Master Promissory Note

Master Promissory Note Sample Templates

This collection of Master Promissory Note (MPN) contains several samples of the document. MPN is a legally binding document that states about agreement and promise for loan repayment from the U.S Department of Education for education purposes. The loan requires a more formal process and repayment with certain interest rates, that’s why you need to use the contract. The terms and conditions regarding the loan are also contained inside the legal form.

Master Promissory Note Types

By submitting and signing Master Promissory Note, you are legally agreeing for loan repayment with the ensued interest. The document details the amount of your debt, the calculated interest, the repayment plans, charges and fees for late repayment, and options for cancellation.

There are two types of MPN, which are:

  1. Subsidized and unsubsidized loans

This type of MPN is eligible for undergraduate, graduate, and professional students.

 

  1. PLUS loans for graduate and professional students

This type of MPN is only eligible for graduate and professional students

Guides to Sign Master Promissory Note

The process of taking the federal loan will be assisted by the school financial aid office if you’re intending to take one. It is possible for you to either fill the MPN document or the office will provide a printed-out version of the MPN document which you can sign on. It takes about half an hour to complete the process.

Read about the guide on how to take sign MPN loan here:

  1. Before you’re taking the process to sign the MPN document, you have to create an account on Federal Student Aid ID (FSA ID). Provide information about yourself as identification and the profile of college that you choose.
  2. You must provide two references for people who have known for a minimum of three years. You have to write about their names, and contact details. This is
  3. Double read on the terms and conditions inside the contract. Read the document thoroughly and make sure that you have filled all the fields.

Master Promissory Note Importance

Signing a Master Promissory Note is one of the most important steps for the whole process of taking a student loan. You only have to submit and sign the document once during your college life, but that doesn’t mean it is less important to understand the function and purpose of MPN.

Compare to other types of loan, the Federal loan are stricter and more regulated. It may require more than single paperwork to make the process legitimate. The document makes it easier for the lender institution and the borrower to use as specific loan reference because all the pertinent information is contained inside.

Even though you have to sign the MPN for a federal student loan, the case is different with the private student loan. You only have to sign a typical promissory note if you took one. However, the contents between both documents are essentially the same, which are the terms and conditions regarding the loan.

Master Promissory Note Free Samples

Use these sets of Master Promissory Note sample before you have to sign the real document at your school office. They are free to download or print, and available in several different formats.

Similar Posts: