(Step 5 of Apply for Financial Aid)
Federal Direct Loan Master Promissory Notes
First-Time Direct Loan borrowers at the IIT Downtown Campus must complete a Direct Loan Master Promissory Note (MPN) for the Stafford Loan and a separate Master Promissory Note for the Direct PLUS Loan in order to receive the loans for the academic year. These are legal repayment agreements between the student and the Department of Education (DOE). Your MPN's may be completed online via our Financial Aid Required Documents page.
*Please be aware that the Federal Direct PLUS Loan requires credit approval before the funds can be disbursed to the school. The Department of Education will run your credit after you accept your Plus loan via the myIIT portal.
Federal Direct Loan Entrance Counseling for the Unsubsidized and PLUS Loan
First-time Direct Loan borrowers at IIT Downtown Campus are required to complete Loan Entrance Counseling online with Direct Loans. The link to complete this is on the Financial Aid Required Documents page.
Please do not confuse this Loan Entrance Counseling with Financial Awareness Counseling. Completing the Financial Awareness Counseling will not satisfy the Loan Entrance Counseling requirement. It is an optional session, that we recommend but it is not required. It provides tools and information to help students understand their financial aid and assist them in covering the basics of financial literacy.
When the Direct Loan Program receives your counseling they will notify our office. Once we receive notification we will confirm your eligibility and disburse the funds to your student account at the scheduled disbursement date.
YouTube video: After the FAFSA: What Happens Next