First-Time Loan Borrowers

All first-time loan borrowers must sign a Master Promissory Note and complete Direct Loan Entrance Counseling before any federal direct loans are issued to their account. Once you have completed these steps please accept your loan via myNMSU.

Master Promissory Notes

A promissory note is a legally binding contract between the borrower of a Direct Loan and the lender – the U.S. Department of Education. It contains the terms and conditions of the loan and explains how and when it should be repaid. Before you receive your loan funds, you must sign a promissory note. In most cases, a borrower will sign only one promissory note that is used for all of the borrower’s Direct Loans. This note is called a Master Promissory Note (MPN). Please be aware that if you borrow both Direct and Direct PLUS Loans you will be required to complete and sign a separate Master Promissory Note for each loan type.

When you sign the MPN, you are confirming your understanding that your school may make multiple loans for the same loan type for you for the duration of your education (up to ten years) without you having to sign another promissory note. You are also agreeing to repay your lender, the U.S. Department of Education, all loans made to you under the terms of the MPN. Therefore, it is very important that you completely read and understand all of the information on the MPN before you sign it.

Although your signature on the MPN allows your school to make multiple loans for the same loan type to you under a single promissory note, your school must have a process for confirming whether or not you want these loans. The confirmation process helps to ensure your control over borrowing multiple loans made under an MPN. Your school will inform you of the confirmation process it uses. In addition, you have the right to “close” an MPN so that it cannot be used for additional loans. To do this you must send written notification to your school and to the Direct Loan Servicing Center at 1-800-848-0979.

Borrowers are also required to complete Direct Loan Entrance Counseling. Once completed, both your MPN and Entrance Counseling will be valid for the duration of your education here at NMSU or for a period of 10 years.

You need to gather your personal information, as well as the personal information for two references. You will need your Federal Student Aid ID in order to sign electronically and select the MPN type.

Sign Your Master Promissory Note

Entrance Counseling

If you have not previously received a Direct Loan or Federal Family Education Loan (FFEL), the Federal Government requires you to complete entrance counseling to ensure that you understand the responsibilities and obligations you are assuming as a loan borrower.

You are required to complete entrance counseling prior to receiving a:

You can complete the Entrance Counseling for all other types of loans via the Department of Education’s Student Loans website.

Complete Your Entrance Counseling 

You will be required to sign in with your FSA ID. Ensure you complete and submit this application to the correct NMSU campus. It should take about 35 to 45 minutes to complete.

The Entrance Counseling does contain essential student loan information and test questions. After you have completed the counseling session, a confirmation will be sent to the email address you provided during registration.