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Self Service Instructions

Returning students:

  • Students who had a Direct Loan in a prior year at JMU and wish to accept one for the current year only need to accept the desired loan amount on MyMadison.
  • Students who have never had Direct Loan at JMU should follow the instructions in the “Freshmen and First-time JMU Borrowers” section below.

If one of the following scenarios applies to you, please notify our office by submitting the Financial Aid Loan Change Form found at www.jmu.edu/finaid/forms.shtml

  • Graduating in December of the current award year
  • Need loan for one semester only

Freshmen and First-time JMU Borrowers:

  1. Go to https://mymadison.jmu.edu/
  2. Enter E-ID and Password
  3. Under “Student,” “Student Center,” “Finances,” click “Accept/Decline Financial Aid”
  4. Click on the appropriate “Aid Year”
  5. Click in the “Accept” box for the Direct Loan (the Direct Loan is the only loan that can be accepted in MyMadison). If you were offered a Perkins Loan or Federal WorkStudy, please click on the words “Perkins Loan” and/or “Federal WorkStudy” and follow the instructions given.
  6. After clicking “Accept” you may reduce your loan to your desired amount. Please keep in mind that Direct Subsidized and Unsubsidized Loans have a net origination fee of 1.072% meaning the actual amount disbursing to your account will be 1.072% less than the amount you accept in MyMadison.
  7. Hit the “Submit” button
  8. After you “Submit” your loan acceptance you need to complete:
    1. Direct Loan Master Promissory Note
    2. Entrance Loan Counseling

Federal Direct Loans are long-term loans available to students enrolled for at least a half-time basis in a degree or teacher certificate program. The federal government pays the interest on subsidized loans while the borrower is in school, during the borrower's grace period and during authorized periods of deferment. However, the Consolidated Appropriations Act of 2012 temporarily eliminates the interest subsidy provided on Direct Subsidized Loans during the six month grace period provided to students when they are no longer enrolled on at least a half-time basis.  This change will be effective for new Direct Stafford Loans for which the first disbursement is made on or after July 1, 2012, and before July 1, 2014.

The federal government does not pay the interest on unsubsidized loans during these periods. You are responsible for paying the interest. If you opt not to pay the interest, then it will be capitalized, or added back into the principal amount of your loan.

Repayment begins six months after you drop below half time enrollment, which is graduation for most students. The basic repayment period for Direct Loans is ten years; however, in some cases you can extend this. You will need to contact your lender or loan servicer to discuss extending a ten year repayment period.

Students will receive notice from the Department of Education when the Direct Loan is approved for disbursement.  The University Business Office will notify the student by electronic mail when the loan funds have been credited to the student account each semester. Students have 14 days from the time a Direct Loan has been credited to request it to be cancelled.