3 Steps to Receive a Direct Loan
Complete Federal Direct Loan Request Form
The Federal Loan Request Form informs the school that you would like to obtain loans to fund your education. This is not the application. Hobart Institute of Welding Technology requires that the form is obtained prior to processing loans. Please print, complete and return this form to the school.
Complete Entrance Counseling
Before receiving a student loan, borrowers must complete an Entrance Counseling session. This quick and easy interactive counseling session provides useful tips and tools to help you develop a budget for managing your education expenses and helps you understand your loan responsibilities. This online Entrance Counseling session will take about 20-30 minutes to complete.
Complete Master Promissory Note (MPN)
A Master Promissory Note (MPN) is a legally binding contract between the borrower of a Direct Loan, and the lender – the U.S. Department of Education. It contains the terms and conditions of the loan and explains how and when it should be repaid. Before you receive your loan funds, you must sign a promissory note. You sign electronically with your FAFSA Pin Number. It is important that you completely read and understand all of the information on the MPN before you sign it.
Prior to Graduating:
Prior to graduating or leaving school, Direct Loan borrowers must complete Exit Counseling. The Direct Loan Exit Counseling will explain your rights and responsibilities as a Direct Loan borrower.