Husker Hub Explains: Federal Entrance Counseling and Master Promissory Note

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11/29/2021 Added

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In this video, Husker Hub explains what Entrance Counseling and Master Promissory Notes are for Federal Direct Student Loans. Common mistakes and tips will be highlighted.

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[00:00:03.390]Hi there, welcome to another Huker Hub Explains video.
[00:00:06.301]My name is Dan
[00:00:07.470]and I'm a Student Services Specialist at Husker Hub
[00:00:10.180]at the University of Nebraska-Lincoln's one stop
[00:00:11.960]for students and parents
[00:00:13.390]for all things related to financial aid, student accounts,
[00:00:15.920]registration, billing, and the matter
[00:00:17.910]such as what I'll be discussing in this video,
[00:00:20.330]which is how to complete
[00:00:21.250]the federal direct loan entrance counseling
[00:00:23.530]and subsidized, unsubsidized as well as Parent PLUS loan,
[00:00:26.660]Master Promissory Note.
[00:00:27.850]Upon arriving at studentaid.gov the student should navigate
[00:00:30.680]to the Complete Aid Process banner
[00:00:32.530]making sure to select Complete Entrance Counseling.
[00:00:35.810]Please be sure to select this one
[00:00:37.270]and not the Loan Acknowledgement option.
[00:00:39.660]While both can be completed,
[00:00:40.850]only the entrance counseling and Master Promissory Note
[00:00:43.400]are required to be completed
[00:00:44.660]in order for a student's federal student loans to disperse
[00:00:47.270]to their consolidated bill charges.
[00:00:49.520]After students accept their federal student loans
[00:00:51.320]in their myRED portal,
[00:00:52.170]they will have two myRED to-do list items
[00:00:54.110]on their financial aid page.
[00:00:55.677]So let's begin at the federalstudentaid.gov website
[00:00:58.740]where we actually can access complete aid processes
[00:01:01.660]for the, let's start with the entrance counseling here.
[00:01:05.890]So, for the student loan entrance counseling
[00:01:07.740]there is information regarding it,
[00:01:09.470]that there you can read through on the site.
[00:01:11.661]This does show that you can submit the entrance counseling
[00:01:14.960]as an undergraduate student or as a graduate student,
[00:01:17.440]depending on which undergraduate
[00:01:18.820]or graduate career you were in.
[00:01:20.960]There is some information there about what you may need
[00:01:22.860]prior to accessing and completing
[00:01:24.980]the entrance counseling requirements.
[00:01:27.420]So from here we click start as an undergraduate
[00:01:31.820]and we will proceed
[00:01:32.740]into the entrance counseling overview here.
[00:01:36.398]There is some information here
[00:01:37.231]that is helpful for you to know
[00:01:38.140]regarding what you are gonna be completing here
[00:01:40.450]in the entrance counseling requirement.
[00:01:43.410]You would have the ability to input
[00:01:45.210]your University of Nebraska-Lincoln school code
[00:01:48.090]or access that and put that for information about
[00:01:52.316]this area here for inputting University of Nebraska-Lincoln
[00:01:56.610]so that way that our offices receive this usually 24
[00:01:59.820]to 48 hours after completion of the entrance counseling.
[00:02:03.950]We can proceed going forward on to here
[00:02:05.910]now that we will be receiving that
[00:02:07.632]and then this is kinda going over information
[00:02:10.040]regarding the estimated cost of your tuition and education
[00:02:13.550]at the university that you had inputted previously.
[00:02:16.441]You can obtain more information on this
[00:02:19.110]within the entrance counseling.
[00:02:23.480]And we will proceed on through here.
[00:02:25.410]You can input in state or out of state
[00:02:27.640]if you are a nonresident student and you can also include
[00:02:30.080]whether or not you are residing on campus or off
[00:02:32.640]and the expected years to complete your program
