What do I need to do after I have accepted my loans?
Once a student loan has been accepted by a student there are still a few steps that need to be completed before the loan will credit to a student's account.
First-time borrowers of the Federal Direct Loan program will be required to sign a Master Promissory Note (MPN) and complete and online entrance counseling session. The Master Promissory Note is valid for 10 years and once signed will be used for any Direct Loan through this 10-year period. Entrance counseling is a short orientation to the rights and responsibilities of being a student loan borrower. Both of these steps must only be completed once for each student while they are attending Saint Michael's. The MPN and Entrance counseling can be completed online through
When can I get my loan funds?
Loans are disbursed by term. Once you have resolved all eligibility issues (including verification and satisfactory academic progress) your financial aid for the upcoming term will in most cases be disbursed on the first day of classes. First time, first year borrowers will have their loan disbursed 30 days after the first day of classes. Final adjustments due to changes in your credit hours will occur approximately two weeks after the start of the term. Your financial aid will be credited to your Saint Michael's tuition and fees, room and board and miscellaneous fees.
What happens to excess loan funds on my student account?
If the amount of financial aid and other credits on your bill exceed tuition, fees, and other charges, you may receive a refund. You may use your refund for books, indirect expenses, or any other education expenses for the term. You will receive a check in your Saint Michael's mail box or you can arrange to have it held in the Cashier's office. No funds will be released before the first day of classes.
How do apply for the Federal Direct Graduate PLUS loan program?
If you would like to borrow the PLUS loan, you will have to complete the FAFSA form. You will also need to go to