By signing a Master Promissory Note, you are making a promise with your lender to pay back all loan money borrowed. The MPN is used by all lenders and schools. Terms of repayment include the entire loan amount, along with the accrued interest. The MPN is a way to streamline the financial aid process for all applicants.You will receive a Master Promissory Note application once you accept your financial aid package. Your federal PIN number will be needed to sign the MPN. Under the MPN you will:
- Receive instructions for repayment, deferment, and the interest that will accrue on all loans.
- Be covered for the entire duration of your schooling by signing just one MPN.
- Have your application process simplified.
- After your first year, the turnaround time on disbursement of funds will be quicker. Whereas, you have already completed a MPN.
- Students and parents can decline or reduce any loans.
Your Master Promissory Note will be valid ten years for the date for first sign it. You can use your MPN for any subsequent loans within this ten year time frame.This note can be signed electronically or on paper.
