Entrance Requirements
Borrowing a loan is a commitment that you must fully understand. In order for funds to disburse to your account, you must first complete certain entrance requirements that show you have reviewed your obligations as a loan borrower.
Federal Stafford Loans
Students who are first time borrowers of Federal Direct Stafford Loans are required to complete a one-time Entrance Counseling session and Master Promissory Note (MPN) online at studentloans.gov. In order for these funds to be applied to your tuition bill, you must complete the following steps:
Step 1: Direct Loan Entrance Counseling
The Direct Loan Entrance Counseling session will explain your rights and responsibilities as a borrower. You should understand the importance of borrowing loan funds before completing your promissory note. You may complete the Entrance Counseling session by going to the Direct Loan webpage at studentloans.gov.
- Under Log In enter your FSA ID.
- Click: Complete Entrance Counseling
- Select Massachusetts for School State, then Merrimack College as your School Name.
Read the information and complete the questions at the end of every page. Once you have completed the Entrance Counseling, print a copy for your records.
Step 2: Direct Loan Stafford Master Promissory Note
The electronic Master Promissory Note is the official document that allows you to borrow a Direct Stafford Loan. By completing it, you agree to your rights and responsibilities as a borrower and consent to direct loan funds being transmitted to your Merrimack College student account. You will only need to complete your MPN once during your enrollment at Merrimack College. Your loan will automatically be renewed each year. You may complete the session by going to the direct loan website.
- Under Log In enter your FSA ID.
- Click Complete Loan Agreement for a Subsidized/Unsubsidized Loan (MPN)
- Select Massachusetts under School State, then Merrimack College as your School Name.
You will need the name and addresses of two (2) references. One reference may be a parent.
Once you have completed the MPN, print a copy for your records.
Please keep the following in mind
Each session will take approximately 30 minutes to complete. If you are logged in longer than 30 minutes, the system will time you out and will not save your progress.
Once you have completed both requirements, it will take approximately 24-48 hours for us to receive the results electronically.
Massachusetts No Interest Loan
All students who are offered a MA No Interest Loan will be contacted to complete in-person Entrance Counseling and promissory note paperwork.
Exit Counseling Requirements
Student loans, unlike grants and scholarships, are borrowed money that must be repaid. Therefore, it is important you learn about your rights and responsibilities as a borrower by way of Exit Counseling. Exit Counseling is mandatory for specific types of federal and state funded loans.
Federal Direct Stafford Loan
If you borrowed a Federal Direct Stafford Loan, please visit www.studentloans.gov click on “Exit Counseling” and then “Start” under Loan Exit Counseling to complete the requirement.
Massachusetts No Interest Loan
If you borrowed a Massachusetts No Interest Loan, Educational Computer Systems, Inc (ECSI) is the servicer for the Mass No-Interest Loan Program for the state of Massachusetts and may have already contacted you. MA No Interest Loan Exit Counseling is performed at the ECSI website. The entire process takes approximately 15 minutes.
Follow the steps below to complete the on-line exit counseling:
- New User must create a profile at heartland.ecsi.net and select “Sign In or Register”
- Under “Register” fill in the fields to create a new profile.
- Continue setting up your profile by setting up your security questions.
- Go to Sign-In to an Existing Profile and log in
- You should see “Your School Accounts”, i.e. Merrimack College. If not, you may need to “Connect An Account”
- Under Merrimack College, select “Student Loans & Receivables” and then “Documents” to access the Exit Interview to review and sign.
At any time, you may contact them at (888) 549-3274
Exit Counseling is MANDATORY for this type of loan and must be completed before you graduate. If you have borrowed a Massachusetts No Interest Loan, your cap & gown and diploma will be held until the Exit Counseling requirement is met.
