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 before your loans are applied to your account. 

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. Your federal Perkins loans will go into repayment nine 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

Federal Perkins 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

Please note: Under federal law, the authority for schools to make new Perkins Loans ended. As a result, as of October 1, 2017, students can no longer receive Perkins loans. If you have received a Perkins loan while attending Hope College, you will need to complete Exit Counseling if you have graduated or are no longer attending at least half-time.

Additional Resources

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

Loan Borrowing History & Servicers

The National Student Loan Data System (NSLDS) is a U.S. Department of Education central database for student aid. It 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 Direct Loan Servicing. Your loan servicer information is available on NSLDS. 

When accessing your information on NSLDS, you submit your Social Security number, name, date of birth and FSA ID on a secured website. This information is used to confirm that you are a federal aid recipient and to ensure that only authorized individuals have access to your personal data.

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.