What is a Master Promissory Note?
A promissory note is the legal agreement between you and your lender stating they agree to disburse the funds on your behalf and you agree to repay the loan in due course. A Master Promissory Note, referred to as a MPN, is a multi-year promissory note. You will receive this from your lender after you have selected one and your loan has been certified by the Financial Aid Office. After you submit the MPN for your first Stafford loan, if you keep the same lender, you won’t have to sign another note. Your MPN will be valid for 10 years.
The Master Promissory Note is a legal document, which binds you to the conditions and terms of your student loan. It is necessary to complete the MPN the first time you choose to borrow at LTC. You can fill out your MPN by following the loan links at Student Loans. Enter your PIN when requested. Continuing students who processed a student loan at LTC the prior year will not need to complete a new MPN or repeat entrance loan counseling.
Related Questions
- I have completed the Federal Direct Stafford Master Promissory Note (MPN). How do I request the dollar amount I want to borrow for the Federal Direct Subsidized and Unsubsidized Stafford Loans?
- Do I have to sign a Master Promissory Note (MPN) and complete an Entrance Counseling Session every year for the Federal loan programs?
- What is a Master Promissory Note and Entrance Counseling?
