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Master Promissory Note

Discussion in 'Financial Aid' started by fldhkybnva, Mar 14, 2007.

  1. fldhkybnva

    fldhkybnva Junior Member
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    To apply for financial aid at WashU it seems necessary to submit a master promissory note. As I am new to the world of financial aid, i just wanted to find out if anyone knows if there are any disclaimers to signing this form and returning it before I receive my financial aid packet.
     
  2. Lesley

    Lesley Member
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    I think you need to have the MPN signed electronically before any federal aid is dispersed. There is no way around it, and it is required no matter what school you attend if you are borrowing federal funds. Luckily, you don't have to sign it every year. Signing it once before graduate school or undergrad is all that is usually necessary. More recently, for new borrowers, in addition to signing the MPN, there is an loan information sheet with a few questions that follow to assure that borrowers are aware of their future repayment obligations. This is also submitted electronically and is required in order to have aid dispersed. Good Luck.
     
  3. Monkey12

    Monkey12 Monkey12
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    By submitting the MPN to a specific school, does that make your decision official? I was hoping to compare each school's financial award before making a final decision?
     
  4. Lesley

    Lesley Member
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    Not sure, but I think you should sign your MPN after you decide what school you will attend. The information below may help. I copied and pasted this from a university's web site.


    How Do I Get the MPN?

    When you accept all or part of the loan offered for the academic year, CSUF will send your loan request to EdFund, the state guarantee agency, for approval. EdFund will mail you the MPN form for completion. You will sign and return the serial MPN for the initial loan but a new promissory note will not be required for subsequent loans.
     
  5. Farmercyst

    Farmercyst From the shadows
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    I know LLU required the MPN as well, it was downloadable as a pdf file from their financial aid website.

    I don't see how it could make your choice official, they wanted them submitted before 4/15/07 and I wasn't even accepted there when they were trying to get all the financial aid forms in. I eventually got rejected altogether.
     
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  6. Lesley

    Lesley Member
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    ?. My kids both signed MPN's after they accepted admission to their colleges not before. I don't think signing an MPN is binding if they haven't distributed any money to you or credited any money to your account.
     
  7. Homer Simpson

    Homer Simpson Senior Member
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    I asked WashU and they said we do not need to submit it now. We only do that when we accept our federal loans.
     

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