Master Promissory Note (MPN)
The MPN is a binding legal document that the student (or parent) borrower must sign in order to apply for a federal student (or parent) loan. The MPN can be used to make one or more loans for one or more academic years (usually up to 10 years). It lists the terms and conditions under which the student (or parent) agrees to repay the loan and explains the rights and responsibilities of the borrower. It is important to read and save the MPN to refer to it later when loan repayment begins or at other times to access information about provisions of the loan, such as deferments or forbearances.