If you are a Direct PLUS Loan borrower, you will be required to complete three Direct Loan Program requirements: sign a master promissory note, complete entrance counseling and complete exit counseling.
Master Promissory Notes
Parents and students borrowing for the first time through the Direct Loan Program must complete a Direct Loan Master Promissory Note (or MPN) to receive their loan funds. The MPN authorizes U-M to credit the Direct Loan funds to the U-M student's account. Once you complete the MPN, you will not have to complete another Direct Loan MPN for 10 years. If you have accepted other federal loans (e.g., Perkins, Health Professions, or Nursing Loans), you will need separate promissory notes for those loans. The Office of Financial Aid will notify you of how to complete them. Visit the Master Promissory Note page for details about completing your MPN.
If you prefer, you may complete a paper MPN, but there are more steps involved before approval and your loans could be delayed. To complete a paper MPN, sign in at studentaid.gov. Select "Complete MPN" to complete the MPN electronically, or "Print MPN" to print, complete, and mail a paper MPN to our office.
Entrance and Exit Counseling
Entrance Counseling: Entrance counseling is not required for most PLUS Loan borrowers. However, it is required if the U.S. Department of Education has informed you that you have an adverse credit history and you have either obtained an endorser or documented any extenuating circumstances with the Department of Education. For more information, visit the Federal Student Aid website.
Exit Counseling: This is required for Direct Loan student borrowers who are graduating or dropping below half-time enrollment. This counseling session helps borrowers understand their rights and responsibilities in repayment and helps them choose a repayment plan. You must use your Department of Education FSA ID to access this counseling session. To complete the Exit Counseling session, go to the studentaid.gov website. Click the "Complete Counseling" link and follow the link to "Exit Counseling" to begin. (Note: Exit Counseling is not the same as the Financial Awareness Counseling Tool on the same site. Taking a demo counseling session will not fulfill your requirement.)