<p>Hello! I recently completed my Entrance Counseling for the Direct Loans, and now the only thing I still need is to sign the MPN. Should I sign this now, or wait until May? Is there a time that is best to sign the MPN? If I sign my MPN for the amount, can I change the amount signed for in the future (ie, if I find out I need less loans than before for next semester)? Or is the MPN an agreement overall for however much I need, no matter if it changes?</p>
<p>Thank you if you can help!</p>
<p>bump… sorry if this is a stupid question, haha.</p>
<p>No…those are very good questions and one’s I’m thinking about as well as we approach the 14-15 school year. Anxious to see what the knowledgeable folks here post.</p>
<p>Haha, thank you. I’m just super confused with the whole loan thing, and I don’t want to mess anything up by doing things too early or too late. </p>
<p>MPN’s are for the loan itself, rather than any specific amount. They are good for 10 years, although some schools do ask for a new one every year. Doing entrance counseling and the MPN are the steps that are done outside the school. Accepting the loan amount - and adjusting the loan amount later, if necessary - are done directly through the school. Some schools allow you to accept loan amounts online, while others ask you to complete a form to request the loan. Most schools require a form to adjust the amount of an accepted loan, but polices vary by school. You can probably find this information on the financial aid pages of your school’s website.</p>