Loan Requirements

Loan Borrowing

If you are a first-time loan borrower, you are also required to complete entrance counseling and a Master Promissory Note (MPN) before your loans are applied to your account. Financial aid staff members are available to answer your questions and to assist you with these electronic processes. 

Federal Direct Loan Entrance Counseling

Entrance loan counseling is required before your loans will be applied to your student account. You will need your FSA ID to login.

• Complete your entrance counseling 

Federal Direct Loan Master Promissory Note (MPN)

A Master Promissory Note (MPN) is a legal document stating that you promise to repay your loans and any accrued interest to the U.S. Department of Education. 

• Complete your Master Promissory Note

Loan Repayment

If you’ve borrowed loans and are no longer attending Hope you'll need to complete loan exit counseling. Your federal direct loans will go into repayment six months after you last attend at least half-time.

Federal Direct Loan Exit Counseling

Exit counseling is required if you are no longer attending at least half-time. Exit counseling is designed to give you important information about loan repayment options.

• Complete your exit counseling

Additional Resources

The federal government offers a variety of resources to help you understand and manage your student loans. 

Loan Borrowing History & Servicers

Your Federal Student Aid account can be accessed with your FSA ID. This portal shows the  status of federal loans and grants that have been disbursed to you. The U.S. Department of Education contracts with multiple agencies to provide loan servicing. Your loan servicer information is available in by logging into your Federal Student Aid account. 

Repayment Plans 

Federal loan borrowers are offered a variety of repayment options including standard, extended, graduated, income-contingent and income-based repayment. Learn more about repayment options and how to manage your student loans. 

Loan Forgiveness

In certain situations, your federal loans may be discharged or forgiven. Learn more about loan forgiveness programs. 

Loan Deferment and Forbearance

If you meet one of the deferment criteria, you may postpone payment on your loans. The most common deferment is being enrolled at least half time. Should you transfer from one school to another, or return to school after not being enrolled, you may defer payments on your loans. You may need to complete a deferment form available from your loan servicer.

Forbearance allows a borrower to cease payments for a specified period of time but interest usually continues to accrue. 

Federal Student Loan Interest Deduction

You may qualify for various federal tax benefits based on college expenses. Some of these benefits are credits against tax liability and others are adjustments to income. IRS Publication 970 provides general information about tax credits, tax deductions and other related items. Consult a tax specialist for specific questions about qualifications.