What is a Master Promissory Note?
The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s); for instance, it will include information on how interest is calculated and what deferment and cancellation provisions are available to you.
It’s important to understand what you’re signing. For instance, the MPN states the following:
- You must repay your loan even if you don’t complete your education.
- You must repay your loan even if you can’t get a job after you leave school.
- You must repay your loan even if you didn’t like the education you received.
Before—or at the time of—the first disbursement (payment to you or on your behalf) of your loan(s), you’ll receive a disclosure statement that gives you information about any loan that the school plans to disburse under your MPN, including the loan amount, fees, and the expected disbursement dates and amounts.
Click on the link below to complete your Master Promissory Note.