Federal Direct Student Loan Promissory Notes
Students participating in the William D. Ford Federal Direct Loan program are required to sign a multi-year promissory note. This master promissory note will be applied to all federal loan programs for the duration of a student's stay at USF.
Here's how it works:
Students and Parents
|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 myUSF. 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.
||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.
|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.
||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.
Federal Perkins Loan/Nursing Student Loan Promissory Notes
Students participating in the Federal Perkins Loan program or Nursing Student Loan (NSL) program must submit signed promissory notes before loan funds can be paid into your student account. 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 online 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. Please note: FAFSA issued PINs are no longer supported. You will need to create an online account by clicking on the "Create Online Account" button on the UAS web page or by signing in with a previously established UAS username and password. Federal Perkins Loans, and NSL awards will be canceled for those who fail to sign promissory notes.