Federal Direct Stafford Student Loans, often referred to as Direct Loans or DL loans, are loans that a student may take out to help finance some of the cost of higher education. The maximum amount of Direct Loan offered to a student is limited by law based on grade level and dependency status. Your award in myBlue should reflect the amount that UNK can offer to you for this school year. Because it is debt that we are discussing, make sure that you make wise choices about your borrowing. Use this loan only to pay for your education, and borrow only what is minimally needed so that your debt remains manageable.
A student will receive the federal financial aid award including the Direct Loan eligibility once we receive your FAFSA, and if necessary once any additional documentation we might need is completed. Your financial aid award will be on our student information portal, myBlue. In your first year of borrowing, receiving the loan awarded to you is a three step process.
- Log into myBlue and accept the amount of Direct Loan that you have decided to borrow. You do not have to accept the full amount of the loan and may enter any partial amount you decide to borrow. A borrower may also reduce the loan that has been accepted by contacting the Office of Financial Aid.
- Next, a first time student loan borrower will need to complete a Master Promissory Note (MPN) online at studentloans.gov. This is the legal document that authorizes the Department of Education to lend a student loan to you and obligates you to pay the loan back per the terms and conditions outlined in the MPN. You will need your Department of Education PIN number (same PIN as you use on the FAFSA) to complete this process. If you have forgotten or need to reestablish your PIN, go to the PIN website.
- A first time borrower will need to complete Entrance Loan Counseling also at studentloans.gov. This counseling session is designed to help new borrowers understand more about their rights and responsibilities along with the terms and conditions that are a part of borrowing a student loan.
As always you are welcome to contact us with any questions you might have regarding your financial aid. If you need assistance to complete this process, we can help you. We are located in the Memorial Student Affairs Building, and our office hours are 8:00 a.m. to 5:00 p.m., Monday through Friday.