I applied and was approved for a direct student loan in May. I was supposed to receive one half of my loan today via direct deposit and the other half two days from now, but didn’t. I contacted my financial aid office to ask what was going on and they informed me I didn’t sign the master promissory note. After she told me that I did it immediately online this morning. I wasn’t aware that I needed to sign that prior to receiving my student loan, or trust me I would have. I am extremely dependent on getting this loan in because I have bills pilling up and I am not working right now to focus on schooling. My question is, will I still receive my award? And about how long will it take to receive it if so? Lastly, is there any way I can speed this process up? Thanks in advance!!!
Yes, once the school receives your MPN and loads it into their system, your loan should pay to your account the next time loans are disbursed. How long it takes depends on your school’s schedule - you’ll need to ask them. And no, there is no way to speed the process - it is most likely done by computer and on a schedule.
I am willing to bet you received instructions somewhere along the line that mentioned both entrance counseling & an MPN being required. It’s really, really important to read all financial aid communications very carefully.