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Loans
NOVA is now 100% DIRECT LENDING. Loans are money that you or your parent borrows and repays with interest. Education loans are offered at low interest rates and have long repayment terms. Some loans require a demonstration of need; others do not.
Direct Loan
Borrowers at NOVA will be borrowing through the Direct Loan Program. Students must complete Entrance Counseling and a Direct Loan Master Promissory Note. Northern Virginia Community College does not process paper Master Promissory Notes for Direct Loans.
- Direct Loan Master Promissory Note Borrowers at NOVA will be borrowing through the Direct Loan Program.
- Direct Loan Entrance Counseling. If you haven't previously received a loan, you must complete entrance counseling before your school can make the first disbursement of your loan. This helps you to understand your responsibilities regarding your loan. Complete this counseling online. If an error occurs go to Direct Loan Website.
- Direct Loan Exit Counseling. Click on Account Information.
- A Department of Education Issued PIN will be required for access to all services
- Direct Loan Account Information. Click on Account Information and follow the instructions
- Direct Loan Repayment
- Direct Consolidation Loans
- How to Accept/Decline Your Student Award in NOVAConnect
- Plus Loan MPN
Perkins Loans:
Student Loan Resources:
- NSLDS Student Access
- Office of the Ombudsman
- Main Direct Loans
- MPNs What to Expect
- Retrieve and View MPNs and Correspondence
Frequently Asked Questions
What is a Master Promissory Note (MPN)?The MPN is a promissory note that can be used to make one or more loans for one or more academic years (up to 10 years).
There are two types of MPNs in the Direct Loan Program: one for student loans, and one for parent PLUS loans.
If you are a student borrower under the Direct Loan Program attending a school that is authorized and chooses to make multiple loans under the same MPN for more than one academic year, you will only sign one MPN for student loans. It will be used for all of your Direct Subsidized Loans and Direct Unsubsidized Loans over multiple academic years. For example, if you enroll in college as a freshman and borrow under the Direct Loan Program for all years of study, you may be able to borrow under this one MPN for all years.
If you are a parent borrower under the Direct Loan Program whose child is attending a school that is authorized and chooses to make multiple loans under the same MPN for more than one academic year, you will only sign one MPN for parent PLUS loans. It will be used for all of your Direct PLUS Loans for that particular child over multiple academic years.
I received an error on step 3 of the process stating, "There was a problem matching the information you provided with your COD Award record, please see the Frequently Asked Questions page for further instructions"
You are receiving this error because the information you are providing on step 3 of the process, specifically; your first name, last name, date of birth, or social security number does not match the same information in the COD system. Please contact your school's financial aid office to have them review your COD loan record to verify that the information you are providing during step 3 matches with what the COD record has on file. If a discrepancy is found, your school's financial aid office will need to either make the change online through the COD web site, or submit a change request.
Will I be able to save my electronic MPN prior to submitting it and return at a later time to complete it?
No. You will need to complete the entire electronic MPN process in a single session. If you exit the web site before submitting your signed MPN and return later, you will have to start over from the beginning of the process.
Can I receive my loan without completing the Master Promissory Note (MPN)?
No. To take out a Direct Loan for the first time, you must complete a Master Promissory Note (MPN). you can complete the MPN online at the Direct Loans Master Promissory Note website. The MPN is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the Department. If you are taking out a loan to pay for your own education, then you should complete a new MPN for student loans. If you are taking out a loan to pay for your child's education, then you should complete a new MPN for parent PLUS loans. You should evaluate the aid offer carefully, and keep in mind that whatever amount you borrow must be paid back with interest. . It also explains the terms and conditions of your loan(s) on the department website.
Loan Limits Updates
Prior FFELP Borrower Only
NOVA is now 100% DIRECT LENDING.