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ALT Who Is Responsible for What During the Federal Student Loan Process? The borrower (you): Completes the FAFSA form and decides which type and amounts of student loans to accept; signs a Master Promissory Note (MPN), agreeing to the terms of the loan; and pays back the loans, including interest Your school: Sends a financial aid offer, which may include federal student loans; explains the process and requirements for accepting federal student loans; and applies loan money toward tuition, fees, and (if you live on campus) housing and food, disbursing (paying out) any leftover money directly to you Loan servicer: Provides information about payment due dates and payment amounts; accepts payments, typically through their website; offers help if you’re struggling to make monthly payments



























