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Financial Aid

Entrance and Exit Requirements

 

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 www.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 www.studentloans.gov.

  1. Under Manage My Direct Loan click the green “Sign In” tab.
  2. Sign in using your personal information and your (student) FAFSA PIN number
  3. Click: Complete Counseling
  4. Under Entrance Counseling, select “Start”
  5. Under Add School to Notify, select Massachusetts for School State, then Merrimack College as your School Name. Click Add School
  6. Under Select Student Type, select undergraduate or graduate, depending on your program of study and Continue

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 (MPN)

The electronic Master Promissory Note (MPN) 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 webpage at www.studentloans.gov.

  1. Under Manage My Direct Loan click the green “Sign In” tab.
  2. Sign in using your personal information and your (student) FAFSA PIN number.
  3. Click Complete Master Promissory Note
  4. Click Subsidized/Unsubsidized and begin
  5. 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.

You will need your Federal Personal Identification Number (PIN). This PIN was assigned to you when you completed your Free Application for Federal Student Aid (FAFSA). If you do not have this PIN, you may request it at http://www.pin.ed.gov.

Once you have completed both requirements, it will take approximately 24-48 hours for us to receive the results electronically. 

Federal Perkins Loan

All students who borrow a federal Perkins loan must complete a one-time Perkins Loan Entrance Counseling session before their loans are processed.  The Entrance Counseling session provides information on your rights and responsibilities as a student borrower.  You can complete your Entrance Counseling by going to www.mappingyourfuture.org and selecting ‘Undergrad Students’, ‘Complete Online Counseling (entrance or exit interview’, ‘Perkins Entrance’.  Once you have successfully completed the counseling, our office will be notified.

All students who are offered a Perkins Loan will also be contacted to complete in-person promissory paperwork.  

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. 

Federal Perkins Loan

If you borrowed a Federal Perkins Loan, you must visit the Office of Financial Aid in person to complete Exit Counseling. Please bring the following information with you, as it is required for Perkins Exit Counseling: 

  • Parents’ information, i.e. address, phone number
  • Know/have your Social Security Number
  • Contact information for (4) references at different addresses from the borrower, i.e. phone and address (NOT including parents)

Exit Counseling is MANDATORY for this type of loan and must be completed before you graduate. If you have borrowed a Perkins Loan, your cap & gown and diploma will be held until the Exit Counseling requirement is met.  

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: 

  • To start, you will need to know/have your Social Security Number available. Next, contact ECSI at their toll-free number 888.549.3274 to obtain your personal identification number for your account. 
  • Once you obtain your PIN, log in to the ECSI website at www.ecsi.net.
  • Click on “Students”, and log in.  You will be completing the “Exit Interview”.  Enter the borrower/student information as listed below. 
    • (Merrimack College) School Code: 4F   
    • Account Number/SSN: Your nine-digit social security number
    • PIN#: You need to obtain this from ECSI by calling 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.