Master Promissory Note
Federal Stafford Loan
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- Fixed rate as low as 6%
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Private Student Loans (No FAFSA Required)
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Also known as an MPN, this document is signed by you when taking out a federal student loan. Upon signature, it binds you to the federal government that you promise to repay the student loan you are taking out. The master promissory note also includes important language about rights and responsibilities as a borrower. Both subsidized and unsubsidized Stafford Loans are covered under the master promissory note.
Once you sign your master promissory note, you will not need to sign a new one as long as you stay with the same lender. If, after taking out a loan, you wish to choose a different lender you will need to complete a new MPN. Keep in mind that you may have to make payments to multiple lenders once you leave school and are in repayment.
After ten years, the master promissory note will automatically expire after the date it is signed or received by your lender. However, there are other reasons why your MPN might be cancelled before the ten year expiration date. These may include:
- No disbursements are made within twelve months of the date you signed the master promissory note
- You decide not to receive any more loans with that lender. If you choose this option, it is your responsibility to tell your lender
- You are forced to file for bankruptcy
