A loan is a type of financial aid that the student or parent borrows. This aid usually has to be repaid. Examples: Parent Plus,
Federal Direct Loans, Alternative Loans
How do I accept my loan(s)?
Follow these instructions to accept your loan(s):
How do I complete a Master Promissory Note (MPN)?
For information about completing the Master Promissory Note (MPN), visit
StudentLoans.gov.
How do I complete entrance counseling for my direct loan(s)?
How do I complete exit counseling?
How do I decline my loans?
Students should log onto their
MyMoreheadState account and click "Student Self-Service" and then select "Financial Aid." Once there you may review "My Awards" and "decline" or "accept" your loans.
How do I find out who is the lender of my direct loan(s)?
Students may visit
nslds.ed.gov to retrieve their loan information.
How do I reduce my loans?
Students may email
finaid@moreheadstate.edu stating that they would like to reduce their loan(s) for the academic year. Student must state the exact amount of loan funds that they are requesting and include the academic year (this amount will be evenly divided between the fall and spring semesters) or may complete the
Student Request to Adjust Financial Aid Form.
I want to start paying on my direct loan(s) before I graduate. How and where do I make payments?
Students are assigned a lender by the Department of Education. Students may visit
nslds.ed.gov to find out who their lender is and how to contact that lender about starting repayment of their loans.
What are the interest rates for federal student loans?
What is the difference between a Federal Subsidized and an Unsubsidized Stafford Loan?
For the need-based Subsidized Stafford Loan, the federal government pays the interest while you are enrolled at least half-time (six semester hours). However, for the non-need based Unsubsidized Stafford Loan, interest does accrue while the student is enrolled and must be paid by the student upon graduation or ceasing enrollment of half time status. Both types of Stafford loans have an interest rate that is capped at 8.25%. Repayment begins six months after you graduate or you cease to be enrolled at least half-time (six semester hours). For more information about direct loan interest rates please visit the
Student Aid website.
Why do I have a loan on my offer letter that I didn't apply for?
Students are awarded grants and direct loan(s) based on their eligibility from their FAFSA (Free Application for Federal Student Aid).