What is the Stafford Loan Master Promissory Note (MPN)?
The Stafford Loan MPN is a legally binding contract you sign agreeing to repay the Stafford Loan money you have borrowed. It is extremely important to read everything included on your MPN. By signing the MPN, you not only agree to repay the funds you borrow, but you also agree to all terms and conditions included in the MPN. Your MPN will expire ten years after the date it is signed. However, there are situations that would cause your MPN to expire sooner like switching lenders. Generally a new MPN is not required if you change schools unless you are transferring from a four-year to a two-year school.
Related Questions
- 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?
- How do I know whether or not I need to complete the Federal Stafford Loan Master Promissory Note (MPN)?
- What is the Stafford Loan Master Promissory Note (MPN)?
