A Master Promissory Note is a promissory note that can be used to make one or more loans for one or more academic years (up to 10 years). See Promissory Note.
a legally binding agreement the borrower and co-signer (if applicable) signs, in which the borrower and co-signer (if applicable) promises to pay the loan with interest in periodic installments
Master Promissory Note refers to the revised promissory note which the Department of Education has authorized to be used with Stafford loans beginning 7/1/1999. It allows lenders to use a single MPN instead of requiring borrowers to sign a new promissory note for additional advances.
A legally binding agreement stating the amount an individual borrows and the terms of the loan. The student promises to repay the principal with interest.
The Master Promissory Note (MPN) is a multiple year, multiple loan promissory note for the Federal Direct Loan Program. All other loan programs require single year, single loan promissory notes.
Replaces the Federal Stafford Subsidized and Unsubsidized loan notes. It simplifies the yearly borrowing process for students by allowing them to take advantage of a multi-use feature. Depending on the type of institution attending (either 2-year or 4-year), a student may be able to re-use that same note to request additional funds on either a yearly or multi-year basis. It also strengthens a student's ability to keep track of his/her loans by encouraging a convenient method to borrow from the same lender with the same guarantor.
Replaces Federal Stafford Loan Notes. It simplifies the yearly borrowing process with a multi-use feature. Depending on the school, you may be able to reuse the same note to request additional funds on a multi-year basis. UF uses the Direct Loan MPN.
The revised promissory note which the Department of Education has authorized to be used with Stafford loans beginning 7/1/99. It allows lenders to use the single Master Promissory Note instead of requiring borrowers to sign a new application/promissory note for additional advances.
The promissory note a student signs when taking out a Stafford Loan. The MPN can serve as a multi-year or "serial" promissory note, under which multiple loans may be made without requiring additional promissory notes for future enrollment periods.
A promissory note that allows the student to receive Federal Stafford student loans for multiple years of school without having to sign a new promissory note each year.
A contract between the student and the lender promising to repay the loan and adhering to the terms and conditions of the loan.
A legally binding document that a student or parent(s) signs prior to receiving loan funds. The note defines the terms of the loan (interest rate, payment schedule, etc.) and obligates the borrower to follow the terms of the agreement.
A contract borrowers sign when taking out either subsidized or unsubsidized Stafford Loans. When submitting the MPN to LRP, you are required to include the attachment that lists loan amounts and dates for all disbursements. For students who attended four-year or graduate schools, the MPN also covers Stafford Loans for future enrollment periods at the same school within a 10-year period. See “Stafford Loans.
A contract between a student loan borrower and lender stating the conditions under which the loan was made and terms under with they must be repaid. An MPN allows for additional loans to be made under the note for up to 10 years.
The promissory note that a student signs when taking out a Stafford Loan. The MPN covers all Stafford loans that the student may receive for the future enrollment periods.
A legally binding contract that obligates you to repay a loan. A signed Federal (MPN) may allow you to borrow additional loans, based on the same MPN, each year, for up to ten years. This eliminates the need to complete a new loan application each year, provided you borrow again within twelve months. Whether you receive loans under an MPN for only one academic period (or for multiple academic period) depends on the school you are attending.
A legally binding document between the borrower and the lender that obligates him or her to repay the loan according to its terms.
A legal document that the borrower signs to get a loan in which the borrower promises to repay the loan, with interest, in specified installments. The Master Promissory Note will also include any information about the grace period, deferment or cancellation provisions, and the student's rights and responsibilities with respect to the loan.
(MPN) - binding legal document you must complete and sign when you apply for a student loan. It lists the conditions under which you're borrowing and the terms under which you agree to pay back the loan.
is a binding, legal document that you must complete to apply for your student loan. As a new borrower, your MPN will be mailed directly from New York State Higher Education Services Corporation (NYSHESC) after you receive your Financial Aid Award Notice. By signing the MPN, you are allowing SU to award your student loans for multiple years based upon that one application. You should only need to complete one MPN during your educational career at SU.
The Master Promissory Note (MPN) essentially opens a line of credit for education expenses during your academic career. When you sign a Federal Stafford promissory note, you promise to repay your student loan(s). The note also includes important language about your rights and responsibilities as a borrower. The MPN will replace the existing Common Federal Stafford Application and Promissory Note for all Federal Stafford loans by July 1, 2000.
A promissory note under which the borrower may receive loans for either a single period of enrollment or multiple periods of enrollment.
The application and promissory note signed when receiving a Stafford Loan. This note is good for ten years (doesn't have to be completed again), as long as you stay with the same lender.
The promissory note you sign when taking out a Stafford Loan. The MPN essentially opens a line of credit for education expenses during your academic career. When you sign a Federal Stafford promissory note, a binding legal document, you promise to repay your student loans. The note also includes important language about your rights and responsibilities as a borrower. The Master Promissory Note covers both the Subsidized and Unsubsidized Stafford loans you may receive.
Application for the Federal Stafford Loans. One promissory note is signed for all loans borrowed while attending the same 4-year institution. The MPN is valid for 10 years.
A contract the student signs when taking out a Stafford loan. The Master Promissory Note is used for the subsidized and unsubsidized Stafford loans the student may receive for the same enrollment period. If the student is attending a four-year or graduate school, the Master Promissory Note also covers subsidized and unsubsidized Stafford loans the student may receive for future enrollment periods.
A legally binding loan agreement a borrower signs to promise to repay the loan, with interest, in periodic installments. The note may be signed in writing or electronically. A borrower may receive multiple loans under the same master promissory note. Also see "Promissory Note."
(See Promissory Note.) A promissory note that is valid for more than one loan period. Stafford, Parent PLUS and Graduate PLUS Master Promissory Notes are valid for one borrower with one lender for up to 10 years.
The loan application. A legally binding document, signed by the borrower, listing the terms and conditions of borrowing and repayment of the loan.
A legally binding contract that includes the terms and conditions under which the borrower promises to repay the loan.
A legally binding document between you and your lender indicating the conditions and borrower obligations of a loan. The MPN is a multi-year note, allowing the borrower to complete the note once and to borrow in subsequent years without completing an additional note.
A promissory note is the legal agreement a student signs with a lender accepting student loan funds. The MPN states the terms and conditions of the loan, including repayment schedule, interest rate, deferment policy and cancellations. The MPN is a simplified method of applying for and receiving Federal Stafford Loan funds.
An MPN is an agreement the borrower signs that legally binds him to pay the loan, with interest, in periodic installments.