When do I sign my Master Promissory Note?

You must sign your MPN before you receive your loan funds.

If you are taking out a Direct Loan, you must sign an MPN under any of the following circumstances:

  • You have never previously signed an MPN for the type of loan you are taking out.
  • Your school requires you to sign a new MPN each academic year (most schools don't require this).
  • You signed an MPN more than one year ago, but no loan was disbursed.
  • You signed an MPN more than 10 years ago.

For Direct PLUS Loans, if it is determined that you have an adverse credit history but you obtain an endorser, you may receive only one loan under the MPN that you sign. If you later want to receive another Direct PLUS Loan, you must sign a new MPN. If you sign an MPN and receive a Direct PLUS Loan without an endorser, but are later determined to have an adverse credit history and obtain an endorser for a future Direct PLUS Loan, you’ll have to sign a new MPN for that loan.

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Details

Article ID: 21316
Created
Thu 12/8/16 10:49 AM
Modified
Fri 3/3/17 11:04 AM