Tutorial: Accepting Loans

Welcome to Stanford University. In this video we will talk about how to accept your Federal Loans. In order to apply for a Federal Direct/Perkins Loan, please submit a request to the Financial Aid Office to see if you are eligible. Once the loan is offered, there are two steps you must complete. In Axess, under the Student Center Tab in the Finances section, select “Accept/Decline awards”. You can accept the maximum amount, specify a lower amount, or the decline the loan outright. When you visit your Axess page, you will see that you have items to complete on your checklist before the loans can be disbursed to your account. You will have to complete the Master Promissory Note for the Federal Direct Loans which include Subsidized and Unsubsidized Loans. You will also have to complete entrance counseling on the same website. The entrance counseling session provides you with info about your rights and responsibilities as the borrower. For the Perkins Loan, you will have to complete a different promissory note which requires a different process. Within 2 business days of accepting your loan on Axess, you will receive an email form SignMyLoan.com. Students are no longer able to sign into SignMyLoan.com using their FAFSA pin. You will need to create a username and password on the SignMyLoan site. In order to this, you can use your Social Security Number as the identification number and you will need to provide the zip code associated with your home address in Axess. Using your new log in information you will be prompted to enter info regarding your loan and you will have to sign a Master Promissory Note, an MPN. Please wait until August 1st to sign your promissory note. To complete your promissory note, MPN, for Federal Direct Loans, visit the Direct Loan website at www.StudentLoans.gov.  You will need to create a new FSA ID in order to log in. After you complete the master promissory note with an electronic signature, complete the Direct Loan entrance counseling on the same website. For more information regarding loans, please visit our website at financialaid.stanford.edu.

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