Master Promissory Note (MPN)
To simplify the loan process for students, the federal government uses a Master Promissory Note (MPN) for the most common loans. The MPN makes it possible for students to use the same note for up to ten years. This speeds up the process in each subsequent year since the note(s) usually must be completed and approved only in the initial year.
Completing the MPN does not require the student/parent to borrow the loan(s). The borrower will be notified of their loan eligibility each year on the student's financial aid award notification. The student/parent will then be given the opportunity to decline or reduce any loans.
MPN's can be completed and signed electronically using your U.S. Department of Education Personal Identification Number (PIN). If you do not already have a PIN or have forgotten or misplaced your PIN, you can request a new or duplicate PIN at www.pin.ed.gov. The PIN serves as an identifier allowing access to personal information on various U.S. Department of Education websites.
MPN’s can be completed on-line for the following loans.
- Federal Direct Stafford Loan
- Federal Direct PLUS (parent) Loan
- Federal Direct PLUS (graduate and professional student) Loan
- Federal Perkins Loan
- Federal Health Professions Loan
- Federal Nursing Loan
Entrance Counseling is required before a student can receive their first Federal Direct Stafford Loan and/or their first graduate/professional PLUS loan.