What is a Master Promisory Note (MPN)?
An MPN is a legally binding contract you sign, agreeing to repay the Stafford Loan money you have borrowed. The MPN describes your rights and responsibilities as a student loan borrower. By signing the MPN, you agree to repay the money borrowed, and agree to all terms and conditions included in the MPN. Once your MPN is signed, a new MPN is not required for any new loans, provided you stay with the same lender. You can sign the MPN electronically by using your Pin# given to you by the Federal Processor when you filed your FAFSA. You may cancel your loan up to 10 days after your loan has been received by the school.
Related Questions
- I have completed the Federal Direct Stafford Master Promissory Note (MPN). How do I request the dollar amount I want to borrow for the Federal Direct Subsidized and Unsubsidized Stafford Loans?
- Do I have to sign a Master Promissory Note (MPN) and complete an Entrance Counseling Session every year for the Federal loan programs?
- What is a Master Promisory Note (MPN)?
