Promissory Notes

A promissory note is a legally binding document in which the borrower agrees to repay the loan and any accrued interest and fees. The document also explains the terms and conditions of the loan.

A signed, valid promissory note must be signed before loan funds can be disbursed.

The following loans require promissory notes:

Make sure you understand what you are signing by completing required Entrance Counseling first. By signing a promissory note, you are agreeing to the following:

  • The loan must be repaid even if you do not complete your education
  • The loan must be repaid even if you are not employed after graduation
  • The loan must be repaid even if you were not satisfied with the education you received

Some loans implement the use of a Master Promissory Note (MPN) meaning the MPN you complete is valid for 10 years and may not require a new MPN in subsequent years. Certain circumstances require subsequent MPNs to be completed including filing bankruptcy or not passing a credit analysis.

Signing the Promissory Note

When preparing to sign your note, you should have the following information available:

Federal Direct Stafford Loans (FDSL)

Borrowers should visit www.studentloans.gov to complete an MPN.

Federal Perkins Loans

  1. Borrowers should log into their AccessPlus account
  2. Select 'Financial Aid'
  3. Select 'Perkins MPN'

Federal Graduate and Professional PLUS Loans

Borrowers should visit www.studentloans.gov.

Federal Parent PLUS Loans

Borrowers should visit www.studentloans.gov.

Federal Health Professionals Loans (HPSL)

  1. Borrowers should log into their AccessPlus account
  2. Select 'Financial Aid'
  3. Select 'HPSL MPN'

Federal Disadvantage Student Loans (LDS)

If eligible, the borrower will be mailed the MPN and required loan documents.

Private/Alternative Student Loans

Borrowers should contact their individual private lenders for direction.