Master Promissory Note (MPN)Some schools utilize the multi-year Master Promissory Note (MPN). The MPN acts as a contract between the borrower and lender. By signing the MPN, a borrower promises to repay the amount loaned and agrees to other important terms of the loan. The MPN must be completed in order for loan funds to be disbursed to the borrower's account. Loan funds are delayed if the MPN is not completed properly or there is a delay in submitting it to the lender. Under the MPN, borrowers may receive multiple subsidized and/or unsubsidized Federal Stafford Loans from their selected lender for a maximum 10-year period. |
