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 Unsubsidized Loans are available to Graduate student borrowers. Interest on Direct Unsubsidized Loans is assessed immediately. Rates and fees are subject to change based on congressional action. The interest rate for 2025-26 is fixed at 7.94%. Interest rates and fees are subject to change on federal loans (student and parent) based on congressional action in early summer and a new rate is announced by June 30. Currently an origination fee of 1.057% is charged on each loan; fee is automatically deducted from each disbursement.