Loan Checklist

Loan Checklist

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 www.eou.edu/admit .

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

• In order to receive an award package, students are required to complete the Free Application for Federal Student Aid (FAFSA) from the U.S. Department of Education at www.fafsa.ed.gov

     EOU’s federal code is 003193

• A Student Aid Report (SAR) will be sent to you from the Department of Education once the FAFSA is completed.  If you listed EOU on your FAFSA, EOU will receive an electronic copy of your SAR.
• If there are any discrepancies with your FAFSA (selected for verification, C Code, rejected record), the financial aid office will notify you either by e-mail or correspondence.  You will need to submit the necessary documents to the financial aid office.

Step 3 – Financial Aid Award Letter

• Based on the information from your FAFSA, the financial aid office will be able to provide a financial aid award package.  All new freshmen will be mailed an award letter.  If you are a transfer student, or a returning student, an electronic notification will be sent via your EOU e-mail address and a postcard will also be mailed.

Step 4 – Review and Accept/Decline your awards

• A student can view and accept/decline their awards on Webster (on-line student access).  If you’re not familiar with Webster, refer to Webster Basics at www.eou.edu/fao/websterbasics/
• Accepted loans will be processed.  If you are accepting just 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.

Step 5 – Complete Entrance Counseling

• If you are a first time borrower for a Stafford loan at EOU, and AFTER YOU HAVE ACCEPTED YOUR LOANS ON WEBSTER, you must complete entrance loan counseling.  If this requirement is not satisfied, it will delay your loan funds.  This can be completed at www.studentloans.gov

Step 6 – Complete the Master Promissory Note

• To take out a Direct Loan for the first time, you must complete an electronic Master Promissory Note (MPN).  The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department of Education.  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 30 minutes online.
• The MPN can be completed at www.studentloans.gov

Step 7 – Dependent Students Only (Direct Parent Loan for Undergraduate Students (PLUS) )

• 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 does require a credit check through the Department of Education.  If a parent is interested in taking this loan, follow these steps:

             1.  APPLY for the Parent PLUS loan at https://studentloans.gov         

             2.  Complete the electronic Master Promissory Note (eMPN) at https://studentloans.gov