What is a Master Promissory Note? Do I have to complete one?
A Master Promissory Note (MPN) is the legal agreement a student signs with a lender promising to repay the loan funds. The MPN states the terms and conditions of the loan, including repayment schedule, interest rate, deferment policy and cancellations. A borrower may receive multiple loans under the same MPN. The MPN may be signed in writing or electronically. Your Federal Stafford Loan lender will mail you an MPN. Complete the MPN and return it to the lender. The MPN is good for 10 years if you are not changing lenders. If you are changing lenders or your last loan was prior to July 1, 2000, you will need to complete a new MPN with your lender. Please be advised that a Stafford Loan will not be disbursed until you have completed the MPN for your lender. To complete your Stafford MPN online please click here.
Related Questions
- Do I have to sign a Master Promissory Note (MPN) and complete an Entrance Counseling Session every year for the Federal loan programs?
- Do I need to complete Stafford Loan Entrance Counseling and the Master Promissory Note?
- How and when does my parent complete a Direct PLUS Loan Master Promissory Note?
