<p>I'm looking at My Awards and it says that I have not satisfied the requirements, but I can apply for it. So, what are these? Will it interfere in some sort of way with the Federal Direct Loan, Pell Grant and the UG Scholarship?</p>
<p>The entrance counseling is a tutorial of sorts that requires you to read and understand the process of obtaining a student loan, as well as how the interest accumulates and your options for repayment. There is a test/quiz at the end to make sure you have indeed gone through the tutorial that you must complete.</p>
<p>The Master Promissory Note is what you must sign (can be done electronically, with your PIN) and is your agreement to pay back your loans. You only need to sign it once and it covers current/future loans you request…hence the name “Master” since it covers all loans.</p>
<p>You cannot get any money through Stafford Loans without completing these steps…the funds will not disburse until you have satisfied the requirements.</p>
<p>Phew, thanks. I’m glad I started and finished them today, because interest rates will go up after today.</p>
<p>I don’t think it will matter when the documents are completed to affect the interest rate.</p>
<p>The rate you are charged is the rate in effect when the loan is first disbursed, not when you do the paperwork.</p>
<p>Stafford loan interest rates are set well in advance and are not variable:</p>
<pre><code>* Undergraduate students—If the first disbursement of your subsidized loan is between July 1, 2011 and June 30, 2012, the interest rate on your loan is fixed at 3.4%.
- Graduate and professional degree students—The interest rate is fixed at 6.8%.
</code></pre>
<p>All unsub interest rates (undergrad and grad) are 6.8% for this time period.</p>