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FAQ: About Loans

FAQ: About LoansWhat is a Master Promissory Note (MPN)?The MPN is a contract between you and your lender of choice. The MPN is a legal, binding contract for obtaining a Federal Stafford Loan. By signing the MPN, you agree to repay the money you borrow and abide by all the terms associated with it. Furthermore, the MPN form gives specific information regarding your rights as a borrower. These terms are outlined in the MPN and should be kept with your personal records. Can I select a new lender or do I have to continue with the lender I selected on my MPN? You can select a new lender at any time. In order to do so you must complete a new MPN. How long will my MPN be valid? The MPN is good for 10 years from the date it is signed. It will also expire if any of the following items occurs:

• You notify the lender in writing you desire to terminate the note’s use for future loans
• Your first loan disbursement is not received within 12 months after you signed the note.