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):
For information about completing the Master Promissory Note (MPN), visit
StudentLoans.gov.
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.
Students may visit
nslds.ed.gov to retrieve their loan information.
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.
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.
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.
Federal Direct Subsidized or Unsubsidized loan(s) do not disburse until the following have occurred:
- Loan is linked to an active Master Promissory Note.
- Loan is linked to Entrance Counseling completion.
- Student is actively attending at least their 6th credit hour.*
* If student enrolls in 3 hours the first nine weeks and then does not begin their other 3 credit-hour course until the second nine weeks, the loan will not disburse until the student is actively attending the second nine week class. Note: If a student has six credits as of the census, but then withdraws or drops a course and they fall below six credits for that term the remaining and/or all of the direct loan is subject to a return of funds or cancellation. Students below (or who fall below) 6 credit-hours for a term are no longer eligible to receive Federal Direct Subsidized or Unsubsidized loans. Note for first-time freshman borrowers: Loans will not disburse until the above requirements have been met and your 30-day delay requirement has passed.
Students are awarded grants and direct loan(s) based on their eligibility from their FAFSA (Free Application for Federal Student Aid).