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My USC Salkehatchie

Student Loans

If you apply for financial aid, you may be offered loans as part of your financial aid offer. A loan is money you borrow and must pay back with interest. Before you borrow, carefully consider how much you will need to borrow as well as the burden your loans may impose on you after you leave school. The financial aid administrator at your school can provide you with more information on the responsibilities you take on when you borrow money.  

Master Promissory Note (MPN) 

The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s). 

Federal Direct Loan 

The Federal Direct Loan program provides eligible students with low interest, long-term loans through the U.S. Department of Education. To apply, you must complete the FAFSA. To learn more, click here.  

Entrance and Exit Loan Counseling 

Before you receive your loan funds, you will be required to complete entrance counseling, a tool to ensure you understand your obligation to repay the loan. 

When you leave school or drop below half-time enrollment, you must complete counseling. This will help you to understand your student loan obligations and ensure that you are prepared for repayment.