Master Promissory Note (MPN)
Completing a Master Promissory Note (MPN)
A Master Promissory Note (MPN) is a legal document affirming that the student understands that s/he must repay the amount borrowed plus any interest that may accrue. It is valid for up to ten years from the date the note is signed, which eliminates the need for the student to sign a note each time an additional amount is borrowed. Typically only one MPN is required for the duration of the student’s studies at our university.
- Students accepting a Federal Family Education Loan must complete a MPN.
- Both the student and the parents of the student accepting a Parent PLUS loan must complete a MPN.
A typical MPN asks for name, address, and social security number. The borrower is also asked to provide two references (including their names, addresses, telephone numbers and relationship to the borrower). To ‘sign’ the online MPN, the borrower must enter the 4-digit PIN number that was assigned when the student initially applied for Federal Student Aid.
Students at our universities can apply for a Stafford Loan or PLUS loan once they have completed the FSA Statement of Intent, registered for classes and received our link to the Virtual Financial Aid Office.