Master Promissory Note
The U.S. Department of Education and School of Career Education requires all students to complete Master Promissory Note before receiving any Direct Stafford Loans.
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). Unless your school does not allow more than one loan to be made under the same MPN, you can borrow additional Direct Loans on a single MPN for up to 10 years.
The school will tell you what loans, if any, you are eligible to receive.