Direct Loan Borrower Instructions

Direct Loan Borrower Instructions

Attention all loan recipients who have accepted their loan award

First time loan borrowers

Loan proceeds for all first-time borrowers will be delayed 30 days from the beginning of the fall semester. Loans for first-time DMC borrowers are expected to be released on or after October 2, 2018 for fall and February 19, 2019 (See 2018-2019 Disbursement Schedule on the Financial Aid Forms page).

Do not follow these steps if you have not accepted your loan award.

Listed below is what you need to complete to ensure you receive your William D. Ford Direct Student Loan funds in a timely manner. You must be enrolled at least half-time (6 semester hours*). After you have accepted your loan award online, make sure you read the following instructions thoroughly and take appropriate action as soon as possible.

*Keep in mind that you must have already started your 6 credit hours for the funds to be released. If you are not in 6 hours until you start your block/rapid track courses, your funds would be delayed until after the class begins.

All loan borrowers are required to attend an in person loan advising session. You can choose a session by visiting Fall 2018 Mandatory Loan Advising Workshops. After attending the session you may proceed to complete and submit the Entrance Counseling, and sign the Master Promissory Note electronically. You will be required to use the FSA ID Login username and password you created when completing the online FAFSA Application to complete the processes below.  If you do not remember your FSA ID, you may visit the FSA ID website to obtain the login information by selecting “Edit my FSA ID” and “forget password” or “username.”

Once you have access to your FSA ID, you may continue to complete your Entrance Counseling and electronic Master Promissory Note at Failure to complete the Direct Loan process within two weeks of this notification will result in the cancellation of your student loan. Keep in mind that these electronic processes take at least 48 hours to be processed and received by DMC.

To submit Entrance Counseling for Subsidized/Unsubsidized Loans, you will need:

  • 30-45 minutes to complete
  • Click on “Complete Entrance Counseling”
  • Select: I am an undergraduate student
  • Continue to complete the four steps and make sure you complete each section or it will disable you to continue the submission process.

 To submit the Master Promissory Note, you will need:

  • 20-30 minutes to complete
  • Click on “Complete Master Promissory Note”
  • Select the type of loan you are applying for: Subsidized/Unsubsidized
  • Continue to complete the four steps to make sure you complete each section or it will disable you to continue the submission process.

Be sure you allow enough time to complete the entire process during a single session. If you exit the website before submitting the Entrance Counseling or electronic Master Promissory Note you will probably have to start the process over. In the event you experience any problems with the above please feel free to contact us at (361) 698-1293.

Remember, you must be enrolled at least half-time (6 semester hours) to receive a student loan. You may also decline the entire loan or you may request a lower amount on your loan by contacting Financial Aid Services.

Please note: The Loan Origination Center (LOC) will be mailing you the loan disclosure notice with anticipated date of disbursements and disbursement amount. Be aware that these dates are not the dates that you will receive your funds. These dates are anticipated dates; see 2018-2019 Disbursement Schedule information for actual disbursement dates.

Page last updated June 15, 2018.