Students who are new to EMU or have not borrowed a Direct Loan before must complete a Federal Direct Loan Master Promissory Note (MPN) and Entrance Counseling at https://studentaid.gov All borrowers must have their Federal Student Aid login to complete the MPN. This is the same login used when completing the FAFSA. Direct Subsidized Loans are interest free until graduation, withdrawal or less than half-time enrollment. Interest on Direct Unsubsidized Loans is assessed immediately. Rates and fees are subject to change based on congressional action. The interest rate is fixed at 6.54%. Currently an origination fee of 1.057% is charged on each loan; fee is automatically deducted from each disbursement.