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What is the MPN?

April 26, 2017MPN

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What is the MPN?

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The Master Promissory Note is a legally binding document which sets the terms of your student loans. By signing the MPN, you are promising to repay your student loan, regardless of whether you graduate or are satisfied with your education. The MPN is valid for 10 years from the time you sign it.

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The master promissory note (MPN) essentially opens a line of credit for education expenses during your academic career. When you sign a Federal Stafford Loan promissory note, you promise to repay your student loan(s). The note also includes important language about your rights and responsibilities as a borrower. The MPN replaced the Common Federal Stafford Application and Promissory Note for all Federal Stafford Loans on July 1, 2000.