Other Frequently Asked Questions

Where do I electronically sign my Master Promissory Note (MPN)?
Follow the instructions in your Student Aid Summary on eLion.
Alternately, go to http://studentloans.gov and click on Sign Master Promissory Note. You will need your FAFSA PIN. Call the Direct Loan Applicant Services at 1-800-557-7394 for any additional help needed.

How do I complete Loan Entrance Counseling?
Follow the directions in your Student Aid Summary on eLion.

How can I defer a previous student loan while I am a graduate student?
Select Academic Verification from the eLion menu and provide the name and address of the financial institution that holds your previous loan. Penn State will verify your enrollment status. Clarify with your lender how often it requires you to submit an Academic Verification.

What happens to my loan if I drop a course and move from 6 credits to 3 credits in a semester?
Your federal loan will be retracted and a Penn State bill, with regular due dates, will be generated immediately.

Where can I get loan repayment information?
Consult the National Student Loan Data Services for information on repayment schedules and obligations, loan balances, interest rates and accrual, loan histories, your loan servicer, and other details. You will need your FAFSA PIN. 

Repayment begins six months after the last day of the last semester in which the borrower is enrolled in 5 or more credits. About 2 months before repayment begins, the borrower will begin to receive mail at home from the National Student Loan Data Services with repayment details.  

How can I consolidate my student loans?
Consult the National Student Loan Servicing Center. Click on Loan Consolidation in the center of the page.

Who is my loan servicer?
Consult https://studentloans.gov/myDirectLoan/faqs.action 

How is interest accrued on my Stafford Loan?
See the National Student Loan Data Service FAQs and www.dl.ed.gov: from the blue bar at the top of the page, click Question Center. From that page, under Help on the far left, click Calculating Interest.

Do I have to complete Loan Exit Counseling?
You will get an e-mail from the Office of Student Aid when it is time to complete Loan Exit Counseling. Follow the instructions in the e-mail. You must complete Loan Exit Counseling if you get an e-mail, but students are not prevented from getting a subsequent semester loan if needed after completing the exit interview.

I am not eligible for federal student loans. What other kinds of loans can I consider?
A private loan may be of interest to Penn State students who do not meet Stafford Loan criteria, including nondegree students, students enrolled in a certificate or certification program, students taking only one class in a semester and international students with a U.S. co-signer. Many students begin the search for a private student loan with their own bank. If you do not have a lender you prefer to approach, some information on private loans is listed on the Penn State Office of Student Aid website.