How does the MPN affect students enrolled in community colleges, two-year and vocational schools?
The Master Promissory Note streamlines your loan paperwork. If you took out a Stafford Loan in the past, you remember all of the paperwork involved with obtaining deferments, selecting interest capitalization or choosing to make interest payments while you’re in school. By signing the MPN, you: • Request a new loan and elect to defer loan payments on your new loan as well as older loans. • Automatically allow your lender to postpone interest payments on your unsubsidized Stafford Loans, unless you choose not to. Your school will continue to notify you each year of how much you’re eligible to borrow. Based on your response to the notification, the school will send all information necessary for you to get a new loan to your lender and guarantor. The MPN doesn’t change the terms of your Stafford Loan. Your MPN loans will have the same interest rate, repayment provisions, deferment and forbearance options, and loan maximums as in the past. To request Stafford Loans, you’ll still file the F
Related Questions
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- How does the MPN affect students enrolled in community colleges, two-year and vocational schools?
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