What is a Master Promissory Note?
A Master Promissory Note (MPN) is a binding legal document between you and the lender wherein you agree to repay the money loaned to you along with any interest and fees associated with the loan.
Signing the MPN one time also enables you to receive multiple federal student loans for up to 10 academic years under the same program.
By signing the MPN, you are agreeing to all of the terms and conditions set forth by the lender, which are outlined in the Borrower’s Rights and Responsibilities Statement included on the MPN.
These terms and conditions include the interest rate as well as deferment and cancellation conditions.
What does deferment mean?>