentaid.gov.
What is the Annual Student Loan Acknowledgement?
Borrowers accepting a subsidized/unsubsidized loan, a PLUS loan for graduate/professional students, or a PLUS loan for parents must complete the Annual Student Loan Acknowledgement (ASLA) before federal aid can be disbursed to the student's account.
If this is your first time accepting a federal student loan, you are acknowledging that you understand your responsibility to repay your loan.
If you have existing federal student loans, you are acknowledging that you understand how much you owe and how much more you can borrow.
You can complete the ASLA on studentaid.gov.
FAQs
Where can I find information about my loans (amounts/loan type/etc.)?
To view the details of your financial aid package, you can review your award letter or log in to your account at financialaid.berklee.edu.
What if I don’t know the exact figures for my loans/projected income/etc.?
It is important to be as accurate as possible when completing your entrance counseling. Remember, this task is required by the Department of Education and designed to help you understand both the borrowing process and your financial obligations in accepting federal aid. The numbers that you enter while completing the entrance counseling will not define your borrowing amounts or establish a repayment schedule, but they are used to create examples that will help you understand what to expect throughout the borrowing process and repayment term.
How can I decline my loans?
If you would like to decline some or all of the federal loans that you were offered, you can do so by completing this form. Once you have submitted this form, please allow between three and five days for processing in order for the loan to be removed from your account.
I just completed my entrance counseling, MPN, and ASLA. Why hasn’t my account been updated?
After you have completed these tasks at studentaid.gov, it typically takes between three and five business days for our office to receive confirmation of completion. If it has been more than five business days since you have completed these tasks and they are still marked as “Not Received” in your financial aid portal, please reach out to our office for further assistance.
I have completed my entrance counseling, MPN and ASLA. Why does my bill list my financial aid as 'Currently Ineligible'?
If you have completed your loan documents, and they have been marked as received in your financial aid portal at financialaid.berklee.edu, your loans are likely awaiting origination processing. This process is completed between Berklee and the Department of Education. Once that process has been completed, the loans will be moved to the Anticipated section of your bill. To confirm that we have received all of the necessary paperwork, you can contact our office via email at onestop@berklee.edu or by phone at 617-747-6777.
