What is a Master Promissory Note (MPN) and how do I sign it?
A promissory note is a binding legal document you sign when you get a student loan. It lists the conditions under which you’re borrowing and the terms under which you agree to pay back the loan. It will include information on how interest is calculated and what deferment and cancellation provisions are available to the borrower. It’s very important to read and save this document because you’ll need to refer to it later when you begin repaying your loan or at other times when you need information about provisions of the loan, such as deferments or forbearances. You only have to sign the Master Promissory Note (MPN) once even if you borrow several loans over the course of your education. If you change lenders, a new MPN must be completed. You will be contacted by your lender or their representative with information on how to sign the MPN. The MPN can be signed electronically or on paper. Borrowers are strongly urged to sign the MPN electronically.
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?
- I completed the Federal Direct Stafford Loan Master Promissory Note (MPN) last year, 2010-11. Do I need to complete the Federal Direct Stafford Loan Master Promissory Note (MPN) for 2011-12?
- Do I have to sign a Master Promissory Note (MPN) and complete an Entrance Counseling Session every year for the Federal loan programs?
