Completing the Loan Process

Once you have reviewed your award notice, planned your budget for the year, and calculated how much funding you need, you must complete the loan process. 

Some steps you will do once (*) for each type of loan, others must be repeated every year. 

For federal Unsubsidized or Grad PLUS loans, go to

  1. Complete Entrance Loan Counseling* for each type of loan
  2. Complete a Grad PLUS Loan Request (performs credit check) annually
  3. Complete Master Promissory Note (MPN)* for each type loan
  4. Review loan disclosures provided on each loan
  5. Return a copy of your award notice on which you have indicated  your acceptance, reduction or refusal of loans.  Do this by entering the amount you wish to accept of each loan (use $0 if you are declining your loans), initial your changes and return a copy of your form to us by fax or scan and email.    
  6. Take advantage of financial awareness counseling at or AAMC FIRST

EVMS has moved to active acceptance because of recent changes in the way the Cost of Attendance budget is calculated and an increase in loan fees.   If you have completed the loan process, federal direct loans will be released by the Office of Financial Aid (OFA) on the first day of the term for origination and disbursement with the federal processor.  Prior to disbursement your enrollment status and academic standing must be confirmed.  Financial Services pulls the funds from the federal processor to your student account. 


For private EVMS loans and federal Perkins loans: 

  1. University Accounting Services (Sign My Loan) will notify you when your loan record has been prepared 
  2. Complete entrance counseling for each loan
  3. Complete a master promissory note for each loan
  4. Complete self-certification form for each private loan
  5. Review all loan disclosure forms 
  6. Notify OFA in writing if you wish to decline a private EVMS loan or federal Perkins loan

Private EVMS loans, Title VII (HRSA) and federal Perkins loans must originate and be held for the right of rescission period (time in which  you could cancel) prior to disbursement to your student account.