Loan Requirements

Master Promissory Note (MPN)

The Master Promissory Note (MPN) is a document where a student promises to repay the Federal Direct Loans. The MPN requires an electronic signature. The 'Note'; once signed, can be used for one or more loans for one or more academic years (up to 10 years).  You can sign the MPN at the Federal Student Aid website.   

Entrance Counseling

All students who plan to borrow a Federal Direct Loan for the first time through Virginia Tech must complete Entrance Counseling before any Federal Direct Loan funds will disburse to the student's account. Our office will receive notification three to five days after you complete Entrance Counseling. 

The purpose of Entrance Counseling is to provide you (the borrower) with your rights and responsibilities before you borrow a Federal Direct Student Loan. The online session covers the importance of repayment, the consequences of default, and the use of the Master Promissory Note (MPN). It also provides sample monthly repayment amounts. 

You can access Entrance Counseling online through the Federal Student Aid website. To begin hover over Complete Aid Process in the horizontal menu bar at the top of the page. When the menu drops down, select Complete Entrance Counseling. Select your student type and click the corresponding Log in to Start button. You may also view a demonstration video from this page before beginning. Enter your FSA ID and password, click Log In, and begin.

Exit Counseling

You are require to complete Exit Counseling if you received a Federal Direct Student Loan at Virginia Tech, and

• you have withdrawn from all classes at Virginia Tech;
• you have dropped below half-time status at Virginia Tech (5 credits for graduate students/ 6 credits for undergraduate students);
• or, you are graduating from Virginia Tech.

You will receive email notification from us if you need to complete online Exit Counseling.  You can access Exit Counseling online through the Federal Student Aid website. To begin hover over Manage Loans in the horizontal menu bar at the top of the page. When the menu drops down, select Complete Exit Counseling. Select your student type and click the corresponding Log in to Start button. You may also view a demonstration video from this page before beginning. Enter your FSA ID and password, click Log In, and begin.

This Exit Counseling session will provide you with your rights and responsibilities as begin repayment of your Federal Direct Loan(s) and will cover the importance of repaying your loan, your repayment options, deferment and forbearance, and reasons for loan cancellation.