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Loans

Direct Loans (Undergraduate Subsidized and Unsubsidized, Graduate Unsubsidized)

To finalize your direct loan(s) you must complete a Master Promissory Note (MPN) and Entrance Counseling, if required.  (Note that your loan funds cannot be credited to your student account until both requirements have been satisfied.)  The MPN is a legal document that explains the terms and conditions of your loan(s).  By signing the MPN, you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education.  The MPN is valid for a period of ten (10) years from the date you initially signed one, even if you completed it at another college or university; students who completed an MPN at another school do not have to do an additional MPN for Monmouth.  Entrance Counseling is an online session which is intended to ensure that you understand your rights and responsibilities as a student loan borrower.  Entrance Counseling does not have to be completed if you’ve done it at another college or university.

How do I complete the Master Promissory Note?

  1. Navigate to studentaid.gov, identify yourself as either an undergraduate or graduate student and login using your (the student’s) FSA ID.  (This is the same user ID and password that you used to complete the FAFSA.)
  2. Enter your (the borrower) personal information and Select “Monmouth University” from the list of NJ schools and click “CONTINUE”.
  3. Provide the names of and contact information for two personal references that you have known for at least three years and who do not share the same address or phone number.  References should be people who will know how to locate and/or contact you.  References are in NO WAY responsible for repayment of your loan.
  4. Review the information in all sections of the Master Promissory Note (MPN).  Once you reach the bottom of the document, check the box indicating that you have read and understood the information provided to you, enter your legal name in the boxes provided, and click “SIGN & SUBMIT”.  You will receive a confirmation once your Master Promissory Note (MPN) has been completely submitted.  Monmouth University will be notified within approximately 1-2 business days that you have completed the MPN. 

How do I complete Entrance Counseling?

  1. Navigate to studentaid.gov.  Identify yourself as either an undergraduate or graduate student. Login using your FSA ID.  (This is the same user ID and password that you used to complete the FAFSA.)
  2. Review each page, complete the quiz at the end, and submit.  Be certain to select Monmouth University, so that our office will be notified that you have completed the Entrance Counseling session. 

Parent PLUS Loan

If you wish to borrow through the Parent PLUS loan program, you must complete an application in each year in which you plan to borrow.  (Note that the Parent PLUS Loan borrower must be a biological or adoptive parent of an undergraduate student, although the student does not have to reside with the borrower; a stepparent may be the borrower if they are married to the custodial parent and their income/asset data was used to complete the FAFSA.)  Borrowers must also complete a Master Promissory Note (MPN).  The MPN is a legal document that explains the terms and conditions of your loan(s).  By signing the MPN, you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education.  The MPN is valid for a period of ten (10) years from the date you initially signed one, even if you completed it at another college or university; parents who completed an MPN for the same student at another school do not have to do an additional MPN for Monmouth. 

How do I apply for the Parent PLUS Loan?

  1.  Navigate to studentaid.gov and login using your (the parent’s) FSA ID.  (This is the same user ID and password that you used to complete the FAFSA.)
  2. Click through the application, providing the requested information.  Review the information.  Be certain to select Monmouth University as the school to be notified.
  3. Read the “Important Notices” for the Gramm-Leach-Bliley Act, The Privacy Act, the Financial Privacy Act, and the Paperwork Reduction Act.  Check the box certifying that you have read and understood this information.
  4. Click the box for the certification statement.
  5. Click the box authorizing the U.S. Department of Education to check your credit history.  (Note that if you have placed a security freeze on your credit file, you must lift or remove the freeze at each of the credit bureaus.  Your application will not be processed if you have a security freeze in place.)
  6. Complete the Parent PLUS Loan Master Promissory Note (MPN).

Graduate PLUS Loan

If you plan to borrow through the Graduate PLUS Loan, you must complete an application, a Master Promissory Note (MPN), and Entrance Counseling – if required; an application must be completed for each year in which you plan to borrow.  The MPN is valid for a period of ten (10) years from the date you initially signed one, even if you completed it at another college or university; students who completed an MPN at another school do not have to do an additional MPN for Monmouth.  Entrance Counseling is an online session which is intended to ensure that you understand your rights and responsibilities as a student loan borrower.  Entrance Counseling does not have to be completed if you’ve done it at another college or university.

How do I apply for the Graduate PLUS loan?

  1.  Navigate to studentaid.gov and login using your FSA ID.  (This is the same user ID and password that you used to complete the FAFSA.)
  2. Click through the application, providing the requested information.  Review the information.  Be certain to select Monmouth University as the school to be notified.
  3. Read the “Important Notices” for the Gramm-Leach-Bliley Act, The Privacy Act, the Financial Privacy Act, and the Paperwork Reduction Act.  Check the box certifying that you have read and understood this information.
  4. Click the box for the certification statement.
  5. Click the box authorizing the U.S. Department of Education to check your credit history.  (Note that if you have placed a security freeze on your credit file, you must lift or remove the freeze at each of the credit bureaus.  Your application will not be processed if you have a security freeze in place.)
  6. Complete the Graduate PLUS Loan Master Promissory Note (MPN).
  7. If you have not already done so, complete an Entrance Counseling Session.  Be certain to select Monmouth University as the school to be notified.

Private Alternative Loan

Some students or parents may choose to borrow through a private alternative source.  Borrowers must complete a separate application for a private loan and should contact the lender of their choice for application instructions; applications are done online or by phone.