Award Notification and Promissory Notes

What to Do With Your Award Notification

The award notification is for your records. If you accept all of the aid listed, do not return it. Return it only for the following reasons:

the Determining Factors are incorrect,
you will receive other aid not listed on the front of the Award Notification,
you reduce or decline any award(s). (Declining aid for the current year will not affect your eligibility for financial aid in future years),
you were awarded for the academic year and will enroll for only one semester.

If the Determining Factors are not correct or if you receive other aid not listed on the front of your award notification, adjustments may need to be made to the aid that was awarded by the Office of Student Financial Aid. Most aid reductions are made in the following order: need-based student loans, Work-Study, need-based grants. However, need-based grants and scholarships could be reduced first if a student reduces registration hours. If aid is reduced, you will receive a revised Award Notification and an explanation of why the aid was changed.

The Office of Student Financial Aid awards the maximum loan amount that you are eligible to borrow and these maximum amount(s) are listed on your Award Notification. We encourage you to carefully review your expenses and resources and borrow only what you need. The cost of attendance includes personal and transportation expenses; therefore, you may not need to borrow the full amount listed. If you want to reduce or cancel the amount you have been awarded, you should complete the appropriate section on the back side of the Award Notification and send it to the Office of Student Financial Aid. If you no longer have your Award Notification, you may obtain a copy via ISIS. (Find the heading Student Records, under Financial Aid, click on Award Notification.) If you cancel or reduce your loans now and you decide at a later date that you need the loan or want the reduced amount of the loan to be reinstated, contact the staff in the Office of Student Financial Aid.

What to do With Promissory Notes for Loans

If you were awarded a Federal Perkins Loan, Nursing Loan, or Health Professions Loan and you accept the loan, you must complete the Electronic Master Promissory Note (MPN). The University of Iowa Office of Student Financial Aid is responsible for awarding your loan and the University of Iowa has an agreement with Educational Computer Systems, Inc. (ECSI), located in Pennsylvania, to process your loan promissory note. Therefore, you will be completing your loan promissory note with ECSI. In addition, when your loan goes into repayment, you will be repaying your loan through ECSI. The electronic MPN is available for completion at the ECSI website at: https://www.ecsi.net/promY4.

If you were awarded a Law Foundation Loan and you accept the loan, complete the paper promissory note that was sent to you with your Award Notification and mail it to the Office of Student Financial Aid.

If you were awarded a Federal Direct Subsidized Stafford/Ford Loan and/or a Federal Direct Unsubsidized Stafford/Ford Loan and you accept the loan, complete the Master Promissory Note (MPN). The William D. Ford Federal Direct Loan Promissory Note is a Master Promissory Note (MPN) for the Federal Direct Stafford Loan and Federal Direct Unsubsidized Stafford Loan listed on your Award Notification. This MPN makes it possible for students to borrow each year without completing a new promissory note. If you completed a MPN during a previous year for attendance at the University of Iowa, you will not receive or need to complete a MPN in subsequent years. There are seperate MPNs for the Federal Direct Stafford, Federal Direct PLUS (parent), and Federal Direct PLUS (student). If you were mailed a paper MPN and you accept the loan, complete the MPN and submit it to the Office of Student Financial Aid. The Master Promissory Note (MPN) can be completed electronically at http://dlenote.ed.gov which will speed up the process. Detailed information regarding the gross amount of each disbursement, the applicable fees, and the net amount that will be disbursed to you will be included on a disclosure statement that you will receive from the Direct Loan Servicing Center either prior to or at the time of disbursement.

If you were awarded a Parent PLUS Loan, your parent is the borrower. If your parent would like to borrow the Federal Direct PLUS Loan, they should not complete the Parent PLUS MPN electronically because we need additional information that is not available if the note is processed electronically. Request the paper Parent Direct PLUS MPN by downloading the Request for PLUS Loan Promissory Note form (PDF document). Complete the form and submit it to the Office of Student Financial Aid.

If you were awarded a Graduate PLUS Loan and you accept the loan, complete the Graduate PLUS Master Promissory Note (MPN). The Graduate PLUS Promissory Note is a Master Promissory Note (MPN) for the PLUS Loan (student) listed on your Award Notification. This MPN makes it possible for students to borrow each year without completing a new promissory note. If you completed a MPN during a previous year for attendance at the University of Iowa, you will not receive or need to complete a MPN in subsequent years. There are seperate MPNs for the Federal Direct Stafford, Federal Direct PLUS (parent), and Federal Direct PLUS (student). If you were mailed a paper MPN and you accept the loan, complete the MPN and submit it to the Office of Student Financial Aid. The Master Promissory Note (MPN) can be completed electronically at http://dlenote.ed.gov which will speed up the process. Detailed information regarding the gross amount of each disbursement, the applicable fees, and the net amount that will be disbursed to you will be included on a disclosure statement that you will receive from the Direct Loan Servicing Center either prior to or at the time of disbursement.

Keep one copy of all promissory note(s) for your records. Immediately return any completed paper promissory note(s). Promissory notes can not be faxed.

Return paper promissory notes to:

The University of Iowa
Office of Student Financial Aid
208 Calvin Hall
Iowa City, IA 52242-1315

Processing Time: After we receive the promissory note, approval of the Stafford Loan(s) generally takes two to three weeks and approval for the PLUS Loan generally takes four weeks. PLUS Loan applications are subject to a credit review by the Federal Direct Loan Servicer, and some loan applications are denied due to adverse credit. Parents will receive a letter from the Direct Loan Servicer if the loan is denied.

NEW BORROWERS: Entrance Loan Counseling is Required

If you have not previously borrowed under the William D. Ford Federal Direct Student Loan Program or the Federal Family Education Loan Program, you are required to complete entrance loan counseling on the Web before any funds will be disbursed.

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