The Master Promissory Note is a legally binding agreement you must
sign to indicate your commitment to repay your student loan(s).
The MPN list the terms and conditions of the loan, including interest
rate, origination fees and repayment options. An MPN may be used
for multiple Federal Direct Stafford Loans up to 10 years.
March 2010 legislation passed eliminating of the Federal Family
Education Loan (FFEL) program (including Stafford, Grad PLUS and
Parent PLUS) and requires that all Federal student loans disbursed
after July 1, 2010 be made under the William D. Ford Direct Loan
program, directly through the U.S. Department of Education. Due
to these changes students will be required to complete a new Master
Promissory Note to receive their funding through the Direct Loan
program beginning with the Summer 2010 term.
To complete the electronic MPN, you will be required to use your
U.S. Department of Education issued PIN (this PIN is used to sign
your FAFSA). If you do not remember your PIN# you can retrieve this
by going to the following website: www.pin.ed.gov
and selecting “Requesting a Duplicate PIN”.