[00:02:34.478]to further go through this entrance counseling,
[00:02:37.560]but we'll proceed through these
[00:02:38.601]and we will try and get to the point here
[00:02:41.300]where we'll actually show you information
[00:02:43.020]concerning grants and scholarships, federal work-study,
[00:02:46.078]part-time jobs, savings 529 plans,
[00:02:49.680]overview of information here that's right before
[00:02:51.920]going into your federal student loan information.
[00:02:55.180]Let's breeze through the reading portions
[00:02:56.570]of the entrance counseling.
[00:02:57.580]Now of course please take all the time necessary
[00:02:59.790]that you need to educate yourself with the material provided
[00:03:02.080]within those sections.
[00:03:10.360]Come the end of your entrance counseling
[00:03:11.940]you will be presented
[00:03:12.930]with multiple check your knowledge questions
[00:03:14.680]based on the content that came prior.
[00:03:16.370]Once you successfully complete the questions
[00:03:18.210]you'll arrive at the final summary
[00:03:19.560]and submit counseling page
[00:03:20.700]where you're welcome to download or print your counseling.
[00:03:24.320]We will now transition to completing
[00:03:25.760]the undergraduate subsidized,
[00:03:27.170]unsubsidized Master Promissory Note.
[00:03:29.350]Similar steps would be taken
[00:03:30.680]in the Parent PLUS Master Promissory Note.
[00:03:33.320]Similar to entrance counseling,
[00:03:34.425]both students and parents can expect the completion
[00:03:37.290]of their respective MPNs to take approximately 30 minutes
[00:03:39.910]provided each have the necessary items at their disposal
[00:03:42.286]such as their permanent mailing address,
[00:03:44.585]their personal contact information,
[00:03:46.708]as well as information for their two references.
[00:03:51.610]A common error Husker Hub sees with the completion
[00:03:53.920]of the Parent PLUS Master Promissory Note
[00:03:56.120]is that parents accidentally put their student information
[00:03:58.487]in the borrower's section.
[00:04:00.660]Parents rather are the borrowers of the Parent PLUS loan
[00:04:03.590]and should therefore be listed in the borrower section
[00:04:05.890]of their Parent PLUS Master Promissory Note
[00:04:08.170]while the student's information
[00:04:09.540]should be in the student section.
[00:04:11.170]Importantly, both student and parent,
[00:04:13.140]when completing their respective MPNs,
[00:04:14.548]will need to provide two references.
[00:04:16.526]These references in the event either the student or parent
[00:04:19.980]shirk their responsibility and promise to pay back
[00:04:22.490]their federal student loans will be points of contact
[00:04:25.310]for the loan servicers
[00:04:26.390]of the respective federal student loan
[00:04:28.100]or Parent PLUS loan to contact.
[00:04:30.400]For the student references,
[00:04:31.770]the first reference must be their parent or legal guardian.
[00:04:34.750]Of note, references must have different addresses
[00:04:36.868]and telephone numbers.
[00:04:39.086]Also of note, for parents completing their Parent PLUS
[00:04:41.770]Master Promissory Note,
[00:04:42.730]the student cannot be one of the references.
[00:04:44.443]Arriving at the close
[00:04:45.930]on the Master Promissory Note agreements page,
[00:04:47.950]the student or parent is certifying that they have completed
[00:04:50.680]their respective Master Promissory Note
[00:04:52.250]with information that is accurate, complete,
[00:04:54.510]and correct to the best of their knowledge and belief.
[00:04:56.740]Thank you for watching Husker Hub Explains.
[00:04:58.340]Please connect with Husker Hub
[00:04:59.500]should you have additional questions
[00:05:00.670]about anything that was discussed in this video
[00:05:02.286]or in any of our other Husker Hub Explains videos
[00:05:04.430]found on our website, huskerhub.unl.edu.
[00:05:08.376]Take care.

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Husker Hub Explains: Federal Entrance Counseling and Master Promissory Note

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