Loan Requirements

Requirements Information

First Time Borrowers must complete two one-time requirements, as well as a new annual requirement before a federal student loan can pay toward their student account:

Entrance Counseling is a tutorial that tells you all of the important details you need as an informed borrower - including interest rates, fees, and repayment information.

The Master Promissory Note (MPN) is your legal contract to repay the government once you graduate or drop below half-time attendance.  

Annual Requirement - ALL Federal Loan Borrowers are encouraged to complete the Annual Student Loan Acknowledgement each academic year. This applies to undergraduate borrowers, parent borrowers for the Parent PLUS loan, and Graduate borrowers.

Direct Loans

Important: You will be prompted to enter your FSA ID to complete these requirements. If you have not already created an FSA ID, please follow the instructions to create one. You will not be able to complete this counseling without an FSA ID.

If you are a First Time Borrower who has accepted a Direct Loan (Subsidized and/or Unsubsidized) or plans to, you must complete Entrance Counseling and a Master Promissory Note (MPN):

1. LOG IN at https://studentaid.gov
2. Select the “Complete Aid Process" dropdown.
3. Select "Complete a Master Promissory Note (MPN)".
4. Select "Complete Loan Entrance Counseling".
5. Please note that you will continue to receive weekly missing information emails for these requirements until early June - just prior to orientation. 

ALL Borrowers who have accepted a Direct Loan (Subsidized and/or Unsubsidized, Parent PLUS, or Graduate PLUS) or plans to, are encouraged to complete the Annual Student Loan Acknowledgement each year:

1. LOG IN at https://studentaid.gov
2. Select the “Complete Aid Process" dropdown.
3. Select "Complete Annual Student Loan Acknowledgement".

Nursing/Health Professions Loans

• Sign in at Educational Computer Systems Inc. (ECSI) once you receive emailed instructions to complete loan requirements.
• First time recipients of the loan must register, returning users can use their previous Username and Password.
• The FSA ID is not valid on the ECSI website.

Click Here for Exit Counseling

Average Loan Debt of 2022/2023 Ferris graduates according to degree level

Degree	Debt
Associate	$13,626
Bachelor	$21,082
Master	$39,680
Doctorate	$110,764