2. Complete a Loan Agreement (Master Promissory Note/MPN)

Master Promissory Note (MPN)

The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also outlines the terms and conditions of your loan(s).

You can receive multiple loans under an MPN over a period of up to 10 years to cover educational costs for yourself or your child, as long as the school is authorized to use the MPN this way and chooses to do so.

The school will inform you about which loans, if any, you are eligible to receive.