Master Promissory Note

Both students and parents must complete a Master Promissory Note (MPN) for their loans. MPNs will simplify the borrowing process by requiring that one promissory note be completed for your entire post secondary education. This will eliminate the need to complete a new promissory note, in most cases, each year.

The MPN is a binding legal document you sign when you apply for a student loan. It lists the conditions under which you're borrowing and the terms under which you agree to pay back the loan. It will include information about your interest rate and about deferment, postponement, forbearance, and cancellation provisions. It's very important to read and retain a copy this document because you'll need to refer to it later when you begin repaying your loan.

Due to constantly changing incentives from the lenders, it is difficult for our office to suggest one lender for Federal Stafford and PLUS Loan borrowers. However, we do have a partial list of lenders, including their borrower benefits, for students and parents to choose from.