Definitions for "Master Promissory Note"
A legally binding document that sets the terms of your loan.
A legally binding contract between student and lender that contains all the conditions and terms under which the student agrees to repay his/her loan(s) with interest.
The legal document you sign to “promise” to repay your Direct Loan. This is a one–time requirement with your selected lender. If you decide to change lenders, a new MPN will need to be signed promising to repay that lender.