Student Loan Overview

Application & Eligibility

Loan Program Terms

Promissory Notes

Federal Direct Stafford Loan Master Promissory Note

Federal Perkins Loan Master Promissory Note

Federal Health Profession and Federal Nursing Loan Master Promissory Note

Other Loan Programs

Disbursement

Application & Eligibility

There are a number of both federally and institutionally supported loan programs available to you as a student at the University of Washington. Eligibility for a student loan is determined by the Student Financial Aid Office.

Loan Program Terms

Each type of loans has its own terms. See Loan Program Terms for specific information.

Promissory Notes

A promissory note is the binding legal document that you sign when you get a student loan. It lists the conditions under which you are borrowing and the terms under which you agree to pay back the loan. It will include information about your interest rate and about deferment and cancellation provisions. It is very important to read and save this document. You will need to refer to it later when you begin repaying your loan.

Signing for your Loans

You must sign all of your loan documents before your loan will be disbursed to you (either as cash or as a credit on your tuition account).

Promissory notes for loans from both the Stafford loan and Perkins loan programs can be signed electronically online. Other student loan programs require signature on a paper promissory note.

Federal Direct Stafford Loan Master Promissory Note (MPN)

If you take out a Federal Direct Stafford Loan you will sign a Master Promissory Note. This means that you will only have to sign one promissory note for this loan during your studies at the University of Washington. You may receive loans under an MPN for up to 10 years if you continue to attend school. If you do not want to receive more than one loan under the same MPN, you must notify your school or the Direct Loan Servicing Center in writing. In that case, you will be required to sign each loan separately.

E-Signatures

You may sign your Master Promissory Note (MPN) electronically on the internet at the Direct Loans MPN Website.

To view the electronic Master Promissory Note (MPN) web site effectively, you will need to use one of the supported browsers from either Microsoft, Netscape or Macintosh. If you are using an older browser that is not supported, your view and interaction with the MPN site may be significantly impaired. Please use one of the links provided to download (and then install) an appropriate browser.

The MPN website is not compatible with the built-in AOL browsers.

The first step in the process is to get a PIN (Personal Identification Number) from the Direct Stafford Loans Servicer. It takes about 10 business days to receive your PIN by mail. If you would like to have your PIN delivered to you electronically, you will need to provide an e-mail address during the request process. You will also be obtaining your PIN electronically if you provided your e-mail in your FAFSA (Free Application for Federal Student Aid). You will then be sent an e-mail once your request has been processed. This e-mail will contain a link to a secure PIN delivery Web site where you will be able to input your data and retrieve your PIN online.

Please Note: Your PIN will be available for online delivery for 14 days from the date that you submitted the request. After that time, you may use the PIN Web site to find information on how to submit a new PIN request.

Once you have received your PIN, you will be able to go to the Direct Loans MPN Website and "Complete a New MPN". Allow approximately one hour to complete the process. There are step-by-step instructions on the site under "What to Expect".

Alternative Signature Methods

If you do not want to sign your Master Promissory Note (MPN) electronically and would prefer a paper copy, contact Student Fiscal Service's Customer Service Unit. Your request (phone, email, letter) should include your full name, current mailing address and student ID number.

Federal Perkins Loan Master Promissory Note (MPN)

If you have chosen to accept a Federal Perkins loan, you must sign one Master Promissory Note (MPN) that will cover all Perkins Loan disbursements issued to you while enrolled at the UW. At the end of each quarter you will receive an email disclosing the amount of Perkins loan funds disbursed to you. You may print or save this email for your personal records. If you haven't already signed a Perkins MPN, you can do this electronically over the internet. To access your e-note, logon to MyUW and click on Financial Aid Status where you will find the Perkins e-note link.

You will need to enter two references when signing your MPN online: one parent or relative and one other reference (e.g. other relative, friend). We estimate that signing your e-note will take about 15 minutes; be sure to allow enough time to complete the process in one session. You may cancel or decline your loan even after you sign the MPN, should you decide later that you do not want or need it

The e-signature web page also gives you the option to request a paper note if you prefer. The paper MPN will be mailed to the local address that you have on file, so be sure to update it if necessary.

You will receive a quarterly disclosure statement itemizing the Perkins loan amount that you have borrowed. At any time, you may see a copy of your MPN on MyUW under Tuition Statement.

Federal Health Profession and Federal Nursing Loan Master Promissory Note (MPN)

Other Loan Programs

If you have been instructed to sign your promissory note in person, you may do so in the customer service area of Student Fiscal Services in 129 Schmitz Hall. Office hours are 9am - 5pm, Monday through Friday.

Please bring a piece of signed identification with you (your driver's license, for example) if you come to sign your loan documents in person.

Disbursement

If you receive loans, scholarships and/or grants, you are expected to sign up for Direct Deposit. You may do this from MyUW, Personal Services, Direct Deposit Transfer. You must set up your direct deposit account at least 5 days before aid can be deposited to your bank account.

To sign up for Direct Deposit, you will need to know your UW NetId, the bank routing number and your bank account number. The bank routing number can be found on the bottom left of your checks.

Your tuition and most other charges will be deducted before any money is deposited to your bank account. In most cases, the excess funds will be available in your bank account before the first day of the quarter. You may use MyUW, Tuition Statement to find out the availability of your aid.

If you are not signed up for direct deposit, you must make arrangements with Student Fiscal Services to have your check mailed to you. You may complete a request online, or call 206-543-4694 to request your check. Checks are not issued in person.

If you have lost your check, or have not cashed it within 90 days of the date it was issued, a $25 charge will be assessed for printing a replacement.