Your financial aid award letter will let you know the maximum amount of federal student loans for which you are eligible. It is then up to you to decide whether you want to accept the maximum amount, accept a lesser amount, or decline one or more of the loans. After you determine any loan amounts that you wish to accept, note the changes (if any) on the award letter before you sign and return it to the OCOM Financial Aid Office.

A Master Promissory Note (MPN) is a loan agreement between you and your student loan lender. By signing the MPN, you are agreeing to repay your loans under the terms of that MPN. The first time that you take out a loan at OCOM under any of the federal loan programs, you will be required to complete a Master Promissory Note (MPN). The MPN will then be used as your promissory note for all future loans through that loan program and that lender while you are enrolled at OCOM. A new MPN will only be required for future years if you borrow through a different loan program or through a different lender.To complete you MPN online, click on the link below.

www.studentloans.gov

Private education loans are not included as part of your financial aid award because federal loans typically offer more favorable terms and usually meet most students’ needs. If you are considering a private education loan, please consult with the financial aid office before you apply for information on how it may impact your other financial aid.