UNIVERSITY OF MICHIGAN MEDICAL SCHOOL

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Federal Loans

• Federal Direct Loan MPN
  
  
• Federal Direct Grad Plus
• Federal Perkins Loan, Health Professions Loan and Loans for Disadvantaged Students (LDS): For information about the Perkins, Health Professions, Health Professions Loans for Disadvantaged Students (LDS), please visit the University of Michigan Office of Financial Aid Web site.
  
  
• Federal Perkins Rights and Responsibilities: For information about Federal Perkins Rights and Responsibilities, please visit the University of Michigan Office of Financial Aid Web site.

Federal Direct Loan MPN

Federal Direct Grad Plus

Students who are borrowing for the FIRST TIME through the Federal Direct Stafford Loan ( Subsidized and/or Unsubsidized or Grad Plus) Program, must complete a Direct Loan Master Promissory Note (MPN) in order to receive their Direct Loan funds. The MPN authorizes the University of Michigan (U-M) to credit the Direct Loan funds to your UM student account.  Once you complete the MPN, you will not have to complete another Direct Loan Promissory Note for the duration of your University of Michigan education. A separate MPN must be completed for the Grad Plus.

Please note:  If you accepted other federal loans such as Perkins, Health Professions, or Nursing Student Loans, the Office of Financial Aid will send you separate notification about how to complete Promissory Notes for these loan programs.

For an overview of the terms of the Subsidized and Unsubsidized Direct Loans & Grad Plus (interest rate, fees, etc.),  please visit our External Sources section.

How to Complete the Direct Loan MPN

In order to receive your Direct Loan funds in a timely manner, it is best to complete the MPN online at https://dlenote.ed.gov/empn/index.jsp .  When you complete the MPN online, you receive a confirmation number immediately so that you know the federal government (the lender) has received and accepted the MPN instantaneously.  If you request that a paper copy of the MPN be sent to you for completion, there are more steps involved before your Direct Loan can be approved and disbursed, possibly causing delays in receiving your loan funds.

Directions

1. Go to https://dlenote.ed.gov/empn/index.jsp .
2. Be sure to review the "What You Need" and "What to Expect" sections of the web site. If you need technical assistance, click on the "Contact Us" section of the site.
3. Select "Complete New MPN for Student Loans."
4. In Step 3 of the online MPN, be sure to select the correct name and address for the University of Michigan Medical School:
   
   University of Michigan Medical School
   1301 Catherine
   Ann Arbor, MI 48109-0611 - E00398

What You'll Need

1. A Department of Education PIN Number:
   You will need to have a PIN number issued from the U.S. Department of Education to complete the MPN on the web. If you do not already have a PIN number, you should apply for one immediately. It takes up to 3 business days to receive your PIN information by email and 7-10 business days to receive it by regular mail. If you already have a PIN number, but you cannot locate it, visit the Federal Student Aid Web site to request the PIN be sent to you again. (Note: Your PIN number is NOT the same as the DRN number shown on your Student Aid Report.) 
   
   
2. You will also need:
   • Your Social Security Number
   • our permanent address and telephone number
   • Your driver's license number
   • Names, addresses, and phone numbers for two references

How Much Are You Borrowing?

The Direct Loan amount you may borrow for the current award period is listed on the Financial Aid Award notification that you received from our office.  If you have already received a University of Michigan uniqname and password, you can view your Direct Loan and other financial aid awards on Wolverine Access.

Another site that is useful for keeping track of how much you borrow throughout your U-M educational career is our information and repayment calculators.  This site helps you determine how much you have borrowed to date and what your loan payments will be for all loan programs (Direct, Perkins, Health Professions, Nursing, and private loans) once you graduate or drop below half-time enrollment.

How to Reduce or Cancel Your Loans

If you want to REDUCE or CANCEL (DECLINE) your Direct Loan award(s) BEFORE you receive the funds, you may do so in Wolverine Access.   In some instances, Wolverine Access will not allow you to decline or cancel your loans even prior to disbursement. If you encounter problems with this process or you wish to reduce or decline your loan after disbursement, contact the Medical School Financial Aid Office right away. You do not need to complete the MPN if you are canceling your Direct Loan award(s).

Receiving Your Loan Funds

You must have completed the MPN and be enrolled at least half-time to receive your Direct Loan funds. Loan funds will be applied to your student account to cover tuition and fees. Excess funds (called a refund) will be mailed to your current/local address (as listed on Wolverine Access) or directly deposited to your bank account (if you have direct deposit). For more information on receiving your financial aid funds, visit our Required Reading section. Remember, each time you borrow through the Direct Loan program, you will automatically receive your loan funds unless you decline them (you do not need to complete a new MPN each time you borrow).

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