Question about Master Promissory note

[Clipslicer]

If you sign the Master promissory Note saying you will pay back the stafford loans for one school, but then get off the waitlist at another school, could you cancel that master promissory note for the old school and sign a new one at the new school.

---

Members don't see this ad.

 

[Clipslicer]

Bump

Does anyone know? The thing is my school says I need to fill out the MPN before I get the loans. Should I sign it now or wait to see if I get off the waitlist at ther other school. Does anyone know how serious the MPN is? Am I signing my life away? Any help is appreciated. Thanks.

 

[mpp]

Of course. And if not, you could just pay back the original loan and get a new one.

 

[Clipslicer]

Of course. And if not, you could just pay back the original loan and get a new one.

Hello mpp. So do you recommend signing the MPN now for the first school, and then if I get into the other one, I can just cancel it and sign a new on? Thanks.

 

[mpp]

Sure, that should work. Or see if there is a deadline for the first school. This way you won't have to sign anything until the deadline. You usually don't get to see any of that money until after school starts anway.

 

[Clipslicer]

Sure, that should work. Or see if there is a deadline for the first school. This way you won't have to sign anything until the deadline. You usually don't get to see any of that money until after school starts anway.

Good idea. Thanks mpp.