Loan Steps | Minneapolis College of Art and Design

Loan Steps

Federal Direct Stafford Loans (Subsidized/Unsubsidized) Required Steps

All first time Stafford Loan recipients (students) must complete the following steps at studentaid.gov:

  • Loan Entrance Counseling
  • Master Promissory Note

At the homepage, hover the cursor over Grants and Loans. A list will appear—select the aforementioned required steps to complete them.

Entrance Counseling:

  1. The beginning screen of the Loan Entrance Counseling will ask which grade level the student falls into. Select the appropriate one, then login with the student’s Federal Student Aid (FSA) ID. Then click Start.
  2. The student must select Minneapolis College of Art and Design in order for our institution to receive the results of completion. The school can be found by searching under the state of Minnesota and school by name. Click +Add to select our institution.
  3. Complete all the required modules for the Loan Entrance Counseling.

Master Promissory Note (MPN):

  1. The main screen of the Master Promissory Note (MPN) will ask which grade level the student falls into. Select the appropriate one then login with the student’s Federal Student Aid (FSA) ID. Then click Start.
  2. Confirm your contact information and current address (check the box).
  3. The student must select Minneapolis College of Art and Design in order for our institution to receive the results of completion. The school can be found by searching under the state of Minnesota and school by name. Click +Add to select our institution.
  4. You must list two references who do not reside with you.
  5. Read the MPN Agreement and Borrower’s Rights and Responsibilities. Click Continue on the bottom right to move forward to the next page.
  6. Review all of the student’s information for the MPN.
  7. Electronically sign and submit the MPN.

Federal Direct PLUS (Parent or Graduate) Loan

Parents of dependent students and graduate students are eligible to apply for a Federal Direct PLUS Loan to secure additional funding for education related expenses.

Parents of dependent students who are applying for this loan on behalf of their student and are legally responsible for the loan’s repayment. The applicant must be the student’s biological or legally adopted parents. Step-parents are eligible to apply as long as they are currently married to the student’s biological parent. Legal guardians and other relatives are not eligible to apply for the PLUS loan on behalf of their student.

Independent students should investigate Alternative Loan options for additional funding.

The applicant of the loan must login to the site using their Federal Student Aid (FSA) ID.

There are two required steps to complete the PLUS Loan process:

  • PLUS Loan Application
  • PLUS Loan Master Promissory Note

PLUS Loan Application:

The PLUS Loan application is a first-step requirement to secure a Federal Direct PLUS Loan. The application process requires a “soft” credit review. At the studentaid.gov homepage, have the cursor hover over Grants and Loans. A menu will pop up. Select PLUS Loans: Graduate PLUS and Parent PLUS.

  1. Select the appropriate application (Direct PLUS Loan Application for Parents or Direct PLUS Loan Application for Graduate or Professional Students). Click Start to begin the application.
  2. Continue through the credit review terms to ensure there is not a current freeze on the applicant’s credit. If so, the applicant must contact Equifax and/or Transunion to unfreeze their credit prior to completing the application. Click Continue.
  3. Select the appropriate Award Year. For fall 2025 students, please select 2025-26.
  4. Parent borrowers, select the student you want to borrow for.
  5. Search for Minneapolis College of Art and Design under the state of Minnesota. If our school is not linked to the application, our office will not be able to process the loan request.
  6. Make sure to enter current employment information. Click Continue. If unemployed, check the box that states I am unemployed.
  7. Determine the amount that you would like to request. If you are unsure, select I want to borrow the maximum Direct PLUS Loan amount for which I am eligible, as determined by the school.
  8. Loan period start date should be August 20205 and end date should be May 2026.
  9. For parent borrowers, you must select whether you would like to defer repayment while your student is in school.
  10. For parent borrowers, check the box to use the Direct PLUS Loan to pay for other educationally related charges.
  11. For parent borrowers, you have the option to decide whether you want the excess funds to go directly to the student or to you.
  12. Continue to read all the conditions of the loan application.
  13. Confirm all of your information is correct. And click submit the application. By clicking Submit, the Department of Education will conduct that soft credit check.
  14. It will render a credit decision within a few seconds.
  15. If you are approved, please follow the instructions to complete a PLUS Loan Master Promissory Note (please see instructions below).
  16. If the Department of Education is unable to approve your loan request, you will be given an option to secure an Endorser to cosign the loan. Information will also be provided if you are eligible to appeal the credit decision.

PLUS Loan Master Promissory Note

If you have been approved for the Federal Direct PLUS Loan, the next step is to complete a PLUS Loan Master Promissory Note.

  1. From the studentaid.gov homepage, hover the cursor over Grants and Loans. Select Master Promissory Note.
  2. Once you have arrived at the Master Promissory Note page, determine which Master Promissory Note is applicable to you.
  3. For Parent PLUS Loan borrowers, select the third option of I’m a Parent of an Undergraduate Student. Click Start.
  4. For Graduate PLUS Loan borrowers, select the second option of I’m a Graduate/Professional Student. Then select MPN for Direct PLUS Loan.
  5. Confirm your personal contact information.
  6. Confirm your current employment information. If you are not currently employed, toggle off I am employed.
  7. List two references who do not reside with you.
  8. Search for the Minneapolis College of Art and Design under Search for a School. You can locate MCAD under the state of Minnesota. Click the +Add button.
  9. Review the terms and conditions of the agreement.
  10. Review all the information you entered, then click Submit.

Address

2501 Stevens Avenue
Minneapolis, MN 55404

Contact Us

612.874.3700
800.874.MCAD (6223)
Fax: 612.874.3701

Campus Directory

Join our Email List

Land Acknowledgement

The Minneapolis College of Art and Design (MCAD) acknowledges it is located on traditional, ancestral, and contemporary lands of Indigenous people. This is the ancestral homeland of the Dakota and Ojibwe people, who were forcibly exiled from the land because of aggressive and persistent settler colonialism. We recognize that this place has a complex and layered history. As a community dedicated to creativity, MCAD is committed to ongoing efforts to support and advocate for American Indian Nations and peoples.


Nondiscrimination Policy

MCAD admits students of any race, color, creed, religion, ancestry, national origin, sex, sexual orientation, age, or marital status to all the rights, privileges, programs, and activities generally accorded or made available to students at the school. It does not discriminate on the basis of race, color, creed, religion, ancestry, national origin, sex, sexual orientation, gender identity, gender expression, age, or marital status in the administration of its educational policies, scholarship and loan programs, and other school-administered programs.