What is a Master Promissory Note and Loan Entrance Counseling?

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. The Federal Government requires you to complete Entrance Counseling to ensure that you understand the responsibilities and obligations you are assuming when you receive a Federal loan. The Annual Student Loan Acknowledgement (ASLA) -  The Annual Student Loan Acknowledgement MUST be completed each academic year. The ASLA is an acknowledgement that you understand your responsibility to repay your loan. If you have existing federal student loans, you are acknowledging that you understand how much you owe and how much more you can borrow. All student borrowers must complete the ASLA when they apply for their Direct Loan (add this new text for ASLA).