Master Promissory Note (MPN)
A master promissory note (MPN) is a legally binding document that a borrower signs when taking out a federal student loan. It outlines the terms and conditions of the loan, including the repayment schedule, interest rate, deferment options, and borrower rights and responsibilities. By signing the MPN, the borrower agrees to repay the loan according to the specified terms.
A student or their parent (in the case of Parent PLUS loans) completes the MPN when applying for federal student loans to finance higher education expenses. The MPN covers multiple loans that a borrower may take out over several years of study, rather than requiring a new promissory note for each loan. This simplifies the borrowing process for both the borrower and the lender.
It’s important for borrowers to carefully read and understand the terms of the MPN before signing it, as it represents a legal commitment to repay the loans according to the specified terms.
Please click below to complete the MPN:
