Financial Aid & Scholarship Department
Division of Student Affairs
Federal School Code: 001153

Loans

Master Promissory Note

What is a Master Promissory note?

The student loan process just got easier thanks to a form called a "Master Promissory Note (MPN)." It is a legal document you sign the first time you borrow student loan funds. It is your legal promise to repay all the funds you may receive. In most cases, you only need to sign this document once for all the years you borrow while in school. You will need to sign a new MPN if you change banks or attend a school that uses other types of the MPN. (See more below.) The MPN is mailed to you by your lender/servicer the first time you borrow. If you prefer to sign your MPN electronically, please ask your Lender/Servicer if the electronic option is available.

How does the MPN make the student loan process easier for me?

The MPN essentially opens a line of credit with a lender for education expenses during your academic career. By signing the MPN, you're agreeing to repay the loan under its terms and conditions. That means you will get additional Federal Stafford loans throughout your academic career without submitting additional promissory notes. The former process required students to complete the Common Federal Stafford Application and Promissory Note for each loan.

Once I sign the MPN, how long is it good?

Your MPN is good for 10 years from the date you sign it. However, you might have to complete a new MPN if transferring to a new school or changing lenders. Remember, you still must complete a Free Application for Federal Student Aid (FAFSA) for all of your subsequent loans.

Can I keep track of my student loan debt?

Absolutely. Taking an active role in understanding your student loans will help ensure that you borrow no more than you need. Lenders and schools are required to keep you informed about your debt, your eligibility for more loans, and how much and when new loan funds are added to your account. You also have the opportunity to decline all or part of a new loan and to opt out of the serial loan process entirely. To view all your Student Loan Debt, go to http://www.nslds.ed/gov/nslds_SA, the National Student Loan Data System

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