In October of 1998, Congress authorized the Department of Education (ED) to create a multi-year promissory note for students participating in the William D. Ford Federal Direct Loan Program and the Federal Family Education Loan Program. The Master Promissory Note allows most student borrowers to sign one note for their entire undergraduate or graduate academic program at USF.
How It Works - Federal Direct Student Loan Promissory Notes
Students and Parents
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USF
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| Student completes the Free Application for Federal Student Aid (FAFSA). |
USF determines student eligibility for Federal Direct Subsidized and/or Unsubsidized loans and mails or emails award notice to student. |
Student reviews the award notice and accepts/declines offered loans on line through USFConnect. Graduate students and parents of dependent age undergraduates may apply for additional Federal loan funds through the credit-based Federal PLUS loan program by submitting the appropriate PLUS loan pre-application form to USF.
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USF creates subsidized and unsubsidized loan records with the Direct Loan Origination Center. For PLUS loan applicants, USF sends the pre-application information electronically to the Federal processor for the credit check. The Federal processor notifies the applicant and USF of the credit decision.
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Students with accepted subsidized and unsubsidized loans, as well as graduate students and parents with credit-approved PLUS loans complete Master Promissory Notes on line at https://www.studentloans.gov/ . Sign in to "Manage My Direct Loan" using the borrower's PIN number used on the FAFSA application and follow the appropriate instructions.
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USF receives acknowledgment of the Promissory Note completion from the Direct Loan Origination Center and disburses the loan funds on or after the scheduled disbursement date.
USF notifies student that Federal funds have been credited to student's account. |
How it Works - Federal Perkins Loan/Nursing Student Loan Promissory Notes
Once the Office of Financial Aid awards you a Federal Perkins Loan or Nursing Student Loan (NSL), signed promissory notes are required for disbursement of your loan onto your student account. Promissory notes must be signed by the University Census date. Borrowers of the USF Federal Nursing Student Loan will have an additional requirement of submitting a Student Loan Self-Certification form to USF and will receive a series of Loan Disclosure forms from USF and University Accounting Services (UAS), the servicer of this loan for USF. More information will be sent directly to the borrowers of these loans.
Promissory notes for the Federal Perkins Loan and the Nursing Student Loan will be made available on-line for e-signature at https://www.signmyloan.com. This must be completed each award year. You will be sent an email from signmyloan.com when the site is available. You will need your Student Financial Assistance (SFA) Pin Number , which you chose or had assigned to you through the Department of Education's on line FAFSA application process.
If you need assistance with a lost, stolen, or forgotten Pin Number, please visit http://www.pin.ed.gov.
Federal Perkins Loan and NSL awards will be canceled for students who fail to sign promissory notes by the University Census Date.
