Answers:
What happens next is that the lender whose application you signed will verify the details, then send it to your school for certification. The school will verify that you're enrolled and that you're not borrowing more than cost of attendance. If they certify the loan, they'll send it back to the lender, who will then cut a check to the school, which will deposit the funds against your tuition and fees. Any remaining money will eventually be cut as a check to you.
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It all depends on the schools process but normally you sign the MPN and the lender will work with the school to verify enrollment and a guarantor agency to insure the loan. You should check with the lender or see if you can access your account online on the lenders website to check the status.
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