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The following are instructions for accepting federal loans. See more on Private/alternative loans may require other instructions. See your lending institution for instruction.

Master Promissory Note

In order for loan funds to disburse to your account, you must complete a Master Promissory Note (MPN) at The MPN is a legal document in which you promise to repay your federal student loan(s) and any accrued interest and fees.

There is one MPN for Federal Direct Loans and a different MPN for Direct PLUS Loans.

To complete an MPN, you will need your FSA ID. You will also need your social security number, driver's license and two references with different U.S. addresses.

Complete Master Promissory Note

Entrance Counseling

First-time borrowers must complete online entrance counseling at To complete online entrance counseling, you will need your FSA ID

Upon completion of the session, you will receive a confirmation page, please retain it for your records. The Financial Aid Office will receive confirmation of completion electronically within 48 hours.

Complete Entrance Counseling

Entrance counseling and the MPN must be completed before your loan will disburse to your student account.

Accept/Decline/Reduce Loans

When you View Financial Aid Awards you will need to review the eligibility requirements for each award.

To reduce a Federal Direct Loan award in MyFIU, accept the award and then make your changes inside the edit box. It is best to accept only the loan amount necessary to meet your educational expenses.


Canceling Loans

If you would like to cancel/return all, or a portion, of the loan(s) credited to your account, you have 14 days from the date of the loan disbursement to inform OneStop of this request.

Forms generally take 5 days to be processed.

You must submit a completed loan adjustment form that is available in All Forms.

Returning funds

If you received your loan disbursement through a paper check, you must first return the un-endorsed and un-cashed paper check to Student Financials, and they will forward the cancellation request to our office once they have canceled and reversed the check. 

If you received your loan disbursement via direct deposit, please note that if you cancel all or a portion of the loan, any remaining balance due on your account, or and refund you may have received from the proceeds of this loan is your responsibility to repay. Failure to pay any outstanding balance due to the cancellation or reduction of your loan will result in a hold as an outstanding balance due and you will not be allowed to request an academic transcript or have access to register for any future enrollment.


Borrowing Limits

Annual loan limits are determined by class standing (freshman, sophomore, etc.) and dependency status. See how much a student may borrow during one academic year based on the student grade level. 

The maximum total loan limits you may receive throughout your academic career is known as the aggregate loan limit. A student who exceeds the aggregate loan limit is ineligible to receive any Title IV funding.


Interest Rates

The interest rate varies depending on the loan type and the first disbursement date of the loan. See federal loan interest rates for current and past years.

Last updated: January 12, 2023

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