Victory University 2012-2013 Academic Catalog
Victory University 2012-2013 Academic Catalog
Victory University 2012-2013 Academic Catalog
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• Repay loan regardless of whether education has been completed, employment status,<br />
or satisfaction with education.<br />
• Attend classes regularly and meet the satisfactory academic progress standards of the<br />
<strong>University</strong>.<br />
COMPLETING THE FEDERAL DIRECT LOAN MASTER PROMISSORY NOTE (MPN) ONLINE<br />
1. Go to www.studentloans.gov for Direct Loans.<br />
2. After confirming your identity, the student will be asked to confirm the name of<br />
their school and the state it is located in.<br />
3. Fill in the information on the online MPN form.<br />
4. Once the online application is complete, sign the MPN via an e-signature. Follow the<br />
simple steps for signing the MPN online.<br />
Signing the MPN electronically is the fastest and most efficient way of ensuring that the student<br />
loan funds will be disbursed to <strong>Victory</strong> <strong>University</strong> as quickly as possible. The student should<br />
print a copy of the MPN to submit to the Office of Student Financial Aid and Scholarships and<br />
also a copy to keep it for his/her records.<br />
FREQUENTLY ASKED QUESTIONS<br />
WHAT IS A MASTER PROMISSORY NOTE (MPN)<br />
A Master Promissory Note (MPN) is a legally binding agreement between you and the<br />
Department of Education under which you promise to repay the loan, with interest, in periodic<br />
installments. Under an MPN you may receive a loan for a single academic year or multiple<br />
academic years. Your MPN will be valid for 10 years from the date you sign the note.<br />
HOW MUCH CAN I BORROW?<br />
Your maximum eligibility is provided in your award letter. You can reduce or cancel your loan<br />
at any time by notifying your Financial Aid Office or the DOE. In subsequent years, your award<br />
letter will indicate your eligibility for future loans.<br />
WILL I BE REQUIRED TO PAY ANY FEES?<br />
Yes, you may pay up to 1.00% in fees (this is deducted by the federal government) . Any fees<br />
charged are deducted from the gross amount borrowed. For example, if you borrow $3,500,<br />
your loan could be subject to $35.00 in fees, so the net amount you would receive would be<br />
$3,465.00.<br />
WHEN DO I START TO REPAY A STUDENT LOAN?<br />
For subsidized Federal Direct Loans, you will not begin making payments (and interest will not<br />
accrue) until six months after you graduate or stop attending at least half-time.<br />
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