Stafford Loan Master Promissory Note (MPN)
When you receive a Subsidized or Unsubsidized Stafford Loan for the first time, you must complete a Master Promissory Note (MPN). The MPN is a legal document in which you promise to repay your loan and any accrued interest and fees to the Department of Education’s Direct Loan Program. It also explains the terms and conditions of your loan.
In most cases, one MPN can be used for loans that you receive over several years of study. If you previously signed an MPN to receive a FFEL Program loan, you will need to sign a new MPN for a Direct Loan.
Student can either sign and mail their MPN through regular mail or complete the MPN application online. Students that send their signed application through regular mail should make sure they receive confirmation that they Direct Loan Program received their documentation. Students that complete their application online will receive instant confirmation once the application is completed and submitted. Student’s that complete their application online will use their FAFSA PIN to sign their MPN.
The FAFSA PIN is unique to each student and acts as their identification online. All students will receive a FAFSA PIN when they complete and submit their FAFSA Application for the first time. Students can request for their FAFSA PIN if they’ve forgetter their special four-digit PIN number. It’s important that you request your PIN in advance, since the Department of Education only sends your PIN through regular mail, so it will take some time to receive.
Once the Master Promissory Note is received and processed, the Direct Loan Program will distribute your Stafford Loan award to your school’s financial aid office. Any remaining funds will be distributed to you that can be used for any school related expenses during the school year.
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