Master Promissory Note (MPN)
To take out a loan from the Federal Direct Loan Program, you must complete a Master Promissory Note (MPN). Your MPN explains the terms of your loan, so you should keep it for your records.
What is a MPN?
The MPN is a legal document in which your 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. You can take out additional Direct Loans on a single MPN for up to 10 years.
It's important to understand what you're signing. For instance, the MPN states the following:
Before, or at the time of, the first disbursement 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.
When do I sign my MPN?
You must sign your MPN before you receive your loan funds.
If you are a student taking out a Direct Subsidized Loan or a Direct Unsubsidized Loan, you must sign an MPN under any of the following circumstances:
If you are taking out a Direct PLUS Loan, you must sign an MPN under any of the following circumstances:
*Parent borrowers must complete and sign a separate MPN for each student for whom they are borrowing.
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