<p>Hi,</p>
<p>I looked on my financial aid form a few days ago and saw that Mount Holyoke has added FDSL Master Prom Note (MPN) and FDSL Entrance Counseling to my list of requirements. I haven't received a decision or financial aid package. I thought my financial aid package to Mount Holyoke will be incomplete if I didnt send these documents as soon as possible.
So, I read all the terms and conditions that night and signed it. From what I understood signing the MPN meant that I am would like to be considered for federal loans. I thought that the next step would be that the Mount Holyoke would send me their financial aid package and I will either accept or decline the offer of loans. Did signing the MPN mean that I have already accepted the loans ? I didnt even an acceptance letter from Mount Holyoke. I would like to attend Mount Holyoke only if I get enough grants. I am willing to take only a 2-3 thousand dollar direct subsidized/unsubsidized loan if absolutely necessary. </p>
<p>Did I just make a binding contract where I MUST take the loan?
Needless to day, I am really worried.I would really appreciate your kind words.</p>
<p>Thanking you,
Shadowcat</p>
<p>Honey, I got some papers I want to zap over to you to sign, a few promissory notes… Really, you should not be signing things like that when you don’t know the implications. You should have called the financial aid office and asked what they were if you could not figure them out. However, no, you are most likely fine. In fact, you may even have to sign them again, as I don’t think the time period is right for fall 2013 loan signatures yet. And, yes, you can turn down loans and dictate amounts as long as they don’t exceed the amounts allowed, and even if you end up with the loan, you can pay it right back and only me out a relatively small loan fee, maybe not that if it is in error.</p>
<p>Thanks. I really should have called the admissions office at Mount Holyoke. I asked my dad to read the whole document because I found it complicated. He asked me to read it on my own since he thought I could understand it myself. Apparently, I was stupid enough to sign it even though I was quite confused. I am scared. I have applied to nine other colleges/universities. I am just scared that I have made a binding contract to disburse loans even though I haven’t finalized Mount Holyoke yet. I just hope things work out.</p>
<p>Once again, thank you for being so patient.</p>
<p>Don’t worry. If you don’t enroll, nothing will happen with loans.</p>