Eastern Oregon University > Financial Aid Office > Loan Checklist

Loan Checklist

Use this checklist as a guide as you review your college financing offer or award letter.

Step 1 – Apply for Admissions at EOU

  • Students are required to be officially admitted to Eastern Oregon University.  Please refer to the Admissions Office at eou.edu/admit.

Step 2 – Complete a FAFSA (Free Application for Federal Student Aid)

  • In order to receive a financial aid package, students are required to complete the Free Application for Federal Student Aid (FAFSA) form from the U.S. Department of Education. Completing the FAFSA form is best done online at fafsa.gov.

     EOU’s school code is 003193

  • Please review your Student Aid Report upon receipt!
  • Whether you receive your Student Aid Report (SAR) online or on paper depends on whether you provide an email address on your Free Application for Federal Student Aid (FAFSA®) form. If you provide a valid email address, you’ll receive an email from noreply@FAFSA.gov with instructions on how to access your SAR. If you don’t provide a valid email address on your FAFSA form, you will receive either a SAR or a SAR Acknowledgement via postal mail.
  • If you listed EOU on your FAFSA, EOU will receive an electronic version of your SAR, called an Institutional Student Information Record (ISIR). It will normally take about a week after you receive notification from FAFSA that your FAFSA form has been processed for EOU to receive and process your ISIR.
  • If there are any discrepancies with your FAFSA (e.g. selected for verification, C Code or rejected record), the Financial Aid Office will notify you either by email or other correspondence.  You will need to submit the necessary documents to the Financial Aid Office.

Step 3 – College Financing Offer (Financial Aid Award Letter)

  • Based on the information from your FAFSA, the Financial Aid Office will provide you with a financial aid package.
  • All new freshmen will be mailed a college financing offer (award letter).  If you are a transfer or returning student, an electronic notification will be sent via your EOU email address instead, and a postcard will be mailed.

Step 4 – Review and Accept/Decline your awards

  • A student can view and accept/decline their awards on Mountie Hub (on-line student access).  If you’re not familiar with Mountie Hub, refer to Mountie Hub Basics at eou.edu/fao/webstart/
  • Accepted loans will be processed with amounts as accepted.  If you wish to accept only a partial amount of a loan, please submit a Loan Revision Request Form (this form can be found under the Forms & Publications section of the Financial Aid Homepage.

Q: I’ve got an award letter from my school. Which financial aid is the best to accept?

— Federal Student Aid (@FAFSA)

Step 5 – Complete Entrance Counseling

  • If you have not previously received a Direct Loan or Federal Family Education Loan (FFEL), the Federal Government requires you to complete entrance counseling to ensure that you understand the responsibilities and obligations you are assuming.
  • If you are a first time borrower for a Federal Direct Loan, AFTER YOU HAVE ACCEPTED YOUR LOANS ON MOUNTIE HUB, you must complete loan entrance counseling.  If this requirement is not satisfied, it will delay disbursement of your loan funds.  Entrance counseling must be completed in one sitting at studentaid.gov. Most students finish entrance counseling in about 30 minutes.
  • If you are completing entrance counseling to borrow a loan as an undergraduate student, then the entrance counseling will fulfill counseling requirements for Direct Subsidized Loans and Direct Unsubsidized Loans.
  • If you are completing entrance counseling to borrow a loan as a graduate or professional student, the entrance counseling will fulfill counseling requirements for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans.
STUDENTS: Before your federal student loan is paid out to you, your school might ask you to do entrance counseling. You’ll need to do it ASAP, and here’s more about it.

— Federal Student Aid (@FAFSA)

Step 6 – Complete the Master Promissory Note

  • The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s).
  • To take out a Direct Loan, you must also have an active Master Promissory Note (MPN).  You can borrow additional Direct Loans on a single MPN for up to 10 years.
  • The electronic MPN process must be completed in an entire session.  If you exit the website without completing the MPN, you will need to start over.  The session should take about 10 minutes.
  • The MPN must be completed online at studentaid.gov
So what exactly is this Master Promissory Note (MPN)? If you’re going to get a federal loan, you’ll have to sign it.

— Federal Student Aid (@FAFSA)

Step 7 – Complete the Annual Student Loan Acknowledgment (ASLA)

  • Effective for all future award years, beginning in 2021-22, all Direct Loan borrowers (subsidized, unsubsidized, graduate PLUS, and parent PLUS) will be required to complete the Annual Student Loan Acknowledgment (ASLA) before receiving the first disbursement on the first Direct Loan that the student or parent borrows for each new award year.
  • The ASLA is intended to better assist borrowers in understanding the financial responsibility of funding their education and provide current information on a borrower’s cumulative loan balance.
  • The ASLA, which was previously known as the Informed Borrower Tool (IBT), requires student and parent borrowers to view how much they currently owe in federal student loans, and to acknowledge that they have seen these amounts, before borrowing new loans each award year.
  • If the Direct Loan is for the 2021-22 award year, the ASLA is required before the first disbursement of the first loan, even if that first disbursement occurs before July 1, such as a 2021-22 loan containing a summer 2021 crossover payment period.
  • The ASLA requirement is in addition to entrance counseling.
  • The ASLA is available to complete beginning April 2020 and in April of each year thereafter at studentaid.gov.

Step 8 – Dependent Students Only (Direct Parent Loan for Undergraduate Students (PLUS))

Parent PLUS Loans for 2020-2021 can first be applied for late in May. Please don’t try to apply for one earlier than that. You will just end up needing to apply again later.

    • A Direct PLUS Loan (Parent Loan for Undergraduate Student) is a loan taken out by a parent on behalf of their college-bound child.  This loan requires a credit check through the Department of Education on studentaid.gov.  If a parent is interested in taking this loan, follow these steps:
      1. APPLY for the Parent PLUS loan at studentaid.gov.
      2. Complete the electronic Master Promissory Note (eMPN) at studentaid.gov.
      3. Complete the Annual Student Loan Acknowledgment (ASLA) at studentaid.gov.
      4. Complete the Parent Loan Acceptance Form and return it to EOU.

PLUS Loan Acceptance Instructions and Form

    2. Funds are applied to the student’s account based on our disbursement schedule.
Hey Parents, just finished the FAFSA form with your child and wondering where to find the PLUS loan application? Start here:

— Federal Student Aid (@FAFSA)